FINTRAIL

If you're preparing for a financial crime audit, FINTRAIL’s comprehensive Audit Checklist is an essential tool. Built around the Money Laundering Regulations and key regulatory guidance, it highlights the critical questions and areas to assess your anti-financial crime framework's readiness. 🔗 Download your checklist now: https://lnkd.in/eWyqcr-3 💡 Our Services: FINTRAIL offers both enterprise-wide financial crime audits and focused reviews on specific controls or risk areas, including fraud, sanctions, and tax evasion. Get in touch to learn how we can support your audit needs. #FinancialCrime #Audit #AML #RiskManagement #Compliance

In our Risk Assessment Workshop this week, we asked our attendees: 1️⃣ How do you currently conduct your risk assessment? 2️⃣ What challenges do you have conducting a risk assessment? See responses below 👀 . If you need help with your financial crime risk assessment or have a question that wasn't covered in our workshop, reach out to our team! 📧

🚨 🗓 Last chance to register for tomorrow's Risk Assessment Workshop! With Q4 steadily approaching, many firms will be planning for their financial crime risk assessment. Global regulators including the FCA have made it clear that risk assessments are a key area of focus for them over the next 18 months, so getting it right is crucial. To help you prepare, FINTRAIL is hosting a virtual risk assessment workshop in which we'll be exploring: 1️⃣ Risk identification and documentation 2️⃣ Controls and mapping 3️⃣ Methodologies that underpin robust risk assessments 4️⃣ Connecting your risk assessment to the wider framework 5️⃣ How FINTRAIL can support your firm 👉 Register now: https://lnkd.in/gCiRZE4W ✨ Interactive Q&A ✨ We value your input! Share your questions and topics of interest during registration, in the comments below or email them to us, and we'll address them during the workshop.

🚀 Over 500 people have already registered for our Risk Assessment Workshop next week! Have you signed up yet? This will be an interactive session. So far, topics we've been asked to cover include: 💡 How to build a robust methodology 💡 Quantitative vs qualitative risk assessments 💡 Effective risk identification 💡 Key questions to cover in a BWRA What else would you like us to discuss? Let us know in the comments/when you register. 👉 Register now: https://lnkd.in/gCiRZE4W 🕵♂️ Speakers: James Nurse Maya Braine Ciara Aitchison #financialcrime #riskassessment #aml #compliance

Between September 2023 and July 2024, the UK's Financial Conduct Authority (FCA) reviewed firms' approaches to PEP customers to evaluate their adherence to the existing guidance. Findings included: ❌ Some firms included definitions for PEPs and RCAs that were not in line with the regulations and the FCA guidance ❌ A small number of firms were not effectively considering the customer’s actual risk in the assessment and risk rating ❗ Some firms need to ensure they update their policies to reflect the legislative developments and recent amendment to Regulation 35 of the UK MLRs With financial institutions’ management of PEPs subject to heightened scrutiny and new regulatory requirements, FINTRAIL summarises the key takeaways from the FCA’s most recent guidance in our latest blog: 👉 https://lnkd.in/eTSZEGgV #financialcrime #compliance #peps

🔎🚨 New White Paper: Best Practices in Name Screening 🚨🔎 Following our hugely popular screening masterclass with Dow Jones Risk & Compliance, we have co-authored a new white paper! This guide offers practical insights for financial institutions to enhance their screening programmes, reduce false positives, and stay ahead of regulatory expectations. Whether you're refining existing systems or launching a new programme, you'll find actionable strategies to manage risks effectively. Learn about: 👉 Customising your screening lists 👉 Configuring alert management to reduce false positives and increase efficiency 👉 Refining fuzzy matching 👉 Optimising your customer data 📥 Download it now: https://lnkd.in/ewCy4Rw8 #FinancialCrime #Compliance #Screening

🚨 Here are three key FinCrime stories from the past month. Read our full monthly RegCap below 👇 and head to our website for previous editions. 1️⃣ GLOBAL: The Financial Action Task Force (FATF) has released its fifth report on the “Implementation of FATF Standards on Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs),” highlighting progress and challenges in regulatory measures. 2️⃣ UK: The Financial Conduct Authority has proposed amendments to its guidance FG17/6, concerning the treatment of politically exposed persons (PEPs). The updated guidance, referenced as GC24/4, aims to provide clearer direction on the identification and management of PEPs and relatives and close associates (RCAs). 3️⃣ EUROPE: The European Banking Authority (EBA) has unveiled new Guidelines on the ‘travel rule,’ detailing the necessary information to accompany fund and crypto-asset transfers. These Guidelines specify data requirements for originators and beneficiaries, and establish protocols for handling incomplete information. #fintechnews #compliance #fraud #aml

Thank you to Maya Braine and FINTRAIL for contributing to our research into Generative AI for #FinancialCrime. Their insights covering Generative AI’s impacts on #AdverseMedia screening are the subject of our latest Bitesize Research piece. Quick learnings on: 🔎 The specific #GenAI capabilities enhancing adverse media screening. ⚠️ The risks of coordinated, AI-powered #disinformation which screening technologies must avoid. ⚖️ The balancing act that financial institutions face with Generative AI risks and opportunities. Full Article: https://lnkd.in/enHjy4Yh

🌍📈 Expanding into new markets brings numerous financial crime compliance challenges. Partnering with a trusted and reliable expert can make all the difference. In this short video, Sara Abbasi, Senior Consultant at FINTRAIL, explains how we assisted a US-based capital lending firm in successfully expanding into the UK. Need support for a similar venture? Reach out to our team today. #FinancialCrime #Compliance #MarketExpansion #FinancialServices

The UK Payment Systems Regulator (PSR) has published their latest set of APP Fraud performance data from 2023. What is my main takeaway? Smaller non-directed PSP's performance data has improved, in some cases significantly, since the 2022 data. Yes, it is still disproportionally higher than the directed firms (and more work to be done) BUT it has improved. Does that mean the looming threat of the reimbursement model and public focus on performance data has worked and started to force improvements that may not have happened without it? There is still lots of industry discussion on the pro's and con's to the reimbursement model and while I agree with some of it, especially the fact much of the source originates on unregulated social media platforms, I am not sure we can refute that the data seems to be showing that the pressure is forcing improvement. What do you all think? Link to the PSR paper will be in the comments below 👇