Financial crime compliance for non-financial companies: the
expanding regulatory perimeter

By Rachel Wolcott, Nathan Lynch & Brett Wolf.

Editors: Alexander Robson & Randall Mikkelson

As former U.S. Deputy Attorney General Paul McNulty puts it: “If you think compliance is expensive, try non-compliance.”
 
Financial crime risk has been a top priority for banks and other financial services firms over the past two decades. Regulators are tightening the penalties on both financial and non-financial institutions to prevent criminals and terrorists from exploiting the financial system. From professional football clubs and car dealerships to construction and retail companies, criminals are finding clever ways to layer their money into the legitimate economy, which means any business can be compromised by such activity. 
 
This inaugural report explores why penalties for money laundering violations are becoming more commonplace for non-financial firms and suggests solutions and recommendations for business as they try to remain compliant. The report covers the following key topics:
 
  • Corporate vulnerabilities
  • Laundering risks for companies
  • The role of technology in identifying and eradicating financial crime
  • Synthetic identity: why it's harder than ever to know-your-client (KYC)

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Resources


 

Webinar: Financial crime: expanding regulations and the role of technology

Financial crime has always been a hot topic, however, the expanding regulatory perimeter, an increasing awareness within sanction regimes, and more regulators and law enforcement agencies looking at corporate vulnerability to money launderers is in the spotlight now more than ever before. Access our on-demand webinar to listen to the authors of the report as they discuss their findings.
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Office of Foreign Assets Control (OFAC) Sanctions Infographic 

As the U.S. government has tightened economic sanctions against North Korea, Iran and Venezuela to advance its foreign policy objectives, multinational corporations have come under increased scrutiny from the Treasury Department and must take steps to ensure compliance. Unlike banks, non-bank entities do not face detailed examinations to audit their compliance with U.S. sanctions, which are enforced by Treasury’s Office of Foreign Assets Control (OFAC).
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Blog: Corruption Report 2019: As Regulators Extend Their Reach, Non-Financial Companies Need to Be Ready

Learn more about key highlights from the report in our blog.
Read blog >

Financial Crime Training Courses

These courses analyze financial crime topics, including money laundering, terrorist financing, fraud, and bribery and corruption. These courses raises awareness of financial crime risks, laws and regulations, and systems and controls aimed at detecting and preventing such criminal acts. The courses are available in 5 versions adapted for various regional laws and jurisdictions.
Learn more >

Anti-money Laundering (AML Training)

Money laundering is a potential indicator of terrorist funding and other global crimes, making AML training even more necessary. Our courses intend to familiarize employees with the process of money laundering — the criminal business used to disguise the true origin and ownership of illegal cash — and the laws that make it a crime.
Learn more >

2019 Thomson Reuters Anti-Money Laundering Insights Report

It’s been over two years since the Financial Crimes Enforcement Network’s Customer Due Diligence (CDD) Requirements for Financial Institutions became effective in May 2018. To follow up on the 2018 report, Thomson Reuters once again partnered with the Association of Certified Anti-money Laundering Specialists (ACAMS) to conduct another global survey of compliance decision-makers surrounding CDD processes and activities. The responses once again illustrate the impact the CDD Rule continues to have on financial institutions’ operations.
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Thomson Reuters Regulatory Intelligence

Regulatory Intelligence reduces the potential room for errors and vulnerability within your organization by providing information that has been stringently tracked, monitored, and analyzed, helping you manage and mitigate risk.
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