Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence

Season 4, Episode 3 - Outlook for 2022 - a focus on financial crime

Feb 15, 2022

Financial crime experts Alex Robson, Rachel Wolcott, and Brett Wolf discuss the challenges and implications of tackling financial crime in 2022, including strengthening AML regimes, potential economic penalties and sanctions, the complexities of cryptocurrencies, the risks of money laundering in London, sanctions related to Afghanistan and Russia, delays in implementing measures to combat financial crime, the emergence of AI-powered software for UBO verification, and the focus on anti-money laundering measures and fighting corruption.

49:09

Episode guests

Alex Robson

Brett Wolf

Rachel Wolcott

AI Summary

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

The podcast emphasizes the challenges faced by compliance, risk, and legal departments in addressing weak anti-money laundering regimes in the European Union and the UK, and the need for prompt action.

The podcast highlights the potential for severe economic penalties and sanctions imposed by the US if Russia intervenes in Ukraine, raising concerns about cyber attacks on US banks and the focus on cryptocurrency exchanges in relation to ransomware payments.

Deep dives

Implications of tackling financial crime in 2022

The podcast explores the wide range of challenges posed by tackling financial crime in 2022. It discusses the weak anti-money laundering regimes in both the European Union and the UK and the efforts to strengthen them. It also highlights the potential for sudden economic penalties and sanctions imposed by the US if Russia intervenes in Ukraine. The podcast emphasizes the need for compliance, risk, and legal departments to address these challenges promptly. Additionally, it touches on concerns regarding the use and abuse of financial crime across jurisdictions.

Introduction

2min

US Sanctions and Cryptocurrency: Complexities and Political Implications

12min

Sanctions and Financial Crime Risk in Afghanistan and Russia

4min

Challenges and Delays in Implementing Measures to Combat Financial Crime

17min

Emergence of AI-powered software for UBO verification and reasons behind US sanctions regime ramp-up

2min

Sanctions, AML Measures, and the Fight Against Corruption

11min

In the third episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Alex Robson, Rachel Wolcott and Brett Wolf to take a fresh look at how the implications of tackling financial crime are beginning to shape up. There is a wide swathe of financial crime challenges for 2022 with both the European Union and the UK seeking to breathe life into their anti-money laundering regimes which are perceived to be ‘weak’. On the other side of the pond the U.S. there are warnings of swift economic penalties and sanctions should Russia intervene in Ukraine. And of course, if imposed, they would need to be applied suddenly in the middle of a crisis, thus creating even sharper challenges for compliance, risk, and legal departments.

In January 2022, the UK FCA published ‘Heads of compliance and MLRO applicant competency and capability’ https://www.fca.org.uk/firms/approved-persons/heads-compliance-mlro-applicant-competency-capability.

INTERVIEW-Ransomware a top crypto AML risk in 2022; NFTs a potential fraud threat - https://reut.rs/3uxwhUT

Banks, money transmitters, must prepare as FinCEN plans new anti-laundering, risk assessment rules - https://www.linkedin.com/posts/amlwolf_fincen-regulatory-planning-prompts-industry-activity-6895483060864065537-pd3G

U.S. Treasury Department works to help human trafficking victims access banks, Yellen says - https://www.linkedin.com/posts/amlwolf_bank-access-for-human-trafficking-victims-activity-6892168193054781442-PeHt

UK's inadequate economic crime response has allowed fraud, money laundering to flourish, MPs say - https://www.jdsupra.com/legalnews/uk-s-inadequate-economic-crime-response-1760888/

The 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC

Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.

Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence

Season 4, Episode 3 - Outlook for 2022 - a focus on financial crime

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Implications of tackling financial crime in 2022

US sanctions on corruption and human rights issues

UK's approach to sanctions and counter money laundering policy

Sanctions, financial crime, and AML efforts in the EU

Remember Everything You Learn from Podcasts