As financial crime evolves, regulators and financial institutions alike strive to refine their risk-based approach to AML. The vast amounts of data involved in AML compliance, and the increasing complexity of criminal methodologies, mean that financial institutions must constantly find […]
A Guide to Anti-Money Laundering for Crypto Firms
Knowledge & Training
Is Cryptocurrency Legal in Malaysia? Cryptocurrencies: Not legal tender Cryptocurrency exchanges: Legal, must register with the Malaysian Securities Commission Although cryptocurrencies are legal in Malaysia, they are not considered legal tender. The country’s central bank, Bank Negra Malaysia, has issued […]
Most financial institutions (FIs) understand the importance of taking a risk-based approach to compliance. But what this means when it comes to client risk management practices differs by sector, organization and channel. Clients expect to be able to onboard and […]
For financial institutions looking to become directly authorized as investment firms by the Financial Conduct Authority (FCA), it can be difficult to know exactly which permissions are necessary to apply for. Understand the process and uncover which permissions investment firms need to apply for here.
Understand the Financial Conduct Authority’s Threshold Conditions and uncover the Do’s and Don’ts of submitting an application for authorization or registration.
Non-fungible tokens (NFTs) are digital representations of a real-world object, bought by collectors and usually sold online. They are supported by blockchain technology – often the Ethereum blockchain – and contain built-in authentication, which serves as proof of ownership.
The war in Ukraine has triggered global sanctions and embargoes on an unprecedented scale. With Western countries increasingly keen to avoid direct military confrontations, the ability to impact the economies of ‘aggressors’ has become an important diplomatic tool. The growing […]
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 […]
Financial crime typologies are evolving at pace. This shift is putting pressure on the transaction monitoring rule sets compliance teams use to help detect and prevent criminal behavior. For example, a recent report by ComplyAdvantage and the FinTech FinCrime Exchange […]
As Australia steps up its response to Russia’s invasion of Ukraine, it has targeted 39 Russians in its first use of the Magnitsky sanctions for human rights abuses. 14 Russians are accused of serious corruption, along with 25 Russian “perpetrators […]