Nick Barry

We've fined Barclays Bank UK PLC and Barclays Bank PLC a total of £42million for separate instances of failings in its financial crime risk management – one relating to WealthTek and one relating to Stunt & Co. The consequences of poor financial crime controls are very real. We'll continue to supervise firms to improve standards and ensure they have the right systems and controls to fight financial crime. https://lnkd.in/gsXTpazj #FightingFinancialCrime #FinancialRegulation #FinancialServices

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The OCC has confirmed certain crypto-related activities are legally permissible and expects banks conducting these activities do so with appropriate risk management processes in place. https://lnkd.in/ePnNsb2v

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The National Crime Agency have released their annual report for 2023-2024 on Suspicious Activity Reports and Defence Against Money Laundering requests, revealing key AML trends and insights. Read our analysis of the report here: https://okt.to/a3orUk #AML #MoneyLaundering #FinancialCrime #Compliance #NCA #MoneyLaunderingPrevention #RegulatoryCompliance

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𝐅𝐀𝐓𝐅 𝐆𝐫𝐞𝐲 𝐋𝐢𝐬𝐭 𝐑𝐞𝐦𝐢𝐧𝐝𝐞𝐫 Later this week, the FATF (Financial Action Task Force) will release an updated Grey List of jurisdictions under increased monitoring. As a reminder, here is the current FATF Grey List Being on the Grey List means a country has identified AML/CFT deficiencies but is committed to working with the FATF to resolve them within agreed timeframes. For businesses, this highlights the importance of: • 𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐝𝐮𝐞 𝐝𝐢𝐥𝐢𝐠𝐞𝐧𝐜𝐞 on high-risk jurisdictions. • 𝐎𝐧𝐠𝐨𝐢𝐧𝐠 𝐬𝐭𝐚𝐟𝐟 𝐭𝐫𝐚𝐢𝐧𝐢𝐧𝐠 to spot risks connected to cross-border transactions. • 𝐒𝐭𝐚𝐲𝐢𝐧𝐠 𝐚𝐥𝐞𝐫𝐭 to FATF updates that may impact your compliance framework. At KYC Lookup, we help companies stay ahead of these changes with up-to-date AML training tailored to regulatory developments. Visit KYC Lookup to find out more http://www.kyclookup.com

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🚨 FinCEN Opens the Door to Cross-Border AML Collaboration 🚨 Hot on the heels of the FATF’s new report on “International Cooperation in ML Detection, Investigation & Prosecution”, FinCEN has issued fresh guidance encouraging voluntary, cross-border information sharing among financial institutions — including foreign partners. Game Changer for Compliance: ✅ Collaboration to fight financial crime — tackle money laundering, terrorist financing, organized crime groups, and fraud. ✅ KYC/CDD info is shareable — including beneficial ownership, sources of funds/wealth, and due diligence findings. ✅ Transaction & investigative data — wires, account logs, monitoring alerts, cyber intelligence can now be shared without breaching SAR rules. ✅ Risk-based approach — ensures AML/CFT benefits while respecting U.S. privacy laws and foreign data protection requirements. The interesting twist: FinCEN clarifies that sharing factual information that could hint at a SAR does not violate SAR confidentiality rules. 👉 What do you think? Could this guidance, combined with FATF’s report, finally unlock stronger collaboration, faster intelligence sharing, and more effective asset confiscation?

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