Are your firm's anti-money laundering policies and processes resilient enough?

Following the news this week that some of the world's largest lenders were accused of allowing criminals to launder dirty money, there's a renewed focus on the anti-money laundering and financial crime procedures and systems for financial institutions. 

Over 2,100 suspicious activity reports  covering more than £1.5trn in transactions were leaked to the press.

These reports, and more than 17,600 other records allegedly show how senior banking officials allowed fraudsters to move money between accounts in the knowledge that the funds were being generated or used criminally.

Five global banks were named in the investigation: JPMorgan Chase, HSBC, Standard Chartered, Deutsche Bank and Bank of New York Mellon.

Since the early 90s Financial Crime has increasingly become a concern for governments globally. It is today widely recognised that Financial Crime has become a substantial threat to the development and stability of macro-economic climates. The rapid increase in e-commerce and online transactions have fuelled these concerns further.

In the UK the FCA has increased its efforts to fight every aspect of financial crime and expects firms to understand where the risks lie and take appropriate steps to combat/react as part of its governance framework.

The role of the Money Laundering Reporting Officer (MLRO) is absolutely vital in ensuring that firms remain compliant with their anti-money laundering requirements and are alert and able to respond to the risks associated with anti-money laundering.  

MLROs and Heads of Financial Crime are under increasing pressure to retain, maintain and enhance their skills and knowledge, whilst managing risks according to a risk-based approach. This has been highlighted further by new personal accountability regulations and SMCR.


FourthLine offers a comprehensive choice of financial crime, client asset management (CASS)  and operational risk management online learning and development programmes.

Here's a selection of on-demand workshops you can order right now:

To find out more about these and other risk and compliance workshops that we offer, please supply your details here>


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Topics: Featured, Risk Management, Investment Management, Banking, Financial Crime, operational resilience

September 21, 2020
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Jakes de Kock
Written by Jakes de Kock