US AML regulations are changing. Are they getting stricter or more lax? It’s complicated
The landscape of anti-money laundering (AML) regulation in the US has recently undergone significant shifts with both tightening and loosening in ways that seem misaligned with the real risks. On one hand, regulatory requirements for small transactions are tightening significantly. On the other, corporate transparency measures aimed at tackling large-scale financial crime are being relaxed. […]
Law firms’ fight against economic crime: Unraveling the risks and compliance challenges
At the Law Society’s Risk and Compliance Annual Conference on March 12, a panel was convened to address what is likely one of the most pressing issues for the legal sector: Economic crime. Source of funds/source of wealth checks are a source of frustration In a telling moment that opened the session, the participants voted […]
What is on the SRA’s radar this year?
At the Law Society’s Risk and Compliance Annual Conference on March 12, the Solicitors Regulation Authority (SRA) discussed its key regulatory priorities amidst a rapidly evolving legal landscape. The conference provided a platform to discuss pressing compliance challenges and the SRA’s strategic focus areas. The SRA underscored its commitment to upholding high standards of professional […]
EU sanctions Garantex. Is this a watershed moment for crypto?
The EU took a big step in its financial battle against Russia. It imposed sanctions on Garantex, a Russian cryptocurrency exchange closely tied to sanctioned Russian banks. This marks the first time the EU has directly sanctioned a crypto exchange and highlights global finance’s increasing scrutiny on digital assets. The move is part of the […]
How a cryptocurrency managed to lose $1.5B. It’s easier than you think
A cautionary tale that involves North Korean hackers and lapses in crypto security. The New York Times reports on a fascinating and frightening story of the cryptocurrency exchange Bybit which lost $1.5 billion to North Korean hackers. It all happened last month when Ben Zhou, Bybit CEO, logged in to approve what seemed like a […]
What do you need to know about the EU’s new Anti-Money Laundering Authority?
EU AMLA is a regulatory body designed to centralize and strengthen anti-money laundering and counter-terrorist financing (AML/CTF) supervision across EU member states. Set to be fully operational by late 2025, many are saying its establishment indicates a bold step on the part of the EU in the fight against financial crime. So, what do you […]
The ethical challenges of AI washing
The rise of artificial intelligence is leading to deceptive marketing practices. Buyer beware The rise of artificial intelligence (AI) has created immense opportunities for businesses. But there are significant ethical issues as well that businesses are slowly becoming aware of. One of the latest issues is “AI washing,” where companies exaggerate the capabilities of their […]
Is the concern around proliferation financing getting worse? Businesses want to know
Proliferation financing (PF) is becoming a bigger problem for businesses in the UK and EU, and the consequences of getting caught up in it can be devastating. What exactly is proliferation financing? Essentially, it’s when money, goods or services are used, knowingly or unknowingly, to support the development of weapons of mass destruction (WMDs). Think […]
The UK’s new digital competition law is coming online. What do you need to know?
The Digital Markets, Competition and Consumers Act 2024 (DMCCA) came into force at the start of the year after new legislation was passed last May. The Act is part of an effort to protect consumers and smaller businesses from the big tech companies. What does this mean for businesses? With this Act, the government is […]
The story of the Brooklyn ring that helped arm Russia or how US technology ended up in Russian missiles
If you want to understand the high cost of proliferation financing, this story will help It’s a classic proliferation financing story: Three criminals, millions in illegal profits and a trail of US technology found inside Russian missiles and drones. The story starts with Nikolay Goltsev, Kristina Puzyreva, and Salimdzhon Nasriddinov who thought they had the […]
