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Stephen Platt, Chair of the KYC Technologies Group, on the impact of tech on AML compliance

Stephen Platt, Chairman of KYC Technologies, offers an optimistic perspective on the impact of technology on AML compliance. Read More

Law Firms’ Accounts Pose Money-Laundering Risk

Tens of billions of dollars every year move through opaque law-firm bank accounts that create a gap in U.S. money-laundering defenses, according to a Wall Street Journal analysis. Read More
16th October 2018
AP — The nation’s second-largest health insurer has agreed to pay the government a record $16 million to settle potential privacy violations in the biggest known health care hack in U.S. history, officials said Monday. The personal information of nearly 79 million people — including names, birthdates, Social Security… Read More
16th July 2018
New U.S. sanctions are likely to prevent the use of a Lloyd’s of London IT platform for any Iran insurance, adding to difficulties for European insurers providing cover for the country. European insurers, reinsurers, brokers and shipping firms have been winding down Iranian business as the United States reimposes sanctions… Read More
18th June 2018
AP — China’s former chief insurance regulator has pleaded guilty to taking bribes over 12 years in exchange for helping people obtain loans, promotions and other favors, a state news agency reported. Xiang Junbo was the highest-ranking figure in Chinese finance to be ensnared in an anti-graft… Read More
29th January 2018
The United Kingdom has extended its Senior Managers and Certification Regime (SMCR) to the insurance sector, making top insurance executives personally accountable for misconduct at their firms, Treasury said on Monday. Under the new rules, a code of conduct will be set out for all staff, and workers that… Read More
26th January 2018
A leading figure in fund regulation has written to the Financial Conduct Authority (FCA) slamming packaged retail and insurance-based investment products (Priips) legislation. Philip Warland, who left his post as director of policy at Fidelity International at the start of last year and now serves as senior adviser to the… Read More
14th December 2017
By Neil Hartnell, Tribune 242 Fears were raised again yesterday that the Bahamas could be “shooting ourselves in the foot” by including general and captive insurers within its anti-money laundering regime. Emmanuel Komolafe, the Bahamas Insurance Association’s (BIA) chairman, urged the Government to provide the “benchmarking” studies and data to… Read More
30th August 2017
Banks are increasingly turning to insurance to protect their capital from ‘operational risks’ like cyber attacks and rogue traders, and insurers say they can help safeguard lenders by providing an extra layer of expertise. After a spate of expensive court cases and IT outages, banks including Credit Suisse, Deutsche Bank… Read More
23rd August 2017
Identity theft has reached epidemic levels in the UK, with incidents of this type of fraud running at almost 500 a day, according to the latest figures. During the first six months of this year there were a record 89,000 cases of identity fraud, which typically involves criminals pretending to… Read More
Stephen Platt, Chairman of KYC Technologies, offers an optimistic perspective on the impact of technology on AML compliance. Read More
1st March 2017
Earlier this month, the Fraud Section of the U.S. Department of Justice (DOJ) published its Evaluation of Corporate Compliance Programs (Evaluation Guidance). Although issued without fanfare, the Evaluation Guidance represents the latest in a series of important communications by the Fraud Section outlining the DOJ’s expectations for effective corporate compliance programs. Read More
Must Read

Elise Bean – The Inside Track – The US Senate’s Investigations into Financial Crime

Elise Bean joins Tom Devlin (from KYC360) in conversation to discuss her new book, highlights of her investigative career, and learning points for both banks and financial crime investigators arising from the PSI's work Read More

UK freezes bank account linked to Azerbaijani Laundromat

British investigators have frozen a bank account linked to a multi-billion dollar Azerbaijani money-laundering scheme that a network of investigative reporters has alleged rinsed dirty money mainly through four, UK-registered shell companies. The National Crime Agency (NCA) said on Wednesday that the Account Freezing Order (AFO), part of a new… Read More