In this part of our global anti-money laundering outlook, we are delving into Africa and the Middle East and what is to come this year. The Middle East and Africa anti-money laundering market is projected to register a CAGR of 13.5% in the forecast period of 2021 to 2028, according to a report conducted by Data Bridge Market Research. This has been bolstered by technological advancements in AML software and the growth of automation needed in the region. This article was originally published on AML RightSource. Several factors which have contributed to this are the effects COVID has had, the i ..read more

Welcome back to our 2022 outlook on the AML industry across different parts of the world. In this part, we’re looking at Latin America, where there is a dire need for compliance teams to step up their AML efforts to fight corruption, money laundering, and drug trafficking. According to Financier Worldwide, the Economic Commission for Latin America and the Caribbean (ECLAC) calculated that tax evasion and illicit financial flows in the region could be estimated at about $325bn a year. This article was originally published on AML RightSource. There is variation across Latin America in terms of ..read more

Our next foray into the complex financial crime compliance industry is looking into APAC. In a report published by Business Market Insights, the APAC anti-money laundering market is projected to grow from US$377m in 2019 to US$1.7bn by 2027, as the demand for sophisticated transaction monitoring solutions grows. This growth has been propelled by the rising fraud against banks, financial services, and insurance sectors. This article was originally published on AML RightSource. There is a broad spectrum in the APAC region when it comes to AML, with high regulations being enforced in countries l ..read more

Welcome back to our financial crime market outlook series, where we’re looking at North America and some of the key factors that we should be aware of in this upcoming year. According to a report by Global Market Insights, the anti-money laundering market is set to hit $5bn by 2027 as the influx of cashless transactions and unethical activities receives additional government focus. Here are just some of the laws, regulations, and focal points for financial crime prevention in the US this year. This article was originally published on AML RightSource. Legislation: what’s to come? The Anti-Mone ..read more

As we enter a new year, it seems only fitting to look at what we can expect in 2022 in the financial crime compliance space. We’ve divided our market outlook into a five-part series looking into different geographical regions and considering what’s most prevalent for each. We begin our series with the UK and EU. This article was originally published on AML RightSource. Cybersecurity in our homes By now, some of us may have hoped for remote working to be a thing of the past, for others, they’ve embraced it as a new way of life. However, certain challenges arisen with this new flexible working ..read more

The use of private aircraft for narco-trafficking into the United States (US) is not new and has been seen as far back as the 1970s.  The heyday of narco-trafficker Amado Carrillo Fuentes, nicknamed ‘Lord of the Skies’[1] for his use of a fleet of jets to transport drugs, may be long gone but the use of private jets continues today and has even expanded into Europe and West Africa. Private aircraft not only provide a means for narco-traffickers to transport drugs but with aircraft being high-value assets, they also provide a means by which to launder the illicit proceeds of drug traffick ..read more

The mainstream financial world faces a brave new dawn as central banks prepare to introduce digital currencies. The move is fraught with risks, but necessary to avoid losing control of economies to unregulated cryptocurrency markets. And it could, ironically, be the best move central banks ever make in fighting financial crime. This article was originally published on AML RightSource. Read how central digital currencies create risk, but could be used to reduce financial crime. The most powerful central bank digital currency (CBDC) in EMEA will be the digital euro. The European Central Bank st ..read more

This article was originally published on AML RightSource. Read about the UK’s release of its first National Risk Assessment of Proliferation Financing. The United Kingdom (UK) was one of the first countries to publish a Money Laundering (ML) and Terrorist Financing (TF) National Risk Assessment (NRA). The ML/TF NRA however did not include Proliferation Financing (PF). In September 2021, the UK released its first National Risk Assessment of Proliferation Financing. The assessment was broken down into three main parts: Strategic, Regulatory, and Operational frameworks in place in the UK for co ..read more

Cryptocurrencies have ascended the ranks from being a nascent concept to a legitimate commodity that banks are investing in. So much so, that regulatory bodies have had to adapt to an ever-shifting change in compliance, as they continue to assess crypto’s risk and reward. This article was originally published on AML RightSource. Read how regulations are helping cryptocurrencies go mainstream. Albeit not in the same category as fiat (state issued/sanctioned) currency, cryptocurrency is growing into a monetary system that is moving beyond being viewed as the ‘wild west of money’. From its begin ..read more