2023 has already seen a surge of increased regulation as 2022 saw over a 50% more financial crime regulation fines being issued.
As financial service firms take stock of 2022, key focusses should look at what risk mitigation will look like in 2023. With even more risk and potential for financial crime being imposed on financial service institutions, it’s never been more vital to ensure that all regulatory requirements and responsibilities are up to date.
The Momenta monthly newsletter has been curated to bring you the biggest trends and movements in the world of financial compliance and track the up-to-date developments within the global AML/KYC space, and how the contingent workforce can help organisations remain compliant.
Read on, for all the very latest key market updates, trends, and industry leader insights that you need to know this month.
The great resignation has seen a mass migration of talent shift, due to changing landscapes that have been impacted by social economic factors driven by the pandemic. Better work-life balances and more emphasis on self-development became key for working individuals as they reviewed career paths as new post-pandemic norms stabilized. Many US entities are now experiencing a great layoff, which is set to continue in the first half of 2023.
Read more on why this shift in talent developed, and how can the contingent workforce fill key talent gaps, especially in financial crime departments?
The 2018 FATF report and the UK Treasury Committee Report noted that the UK needed to “strengthen its supervision and increase the resources of its financial intelligence unit.[1]” It stated that it “needs to address certain areas of weakness, such as supervision and the reporting and investigation of suspicious transactions.”
Recent research by DWF indicates that, a UK financial institution (FI) spends an average of £374,000 every year on detecting and preventing financial crime. The shift to mass digital adoption, which raise the potential of money laundering and other financial crimes, create new regulatory concerns[2].
As compliance teams enter 2023, what can they expect to focus on and why should emphasis be placed on talent in combating financial crime in the UK?
Financial crime in the US is continuing to be a key concern for Financial Institutions in 2023 as global threats rise and variables including consistent sanctions regimes, new regulatory measures, and harsher penalties for non-compliance will play a vital role in combating new and current threats. In 2023 FI’s must be more adaptable than ever.
As we think about financial crime compliance in 2023, read more on what key trends, threats, and important areas financial crime compliance teams should be focusing on.
Financial crime negatively influences the community’s economy and does not go unpunished. It denies the region financing for necessary services, including infrastructure, healthcare, and education. Financial fraud has a substantial direct influence on both people and corporations.
Like other offences, financial crimes vary in scope, character, and degree of harm. They are frequently designed to combine legitimate and unlawful dealings and payments, making it challenging to determine the full extent of criminal operations.
Financial fraud threats from Australia or elsewhere are made possible by mediators and technology. When people commit financial crimes, they typically misrepresent or conceal the true nature of their transactions, assets, or ownership of entities.
This insight looks at the major 2023 financial crime trends for businesses in Australia.
The world economy is fragile at the dawn of 2023, and a major reordering seems necessary. Banks around the world are looking for ways to put their operations on a sustainable path to move into a brighter future. This insight pinpoints the expected state of New Zealand banking in 2023, and the more important trends banks need to follow.
2023 will be a year of disruption for the banking and finance market. Addressing industry challenges will make financial institutions more robust, lean, and agile.
A key learning is that local banks need to make cross-border transactions swifter and smoother. Digital transformation and regulatory adaptability are crucial drivers of international success for New Zealand banks in 2023.
Read more on New Zealand’s top banking trends, ad how local banks intend reach international banking standards in 2023.
The future of staffing continues to dominate the news for multiple industries, as new workforce norms are being defined. Many organisations, especially those in financial services are asking how they can prepare for the future of work. Given the current market’s unpredictability, understanding the new patterns and trends will be key, especially for compliance departments facing additional pressures from regulators.
There is a continuation of an increase in flexible and remote work, the effects of technology at work, and the contribution of office design to productivity and employee engagement: The trends influencing the workplace’s future as well as strategies for preparing for and adjusting to these changes. Workplace issues, financial risk, compliance, privacy, and ESG, are all key influences for new global contingent hiring trends.
Here are the most significant influences on the contingent landscape’s outlook of the future of work and what organisations should consider as they plan their future roadmap.
The next deadline for the Consumer Duty Act is fast approaching as UK firms adopt the next round of FCA requirements and Good Customer Outcomes.
In a recent poll conducted with our Momenta Global audience, 50% of respondents believe that compliance will be the biggest challenge ahead when implementing Consumer Duty.
The post-COVID-19 world will present enormous amounts of opportunities for those who are prepared, and many are starting their preparations to transition into new market norms now, by equipping themselves with flexible, experienced, and effective contingent workforces.
To find out how Momenta can help you with your contingent workforce planning and resourcing, contact us today.