Summary of Circumnavigating Compliance Regulatory Landscapes

Regulatory bodies are adopting a more proactive approach as the 6th AML, ASIC, and APRA plans focus on cybersecurity and cryptocurrency. The US anti-corruption strategy will exert pressure on businesses worldwide to be more responsible as the regulatory burden rises and penalties become more severe. Businesses must comply to avoid financial crimes.

Cyber-attacks are rising, and the criminal software market is flourishing fast. Most businesses work in risky environments, requiring a well-sorted combination of knowledge and skills. A solo flight will no longer make the security foolproof, and businesses should hire a contingent workforce to stay compliant while keeping their overhead costs minimal.

Recent regulatory developments have emphasised identifying UBOs. The UBO regulation will be more volatile in the UK, US, and Australia, among the countries with quite diverse populations. The UK, Australia, US, the EU, and many other countries have imposed economic sanctions on Belarus and Russia in response to the invasion of Ukraine in February 2022.

The in-house workforce is often not equipped for handling compliance matters . Modern-day compliance requires optimised data collection. The challenge to remain compliant while keeping business profitability is now greater than ever. As per a FATF digital transformation survey, over 80% of participants hailed innovative technology usage for AML/CFT matters.

The UK, US, and Australian technology firms face huge regulatory pressure, and purposefully trained contingent resources can manage compliance accurately because they are up to date on the latest regulation. Contingent resources can evaluate each employee’s competency level and take the necessary steps to ensure that employees are qualified for their positions.

Specialists in contingent resource

For 30 years Momenta have been connecting professionals and delivering talent in highly regulated industries by building an ecosystem of leading skilled contingent professionals globally, providing a gateway to talent in the Banking, Financial Services, Legal, Technology, Training & Development, and Arts & Antiquities sectors.

We’re building the global workforce of the future, by helping our client’s source and secure vetted skilled contingent professionals, on demand, across geographies to meet their immediate needs. Our cost-effective solutions enable businesses to remain competitive without compromising their brand and reputation, ensuring their skill gaps are met and they can respond to fast changing market conditions.

Momenta has recently worked on the pension fund compliance project of a leading retail bank in the UK. Our more than 150 associates team reviewed 54,000 pension scheme transfers to find possible non-compliance and expedite bank-to-customer communication. This project was a success, and that bank awarded Momenta two more large projects.

This report circumnavigates compliance regulatory landscapes of anti-money laundering laws in the UK, the US, and Australia.

If your business needs added staffing support in your compliance departments, speak to us to see how we can help in supplying experienced and effective additional members to your team