NorthRow

If your firm wide risk assessment has turned into a patchwork of endless updates, it may be time for a fresh approach! Starting over can sometimes be simpler - and more effective - than working through layers of edits. ✨ Plus, with financial crime on the rise, fintechs are balancing agility with stringent AML compliance. From UK Money Laundering Regulations to managing cryptocurrency risks, staying vigilant is essential. 🛡️ See what lies ahead for AML compliance in 2025 and gain insights on how to streamline, stay compliant, and build resilience #AMLCompliance | #FinTech - #RegTech | #FWRA |

Has your firm wide risk assessment transformed into a labyrinth of amendments? 🤯 Recently, Eloise Butterworth, Gavin Ball and Arsalan Abbasi unpacked the challenges many firms face as they grapple with ever-evolving documentation that can quickly become overwhelming. When dealing with a risk assessment that has been added to over the years - legislation changes here, partner concerns there - it's easy to end up with a document that resembles a patchwork quilt rather than a cohesive strategy. Sometimes, starting anew can be more effective than sifting through endless edits and additions. 💡 Evaluate Necessity for Change: If your document feels cluttered and unmanageable, it might be time to consider a fresh approach. 📝 Utilise Templates and Seek Expertise: Leverage available templates to streamline the process. Engaging with experts can provide essential insights and prevent critical oversights, ensuring all necessary elements are included. 👀 Encourage Collaboration: Maintain oversight and communication among various practices to create a more cohesive risk assessment strategy. Avoid the pitfalls of isolation, where critical details may be missed or duplicated. Ultimately, taking the time to refresh or reformat the firm-wide risk assessment can lead to greater clarity and compliance, allowing firms to navigate the complexities of the regulatory landscape more effectively. Catch the full session here: https://lnkd.in/e2CuNeQ7 Lester Aldridge | HiveRisk Limited | Aventine Lab #SRACompliance #RiskAssessments #FWRATips

In a recent discussion with TechFinitive.com, NorthRow's CEO, Andrew Doyle, highlighted a pressing issue for fintechs: up to €1.8 trillion is laundered globally each year, exposing these firms to significant financial crime. While fintechs offer agility that traditional banks often lack, they also face unique vulnerabilities. 🚨 UK anti-money laundering laws, such as the Money Laundering Regulations 2017 and the Proceeds of Crime Act (POCA), require rigorous due diligence and reporting. Yet, money laundering schemes, from shell companies to cryptocurrency, continue to elude detection. 🕵️♂️ The recent case of Starling Bank, fined £30 million by the FCA for inadequate AML controls, underscores that while advanced technology is crucial, true AML strength depends on skilled compliance professionals who can act on alerts in real-time. ⏳ Fintechs must balance agility and innovation with regulation and vigilance. By merging the latest technology with dedicated compliance teams, they can build a strong defence against financial crime. 🛡️ Read up on Andrew's full comments 👉 https://lnkd.in/eyqP8HfT #FinTech | #AMLCompliance | #FinTechSolutions

The FinTech world isn't just evolving – it's revolutionising! 🤩 Join us tomorrow for a deep dive with Innovate Finance's CMO, Roberto Napolitano, MBA, as he uncovers the biggest FinTech shifts and what they mean for you. 🌍 Investment Trends: What’s behind the declines, and where’s the growth? 🇬🇧 UK FinTech Plan: Driving innovation, security, and tech adoption 🦄 Unicorn Council: Shaping policies for tomorrow’s FinTech giants 🚀 Innovate Finance Initiatives: Boosting innovation and sector scale-up This is your front-row seat to the FinTech landscape. See you there ⚡ https://lnkd.in/eGay-cKH #FinTechInnovation | #UKFinTech | #UnicornCouncil | #InnovateFinance

Welcome to Compliance Hero Digest! Edition 73 🦸 💥 TD Bank's $3B Compliance Crisis: This record-breaking fine is a major wake-up call, exposing serious gaps in KYC and monitoring practices. As compliance hurdles intensify, is your firm ready to rise to the challenge? ⚖️ Bespoke Risk Assessments for Law Firms: Following the template isn't enough - tailoring your FWRA to fit your firm's unique risk profile is critical. Learn how customising this approach can strengthen your compliance game. 🚀 FinTech's Next Frontier: With DeFi, AI, and embedded finance transforming the financial landscape, our upcoming Wired-In webinar reveals how you can stay ahead of the curve in this fast-evolving sector. #FinTech | #KYC - #KnowYourCustomer | #FutureOfFinance | #FWRA

TD Bank has been hit with a staggering $3 billion fine for violating the Bank Secrecy Act, following revelations that it facilitated the transfer of hundreds of millions of pounds tied to drug cartels and criminal enterprises. This unprecedented case has raised serious questions about the bank's anti-money laundering (AML) practices and compliance culture. 🔍 What Went Wrong? Between 2015 and 2020, TD Bank's lacklustre AML controls enabled high-risk clients to exploit its systems, allowing illicit funds to flow unchecked. Key failures included: 🚫 Deficient KYC Procedures: High-risk clients slipped through the cracks. 🚨 Inadequate Monitoring: Suspicious transactions went uninvestigated. ❌ Weak Internal Controls: A culture of complacency hindered effective compliance. In a shocking twist, staff reportedly joked that the bank's motto "America's most convenient bank" - was a nod to criminals! 🏦 A Call to Action for the Financial Sector This case serves as a wake-up call for all financial institutions. Investing in robust AML technology is not just a regulatory requirement; it's a smart business move. 🛡️ Tech vs. Talent While TD Bank has ramped up its compliance team with over 700 new hires, relying solely on human resources won't cut it. In today's fast-paced environment, a balance of cutting-edge technology and skilled professionals is essential to combat evolving financial crimes. 🙋 Are You Prepared? In a world where criminals are becoming increasingly sophisticated, how is your institution ensuring compliance? It's time to rethink your approach - let technology handle the heavy lifting, while your experts focus on the complex cases that need their insight. 🔗 https://lnkd.in/eP3E-Zk9 #AMLCompliance | #TDBank

