AML Compliance

The non-fungible token (NFTs) sector is in a state of flux. Reuters estimates that sales of NFTs reached around $25bn in 2021, and individual items have sold for as much as $90m. But high-profile scams in 2022, such as a […]

Enhanced due diligence (EDD) is a set of additional measures that financial institutions have to implement to check and monitor high-risk customers and unusual transactions for potential money laundering activities. Every year around $2tn in illicit cash flows through the global […]

Texas-based money transfer company, Ping Express, has pleaded guilty to federal charges that it failed to adequately maintain an anti-money laundering (AML) program, allowing $167 million to move overseas without appropriate oversight or controls. Two of the FinTech’s executives and […]

Hong Kong’s government has set out amendments to its Anti-Money Laundering and Counter-Terrorist Financing Ordinance, including a virtual asset service provider (VASP) licensing regime. The government is also launching a registration program for dealers in precious metals and stones (DPMS). […]

The Financial Conduct Authority (FCA) and the Treasury have issued significant updates to the UK’s current and proposed crypto regulatory framework in recent months. But as the industry evolves and matures at a rapid pace, the government’s wider strategy around […]

Driven by advances in blockchain technology, the spread of cryptocurrency has introduced new financial possibilities in jurisdictions around the world. However, the opportunities and benefits of cryptocurrencies have been accompanied by new risks, as criminals use regulatory blindspots to launder […]

The Thistle Initiatives Group is an award-winning compliance consultancy that provides financial services firms with expert compliance resources and capabilities to manage projects across all regulatory areas. Head of Payment Services and Financial Crime Prevention, Heather O’Gorman, has extensive experience […]

Appearing at FINSIA’s “The Regulators” event on May 13 2022, AUSTRAC CEO, Nicole Rose, outlined the regulator’s priorities for 2022. The key focus areas pertain to high-risk, cash-intensive sectors such as pubs, clubs and betting agencies. To achieve this, AUSTRAC […]

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.

Due to price flexibility and purchase anonymity, the art and antiquities market can provide an attractive environment for racketeers to launder money. According to a 2023 report, the global art market grew from $441 billion in 2022 to $579 billion […]

New planned AML regulations in the EU will reinforce the importance of a risk-based approach for banks. Automated, scalable adverse media solutions are an important component of this, enabling banks to conduct comprehensive customer risk assessments, taking into account a […]

One of the key announcements from the Financial Action Task Force’s March Plenary was its confirmation of changes to Recommendation 24 and its Interpretive Note relating to beneficial ownership standards. The new standards require countries to ensure that competent authorities […]