FF News Logo
Sunday, October 12, 2025
FF Awards Leaderboard Banner

Breaking News

EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’ FreedomPay Drives Global Merchant Innovation FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds Ipswich Town Selects IFX Payments as an Elite Partner Baghdadi Capital Group Selects nCino to Power Global Growth and Expansion Strategy Zilch Unveils Intelligent Commerce & Zilch Pay to Power Next Phase of Rapid Growth Splitit Launches Partner Program to Power Installments for Agentic Commerce Keyrails Chooses Flagright to Power Real‑Time Transaction Monitoring and AML Screening Socotra Launches Agentic AI for Insurance Product Configuration iBanFirst Launches iBanPay, Its New AI Assistant to the UK NatWest Strengthens Support for UK Innovation Economy With Key Strategic Hires Moto and NCR Atleos Extend Collaboration, Expanding Self-Service Cash Access U.S. Bank Selected to Provide Custody Services for Reserves Backing Payment Stablecoins From Anchorage Digital Bank

May 13 2016

Government’s plans to extend ‘failure to prevent’ corporate offence commented on by Dean Curtis

Share this post:

Share on LinkedIn Share on WhatsApp

Dean Curtis, UK Managing Director at LexisNexis® Risk Solutions comments on the Government’s plans to extend the ‘failure to prevent’ corporate offence from bribery to other forms of economic crime following an anti-fraud summit hosted by David Cameron this week:

“Multi-million dollar fines for failing to detect money laundering operations are just the tip of the iceberg for banks when it comes to anti-money laundering (AML). In recent years, AML regulations have placed immense operational pressure on banks when fighting financial crime. According to our Future Financial Crime Risks Report, some of Britain’s major banks are spending as much as $1bn each year on AML compliance.

“British banks are already positioned at the front line in the battle against financial crime. There are however, genuine fears sweeping the industry what impact spiraling AML costs will have on business models against the true effectiveness of such investment. In order to sustainably fight financial crime, there is a need for greater collaboration between banks, law enforcement and government bodies. As such, recent plans to establish new laws to force suspected money launderers to declare their wealth by imposing Unexplained Wealth Orders (UWOs), is a step in the right direction.

“In addition, there is an urgent need to implement ultimate beneficial ownership (UBO) across the world, whereby individuals who ultimately own a corporate entity, property or control customer transactions are identified and closely monitored. The creation of central registries by country will help to considerably enhance international transparency.”

  1. EXCLUSIVE: “Passion Project” – Brice van de Walle, Mastercard in ‘The Fintech Magazine’

    The Fintech Magazine

     Read more
  2. FreedomPay Drives Global Merchant Innovation

    Event Videos

     Read more
  3. FIS Brings AI-Powered Advancements to Seamless, Personalized Digital Banking Experiences

    Fintech

     Read more
  4. Citi Ventures Invests in BVNK to Power the Next Generation of Financial Infrastructure

    Funding

     Read more
  5. Nearly Two-Thirds of Global Retailers Say Payment Method Flexibility Drives Revenue Growth, ACI Worldwide Survey Finds

    News

     Read more
Gitex Global