State of Financial Crime 2023 Report

The State of Financial Crime 2023

From economic volatility to the war in Ukraine, 2023 will be a complex year for compliance professionals. Our report combines a state-of-the-industry survey with the latest subject matter expertise to offer a roadmap for the year ahead.

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Latest News

On January 23, 2023, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) published Monaco’s fifth mutual evaluation report (MER). Following an on-site visit that concluded in March 2022, the report analyzes the level of compliance with the Financial Action Task Force’s 40 Recommendations and the level of effectiveness of Monaco’s anti-money laundering and combatting the financing of terrorism (AML/CFT) system.

The Thai Bankers’ Association (TBA) is discussing how to accelerate the establishment of a new investigative authority that will monitor deceptive and fraudulent transactions linked to criminals.

On January 6, the Crown Prosecution Service (CPS) reported that six defendants, including a senior manager and two drivers of a road haulage business, have been imprisoned for operating a large-scale money laundering scheme involving over £30 million in cash. […]

On December 29, controversial online influencer Andrew Tate was detained by Romanian police as part of a human trafficking investigation that began in early 2021. According to Romania’s  Directorate for Investigating Organised Crime and Terrorism (DIICOT), Tate’s brother and two […]

Reports

Customer onboarding is where the rubber hits the road for compliance teams. Where the theory of anti-money laundering and counter-terrorist financing meets the commercial reality of the business. In this 5-part explainer, we’ll outline the kinds of issues you’ll face, how to manage them and how to effectively manage your own role in this critical process.

Singapore report image

Singapore is often rated as the top location outside of Silicon Valley for technology innovation and disruption. As a result, it has become a thriving hub for FinTechs. This guide explores how firms operating in Singapore can comply with the city-state’s AML/CFT regulations.

Banks need a new approach to detecting financial crime. This hands-on guide explores how AI can be deployed in transaction monitoring systems today, improving alert remediation and helping compliance teams better identify networks of illicit activity.

AML for Australian Fintechs booklet image

As FinTechs grow and acquire more customers, their AML/CTF programs must also mature. The firms best set up for success are those with scalable solutions and a sound understanding of AUSTRAC’s expectations of the firms it regulates. This guide provides hands-on tips and best practices for any FinTech looking to scale in Australia.

AML Guide for Canadian Fintechs

Canada has a vibrant FinTech ecosystem, with more than 1,200 FinTechs using innovative technologies to disrupt financial services. To scale effectively, FinTechs need to ensure their AML/ATF programs are set up for success. Our hands-on guide to the AML landscape in Canada provides best practice guidance.

As financial crime typologies, payments use cases, and regulatory technologies evolve, how should compliance teams in remittance and cross-border payment firms build and scale their anti-money laundering (AML) programs?

AML Crypto guide

This guide covers the essentials of building and scaling a crypto AML program, how to navigate regulatory change, and the emerging use cases – and threats – compliance teams should look out for.

Customer Stories

Alviere, an embedded finance platform, helps non-financial institutions provide their customers with integrated financial products. This enables them to offer services including branded cards and bank accounts, global payments, and crypto. As a licensed financial institution also operating through bank […]

TransferMate is one of the world’s leading B2B payments infrastructure-as-a-service companies. Based in Ireland, the company enables individuals and businesses to make seamless, cost-effective cross-border payments in more than 201 countries and 141 currencies.

As a leading global provider of software and data analytics to the real estate industry, RealPage provides a suite of cloud-based software that helps residential real estate owners and operators manage the tenant lifecycle.

OakNorth bank AML

The Outcomes ComplyAdvantage’s comprehensive data coverage means OakNorth Bank is now able to use one single platform to onboard and monitor customers against all relevant databases. The solution’s customizability has made it easy to configure search algorithms and select the […]

IPT Africa’s compliance team can now make informed decisions about client risk, escalate potential high-risk cases, and take actions in real-time, which ultimately shortens the time it takes to onboard new customers.

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Knowledge & Training

In our State of Financial Crime 2023 survey, more than one in three senior compliance professionals cited reputational risk as the factor most likely to drive change within their organization. This was a 6 percentage point rise from the previous year. Indeed, reputational risk was the only factor to see a year-on-year increase.  

2022 was a year defined and shaped by sanctions on an unprecedented scale. Following Russia’s invasion of Ukraine on February 24, the most comprehensive sanctions were imposed against a major power since the end of the Second World War, with the US, European Union (EU), and others coordinating their actions in new ways.

Protests across Ottawa and US-Canada border crossings in 2022 brought global awareness to the problem of crowdfunding platforms being used to finance extremist groups. Crowdfunding has also supported terrorist financing (TF) – notably, for Islamic State (IS) operatives in Syria.

In our 2022 survey of global compliance professionals, 45 percent of financial institutions said supply chain risk is the area their organization is most focused on improving. Much of this concern is likely driven by the intersection of complex supply chains with a volatile economic environment.

Our annual global compliance survey doesn’t just look at the anti-money laundering (AML) implications of hot topics like the uncertain global economy and Russia’s war in Ukraine, important though those are. It also takes an extended view, exploring the longer-term trends that shape how compliance professionals go about their work. 

2023 was supposed to be the year we escaped the shockwaves of the COVID-19 pandemic. Unfortunately, the results of our annual survey of 800 C-suite and senior compliance decision-makers across the US, Canada, UK, France, Germany, Netherlands, Singapore, Hong Kong, and Australia suggest otherwise. 

Unsurprisingly, due to the war in Ukraine, Russia topped this year’s list of geopolitical hotspots firms are most concerned about. The development of sanctions against Russia in 2023 is likely to hinge on developments on the battlefield in Ukraine itself.

When asked which area of their compliance function would be at risk in an audit, 48 percent – the highest proportion – told us it would be their knowledge of regulations. This blog explores the evolving anti-money laundering regulatory landscape, examining several global trends and themes in major economies.

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