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ARTICLE · 05 OCTOBER 2020

AML And FinTech - Back In The Spotlight?

Charles Russell Speechlys LLP
Charles Russell Speechlys LLP
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Charles Russell Speechlys LLP

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The suspicious activity reports (SARs) filed by banks with the US treasury department's Financial Crimes Enforcement Network (FinCen) ...

United KingdomTechnology
Alicia Griffin
Alicia Griffin

The suspicious activity reports (SARs) filed by banks with the US treasury department's Financial Crimes Enforcement Network (FinCen) which were leaked last month have highlighted the anti-money laundering (AML) failings by banks. The files suggest that these banks continued to transfer money, even when they knew it could be connected to fraud. The UK, in particular, was thrown into the spotlight as the files revealed that it was described as a "higher risk jurisdiction" in a US Treasury Report. This is due to the number of UK registered companies that appear in the SARs (over 3,000 - more than any other country named in the files). The files make it abundantly clear that UK financial services firms (including certain FinTech firms) need to examine their anti-money laundering programmes for compliance with UK rules.

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