Like all regulations, the laws governing onboarding new customers is packed full of acronyms, and terms which mean little outside of the context of anti-money laundering (AML) legislation.
Outside of the moral obligations for preventing money laundering, brokers need to ensure they are doing their due diligence to avoid getting blacklisted by lenders.
With the positive news around the rollout of the vaccine for coronavirus and a roadmap out of this crisis in place, you’d be forgiven for feeling that we are on our way back to something resembling ‘normal’.
In a world where masks are becoming the norm for face-to-face interactions, how do brokers accurately identify their clients?
This year has seen several large-scale attempts by organised criminals to defraud the government’s coronavirus support schemes.
Over the last few years automation has impacted virtually every industry sector.
There is a risk that a short-term fix of this nature will also attract a different class of prospective buyers altogether.
The experience of working remotely, and of adapting to that, is likely to accelerate this trend and, for traditionally office-based jobs make it irreversible.
Professional money launderers are a pretty ruthless bunch, and you can be sure they will look for any weakness in the defences and seek to exploit that for their own criminal ends.
There are a number of significant new provisions which ought to make firms sit up and take notice.