02/08/2024 - Validient's Weekly Roundup
This week’s anti-money laundering (AML) news highlights significant developments in regulatory actions and technological advancements within the UK. The stories range from fines imposed on law firms to substantial investments in AML technology, showcasing the ongoing efforts to enhance compliance and combat financial crime.
Midlands firm fined ￡46,000 for AML
Coventry-based law firm Band Hatton Button was fined ￡46,447 by the Solicitors Regulation Authority (SRA) for failing to comply with AML regulations. The firm lacked a firm-wide risk assessment and independent audit function from 2017 to 2023. The SRA found specific client files were missing necessary risk assessments and source-of-funds checks.
Definely Bags ￡585K from State-Backed Innovate UK
Definely secured ￡585,000 from Innovate UK to develop GenAI products simplifying legal document access and understanding. This funding supports Definely's shift from a product-based company to a broader digital solutions provider. Founded in 2017, Definely aids in document creation and proofreading and serves clients like 德勤 and Barclays .
UK banks’ compliance spending surges amid regulator’s AML concerns
UK banks' compliance spending has surged due to mounting AML regulations. Compliance costs reached ￡38.3 billion in 2023, driven by stricter regulatory requirements and increased customer due diligence. Smaller banks face higher proportional costs than larger firms due to a lack of economies of scale.
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UK Companies House and Insolvency Service to set up new AML intelligence units with ￡19m in funding
Companies House and The Insolvency Service will establish new AML intelligence units with ￡19 million in funding from the Economic Crime Levy. These units aim to enhance investigative capabilities and combat financial crime effectively by leveraging allocated state funds.
Dentons release their July 2024 UK Corporate Crime Insights
The July 2024 edition of Dentons Corporate Crime Insights covers key points for new AML regulations, updates on high-profile bribery cases, and trends in corporate fraud, including the rise of deepfake scams. The report also highlights the UK government's enforcement actions and regulatory changes affecting financial crime compliance.
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