When it comes to Firm Wide Risk Assessments (FWRA), law firms must go beyond the template to address their unique risks and operations. While the Solicitors Regulation Authority (SRA) provides a framework, simply using it as-is can lead to issues. 🚨 As Eloise Butterworth explains, the FWRA serves as the backbone of all documentation. It should reflect your firm's distinct risks, shaped by your client base, services, and internal processes. 📊 Though the SRA template offers a useful starting point, it's essential to remember that it's not a one-size-fits-all solution. Many law firms fall into the trap of using the template without customisation, but Gavin Ball advises that the real value lies in adapting it to fit your firm's individual landscape. 🔑 Arsalan Abbasi uncovered many actionable tips, but it's key to remember that your risk assessment should evolve with your firm. Regular updates ensure that your documentation reflects changes in your operations and the broader risk environment. 🚀 Learn more about why tailoring your FWRA is essential 📺 https://lnkd.in/e2CuNeQ7 Lester Aldridge | HiveRisk Limited | Aventine Lab #SRACompliance #RiskAssessments #FWRATips

The FinTech ecosystem continues to push boundaries. 🚀 DeFi is challenging traditional banking, AI is revolutionising operations, embedded finance is making transactions a seamless part of everyday life, and cryptocurrency is evolving amid regulatory changes. This dynamic FinTech era presents not only groundbreaking opportunities but also complex challenges. ⚡ Innovate Finance's CMO, Roberto Napolitano, MBA, will explore the powerful forces shaping the future of FinTech. Gain expert insights on how to stay ahead in this fast-evolving landscape and turn emerging trends into strategic advantages. In this webinar, Roberto will dive into: 📊 Global and UK FinTech investment trends in H1 2024 🇬🇧 Overview of the UK Government's FinTech Plan to drive tech adoption 🦄 Introduction of the Unicorn Council and its role in shaping FinTech policy ✨ Innovate Finance's upcoming initiatives to drive sector innovation Seize this opportunity to gain invaluable insights from one of the brightest minds shaping the future of FinTech! Register here 👉 https://lnkd.in/eD2rHjxf #FinTechInnovation | #UKFinTech | #UnicornCouncil | #InnovateFinance

Welcome to the Compliance Hero Digest: Edition 72! 🌟 This edition is brimming with essential insights, emerging trends, and crucial updates to empower you to navigate the complexities of compliance like a true expert. 🚀 Master the Essentials of FWRAs: Uncover how to craft an FWRA that genuinely aligns with your firm's risk profile. From templates to real-time tracking, we've got the insights you need. 📃 Elevate Your KYB and KYC Onboarding: Learn effective strategies for vetting directors during the onboarding process to build trust and transparency with stakeholders and investors. 🏛️ Navigate the SRA's 2024-25 Business Plan: As the SRA intensifies its proactive investigations, now is the time for law firms to prioritise risk profiling. Stay ahead of the curve and ensure your compliance. Join us in leading the charge for compliance excellence and stay at the forefront of the fight against financial crime! 🦸♀️ #AMLCompliance | #SRA - #FWRA | #KYC - #KYB

🚦 Firm Wide Risk Assessments 🚦 Yesterday I had the pleasure of joining Gavin Ball from HiveRisk Limited, Arsalan Abbasi and the gang at NorthRow to talk all things risk assessment. What was clear from the planning stage of the project is that we could have talked for DAYS on this topic 🤣 Key points for FWRAs: 🔴 You HAVE to have one. This is a requirement under Reg 18 of the 2017 AML Regs so it has been 6+ years! 🔴 You are looking at an SRA fine (as a minimum) if you do not have a FWRA or they deem your FWRA to be inadequate. 🔴 Your FWRA must cover 5 main risks - client risks, geographic risks, product/services risks, transaction risks and delivery channel risk. Top tips: 🌟 Consider a variety of templates - not just the SRA template. There are lots available on the market. Think about what you like, what you don't like and what would work best for you/your firm. It may be that you need to design your own template, taking ideas from each template. 🌟 Make sure you customise your template and content so that it is specific to your firm. The SRA expect to see GRANULAR data 📊 They want to know details - don't simply say you act for international or European clients 🌍 They expect to see a list of countries. They want to know your staff numbers, income generated from different work areas etc. The more the better. 🌟 Don't be afraid of repetition. The nature of the document is that it can be repetitive. There will be overlap in risks between the five risk categories. You need to include them everywhere they are applicable. 🌟 Think about what you need to know to properly complete/update your FWRA. You will need information from the business and be satisfied that this information is up to date. You may have reports you can run to assist - speak with IT 💻 speak with Finance 💰 You are also going to need to go out to the business to gather or verify information - think about meetings with department heads or sending out data collection questionnaires. 🌟 Keep a record of the steps you took, the data you considered, the research you did in compiling/updating your FWRA. Have it to hand in a folder which sits behind your FWRA so if you ever needed to answer questions on its content, the information is easily accessible. 🌟 You should review your document at least annually but in reality it will probably need doing more than this. 🌟 Don't forget the requirement to have an independent audit under Reg 21. This is an opportunity to have an independent third party review your FWRA and provide their feedback. By using an external company, who will have seen lots of FWRAs (good and bad) you are giving yourself the best chance of getting it right. It is better to be told as part of your Reg 21 audit that you need to make some changes than waiting for the SRA to tell you this. Link to recording here: https://lnkd.in/e865ygGU Lester Aldridge