This month, we will look at the latest trends and movements in the world of financial compliance and track the up-to-date developments within the global AML/KYC space, with all the most recent regulatory implementations and updates addressed and dissected.
2022 is sure to see a plethora of further regulatory change with even more risk and potential for financial crime being imposed on banks. With that in mind, it’s never been more vital for financial institutions to ensure they’re on top of all their regulatory requirements and responsibilities.
Read on, for all the very latest key market updates, trends, and industry leader insights that you need to know this month.
On Monday, March 14th, members of the Lords will begin a detailed examination of the Economic Crime (Transparency and Enforcement) Bill during committee stage – and all subsequent stages.
In 2018, a draught Economic Crime Bill was created, and aspects of the Bill have been considered for several years – most notably, the registry of offshore organisations owning UK property, which was initially announced by then-Prime Minister David Cameron in March 2016. The Bill’s passage into law had stalled as the government focused on other reforms, leaving the public in the dark about what the bill would contain and criticising the government for not doing enough to tackle financial crime.
By the end of 2022, the financial service market in the UK will have been through a process of almost certain continuous change from a regulatory perspective, and the year is likely to close with several key challenges remaining.
For starters, consumer duty will be integrated into procedures, funeral arrangements will be regulated, LIBOR will be a distant memory, and the United Kingdom should be well on its way to a net zero economy.
In many ways, the financial services industry of today is unrecognisable from that of five or ten years ago, and few industries undergo as much regulatory change on a regular basis.
It’s easy to get mired down in the nitty gritty, and regulators will punish those who get the nitty gritty wrong, but amongst the noise, there is a clear path to follow, and intertwined principles to be adhered to.
So, what are the latest regulatory and compliance updates that will be key to your compliance planning and risk profiling in 2022, and beyond?
Knowing your customer is a cornerstone of anti-money laundering and sanctions compliance procedures, but it is not always straightforward, especially as more sophisticated, and aggressive financial criminals have entered the market in recent months.
So, what can businesses expect in the weeks and months to come from a compliance perspective and how can a contingent workforce ensure that additional KYC and AML support is given?
Did you catch Financial Crime Fighter and Compliance Advisor, Sujata Dasgupta, from Tata Consultancy Services discussing how individuals and organisations can bridge the gender disparity gap, specifically in the AML landscape?
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.