ICT Views

2017 predictions: Regulatory and financial crime compliance

by: (AML/Financial Crime Course Director) on


Anti Money Laundering

By Tim Tyler – AML/FCP Course Director

In May this year PM David Cameron announced a proposed new offence of failing to prevent economic crime. Writing in the Guardian he stated that "in addition to prosecuting companies that fail to prevent bribery and tax evasion, we will consult on extending the criminal offence of 'failure to prevent' to other economic crimes such as fraud and money laundering so that firms are properly held to account for criminal activity that takes place within them". 

Although there have been changes in the UK Government since then, momentum is likely to be maintained on the issue given Theresa May’s stated intention to hold corporations and those who run them increasingly to account.

As such, 2017 will likely move towards increased accountability and regulatory scrutiny of companies for failing to prevent all forms of financial crime (not just bribery & corruption or facilitating tax evasion). It’ll be interesting to see how this subject is pursued internationally though, where there remains contrasting standards and approaches.   

Governance, Risk and Compliance

From Rod Kettle – GRC Course Director

This is a bit of a stab in the dark and I hope I am wrong, but we are certainly seeing more instances of interest in cybersecurity, and also the impacts of cyberattacks.

How this interfaces with regulatory compliance is something that continues to develop – but I suspect it won’t be too long before a major firm using Cloud-based computing and storage will be subject to a massive intrusion.

The effects from cyberattacks lead to all sorts of risks. Reputational damage is a key risk given the press coverage of such events and the impact on the public – but as yet we’ve not really seen one which fundamentally compromises the firms position in the marketplace.

Maybe next year?

Financial Crime Prevention

From Andrew Clarke – Financial Crime Course Director

Under pressure from the Secretary of State for International Trade, UK banks will widen risk appetite to enable increased trade with Iran. Non-US banks in Europe follow their example.

The US Financial Regulator, under pressure from new Government administration, revokes licence of large foreign bank for non-compliance with US sanctions on Iran, and proves that no organisation is ‘too big to fail’!

In early 2017, US Federal Reserve launch cryptocurrency FedCoin, closely followed by equivalent in Russia and China.

The ‘Early Adopter’ stage seen with Bitcoin is unnoticeable as people clamour to the currency in significant numbers, far exceeding expectations.

Finally, as clear evidence emerges of use by money launderers and terrorist financiers, FATF/World Bank/IMF hold international regulatory summit in late-2017 in attempt to coordinate an appropriate regulatory landscape.

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