Dale Atkinson’s Post

Sanctions screening involves the crucial process of checking individuals and entities against government-issued lists to ensure compliance with sanctions laws. 🌐⚖️ It helps organizations steer clear of legal repercussions and maintain ethical business practices. 🤝🔍 Staying informed and adopting best practices in sanctions screening is not just about compliance; it's about upholding integrity and contributing to a more secure and responsible global business environment. 💼🌍 Stay tuned for more #RiskLexicon insights as we continue to decode the language of risk management. 🌐🔐

Fantastic podcast here hosted by David Opie at Today's Conveyancer and featuring our very own Gavin Ball. The SRA has recently requested law firms complete an anti-money laundering and sanctions data collection exercise. The SRA is required by Office for Professional Body Anti-Money Laundering Supervision (OPBAS) to take a risk-based approach to supervision and is requesting firms complete the requested information as full as possible. It will, they say enable them to “see the distribution of risk across the legal profession, which in turn informs our programme of inspections and our guidance.” In 2024 alone law firms have been fined £200,000 directly relating to failures in their anti-money laundering and sanctions processes. Gavin goes on to discuss the areas he sees firms failing on as a compliance specialist. He talks technology and how it can help firms with their compliance obligations but warns the key is understanding what the information is telling you… in their audits the SRA will challenge firms and staff to interpret reports provided through technology and how to interpret its content. Gavin also discusses politically exposed persons (PEPs), sanctions, and how to deal with reporting suspicious activity (SARs) to the National Crime Agency (NCA) in this informative and insightful podcast. The deadline for firms to complete the SRA form is by 13.00 on 23 September 2024. #regulatorycompliance #lawfirms #aml #amlcompliance #sourceoffunds #sra #legal #compliance #compliancelaw

A useful podcast for firms on all things SRA, AML and Regulatory Compliance. Have a listen and let us know your thoughts.

Compliance Officers: Are you adequately serving your Board of Directors? I’m excited to share our latest collaboration with Arctic Intelligence on how AML/CFT and Sanctions Compliance Officers can effectively empower Board decisions with data-driven, risk-focused reporting. In this piece, we explore actionable steps that go beyond check-the-box compliance and truly strengthen institutional resilience. Head over to Arctic Intelligence blog for practical strategies that will help you align resources, leverage meaningful metrics, and foster a stronger compliance culture at the Board level. 👉 Read the full article from the forwarded link! 🔗 Plus, don’t miss the chance to download a free factsheet on key elements of an effective AML/CTF program from Arctic Intelligence. Let’s keep pushing for smarter, more effective compliance! #AML #CFT #Compliance #RiskManagement #SanctionsCompliance #BoardReporting #MSBCompliance #FinTech #RiskAssessment #RegTech

https://lnkd.in/g_d5axE8 Expert View from Sin Yee Koh, Integrity Consulting: "I have been a compliance consultant for almost a decade, and each time I conduct a mock inspection of a customer’s AML/CFT systems, I am always surprised by how many lapses there are, even with firms that have been established for many years where there are one or two in-house compliance officers.” More quotes on sanctions/AML compliance can be found in Hubbis' publication

🔍 Lessons Learned from the FCA’s Starling Bank Fine. As compliance professionals, we often hear that regulatory compliance is an ongoing journey rather than a one-time destination. The recent £29 million fine imposed by the FCA on Starling Bank for serious financial crime failings, particularly around its sanctions screening, is a strong reminder of this principle. Key Takeaways for Compliance Teams: Screening Needs to be Comprehensive: One of the critical failures highlighted was that Starling only screened its customers against a subset of the UK sanctions list—resulting in zero alerts during a time when sanctions were escalating globally. Compliance teams must screen against all applicable sanctions lists, including UK, OFAC, EU, and UN, especially when handling international payments. Document Every Risk-Based Decision: Starling accepted the risk of onboarding a potentially sanctioned individual if they moved to the UK after being listed. However, this decision was not documented. When making risk-based decisions, always record your rationale to demonstrate thoughtfulness and accountability. Monitoring Should Grow with Your Firm: While screening customers every 14 days might have been sufficient when Starling was a small institution, rapid growth requires adapting systems and controls to match the scale and complexity of operations. Daily screening and real-time monitoring should become the standard for growing institutions. Financial Crime Governance Matters: The FCA found that Starling’s management oversight was insufficient, and there was confusion over who held responsibility for critical compliance controls. Strong governance and clear ownership are foundational to building a resilient compliance culture. Senior Management Accountability: The lack of awareness at the senior level on sanctions requirements is a major red flag. Senior managers must stay informed and actively challenge and oversee compliance processes to avoid such oversight failures. As the Head of Conduct and MLRO, I see these lessons as vital reminders that the evolving regulatory landscape requires constant vigilance and adaptation. Regulatory compliance is not just a checklist—it’s a continuous process of enhancement and accountability. The impact on a firm’s reputation and financial standing is profound, and it is our responsibility to ensure that our compliance frameworks are robust, proactive, and adaptable. Action Points: Reassess your sanctions screening policies. Increase frequency of customer and payment screening. Conduct regular second-line assurance and governance reviews. Ensure management information (MI) is timely, accurate, and comprehensive.

The Vital Duo: Sanctions Risk Assessment & Sanctions Policy In today's regulatory landscape, compliance is non-negotiable. At MK Compliance Limited, we specialise in anti-money laundering (AML) solutions and offer tailored services to draft your Sanctions Compliance Policy and conduct your Risk Assessments. These tools aren't just recommended; they're crucial for every regulated entity. Here’s why: 📌 Protection: A robust Sanctions Policy shields your business from unintentionally engaging with sanctioned entities or jurisdictions. It's your shield against severe penalties and reputational damage.  📌 Prevention: Conducting a Sanctions Risk Assessment identifies potential risks within your operations. It's your proactive stance against financial crime, helping you address issues before they escalate. It matters because you: 📌 Avoid costly penalties and reputational damage. 📌 Stay ahead of evolving regulations and global risks. 📌 Ensure seamless operations with clear guidelines in place. At MK Compliance Limited, we understand the significance of these pillars in safeguarding your business. Let us provide you with tailored solutions, ensuring your compliance framework is strong and resilient. Don't wait for a compliance crisis—Contact us today at info@compliancemk.com. 

Are your AML/CFT and sanctions oversight measures leaving your institution exposed? In today’s regulatory landscape, compliance is more critical than ever. Non-compliance exposes institutions to not just penalties, but serious reputational harm. Equip your Board with risk-focused, actionable insights to mitigate these threats effectively. Discover key strategies from our latest collaboration with Arctic Intelligence on how AML/CFT and Sanctions Compliance Officers can empower Board decisions with data-driven, risk-based reporting. Read the full blog article at https://lnkd.in/eTCRMcdg to learn about prioritizing risk, leveraging metrics, and fostering compliance culture at the top. While you’re there, download your complimentary factsheet: Key Elements of an Effective AML/CTF Program. #AML #CFT #SanctionsCompliance #RiskManagement #RiskAssessment #FinTech #FinTechCompliance #RegTech #MSBCompliance #BoardOfDirectors

Gain insight into the benefits of leveraging a modern, automated screening platform by learning about the four components of a modern sanctions screening platform. Check out this informative article to learn more: https://bit.ly/3vuubYK #compliance #CSI #financialcrimes