AML COMPLIANCE – DATA PRIVACY CHALLENGES
R&C: In your opinion, how has the regulatory environment governing anti-money laundering (AML) developed in recent years?
Parfitt: As new channels and means of value exchange become available, the regulatory environment continues to evolve and expand in response to new threats and challenges. We saw tax evasion become a predicate crime, which is controversial and arguably not an AML issue, but the use of cryptocurrencies and pre-paid cards certainly is. Cryptos, with their cutting-edge technology and plethora of new coin offerings, do present a significant challenge as regulations struggle to keep up with the pace of change. I think we are also seeing a global convergence of AML regulatory standards as jurisdictional ‘arbitrage’ is being eroded. This is particularly true around the traditional issues of secrecy and non-disclosure of ultimate beneficial ownership and registers.
Jul-Sep 2019 Issue
Acuris Risk Intelligence