LESSONS LEARNED: RECORD HACKS, BREACHES TO CONTINUE IN 2018 AS MORE CRIMINALS MONETIZE STOLEN DATA

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As ACFCS surveys the landscape of what new challenges and opportunities in financial crime 2018 will bring, we are continuing our “Lessons Learned” series, asking key thought leaders what last year taught the community and how that knowledge should help arm compliance professionals for the year ahead.

Not surprisingly, a good predictor of what will happen in 2018 is rooted in trends from 2017, a year where criminals made history with record hack attacks and equally massive data hauls that put millions of people and companies at risk.

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How beneficial ownership can add crucial context to suspicious activity identification→

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How beneficial ownership can add crucial context to suspicious activity identification

The fight against money laundering and counter-terrorist financing is evolving like never before, and more external data sources are being integrated with compliance systems. Why is this and how can we make better use of beneficial ownership-related information?

As we discussed in the Bureau Van Dijk's "Beneficial ownership – have you got it right?" webinar, on which I was a panellist, one of the key drivers for the evolution of anti-money laundering (AML) and compliance programmes is the rising regulatory burden financial institutions face, such as from the Customer Due Diligence (CDD) Final Rule and the Fourth Anti-Money Laundering Directive (AML4).

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