Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence

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

Feb 15, 2022

Guest

Alex Robson

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.

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Introduction

00:00 • 2min

US Sanctions and Cryptocurrency: Complexities and Political Implications

02:10 • 12min

Sanctions and Financial Crime Risk in Afghanistan and Russia

14:39 • 4min

Challenges and Delays in Implementing Measures to Combat Financial Crime

19:08 • 17min

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

36:11 • 2min

Sanctions, AML Measures, and the Fight Against Corruption

38:06 • 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