In this episode of The Washup, we discuss how businesses can embrace the new wave of digital AML tools from ID verification to digital Source of Funds.

As always our Marketing Manager, Jonathan Bennett, is joined by our Head of Governance, Louis Lancaster, who has first-hand experience implementing a new fully digital AML process within one of the UK's largest property firms.

Not only will be discussing the benefits of digital AML tools but also some of pratically of implementing them.

For more resources on this topic visit www.credas.com/resources

In this episode, we discuss the government's proposed review of the current AML supervisory regime. At the moment, AML-regulated firms are overseen by almost 30 different supervisory bodies ranging from larger statutory bodies like the FCA and smaller professional bodies. The government is proposing a restructure of these bodies make it more efficient and to prevent any superviosory gaps as commited to within its Economic Crime Plan 2023-26. Consultation closes on 20th September so don't miss your chance to have a say.

Useful links

The report - Reform of the Anti-Money Laundering and Counter-Terrorism Financing Supervisory Regime: Consultation

The survey - ⁠Reform of the Anti-Money Laundering and Counter-Terrorism Financing Supervisory Regime survey

In this episode, we discuss the components of the Data Protection and Digital Information Bill and how impact Identity Service Providers like ourselves. The bill will bring greater scrutiny and oversight of IDSPs which we're in favor of and will hopefully make digital, reusable IDs more mainstream.

In this episode, we discuss the impending UK Companies House reforms and how they will tackle financial crime.

As part of the Economic Crime and Corporate Transparency Bill, registering a company in the UK will require greater due diligence in order to prevent fraud and money laundering. We discuss what the planned changes are, why they are needed and their potential impact.

You can learn more about these reforms on the Companies House website: https://companieshouse.blog.gov.uk/category/legislative-reform/

In this episode, we will be discussing how property professionals should approach Source of Funds checks, how they differ from Source of Wealth, and how to establish credible financial due diligence.

We'll also be discussing how open banking and data science can help streamling Source of Funds for property professionals but removing the need to manual verify and assess financial evidence.

In this episode of The Washup, we discuss how you report Suspicious Activity to the NCA, what happens next and the potential outcomes. We also discuss why it's important for all businesses, whether regulated or not, to understand their obligation to report suspicious activity as part of the Proceeds of Crime Act.

We also cover:

To learn more about SARs here are a few useful links:

In this episode, we discuss what Letting Agents need to do to remain AML compliant, how bad actors use the rental sector to launder their money, what warning signs to look out and why you should screen all tenants and landlords. We also discuss how Letting Agents' obligations go beyond AML regs and how they also need to consider the Proceeds of Crime Act to ensure they are staying compliant.

In this episode, we discuss what businesses need to include in their risk assessment, why they are important, and how they ensure compliance. We'll also be discussing where you can go for advice, how your AML supervisor can help and common mistakes to avoid.

Useful links: 

HMRC Risk Assessment guidance - https://www.gov.uk/guidance/money-laundering-regulations-risk-assessments

SRA Annual AML report - https://www.sra.org.uk/sra/research-publications/aml-annual-report-2021-22/

In this episode, we discuss Digital Identity Standards and the future of Digital IDs in the UK.  We'll be covering the UK government's Digital Identity and Attributes Trust Framework (DIATF) and how it paves the way for reusable Digital IDs. We'll also be discussing the certification process, how tough it was for Credas, and why this is a good thing for consumers.  All information in this podcast was correct at the time of recording, since recording there has been further changes to the DIATF.

Useful links: 

Following on from episode 3 where we explored Customer Due Diligence we take a deep dive into Enhanced Due Diligence / EDD. We explain what the difference is between PEPs and sanctions, why EDD isn't just limited to PEPs and some of the common mistakes we see businesses make everyday.

We also mention the FATF high-risk country list which you can find here: https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/Increased-monitoring-june-2022.html

You can also find our own PEPs and Sanctions guide right here: https://credas.co.uk/resources/peps-and-sanctions-guide/