Happy New Year from everyone at FINTRAIL!
We’re excited to jump back into action and get stuck into our plans for the year. A LOT happened in the financial crime world in 2022, and 2023 is likely to be just as busy.
While making predictions is a fool’s game, here are some key themes we think are likely to be on the agenda this year:
Increasing efforts to tackle fraud in multiple jurisdictions, including the UK where the House of Lords issued a report on “Fighting Fraud” and the Payment Systems Regulator introduced a plan for mandatory reimbursement of authorised push payment fraud.
Increasingly mature and rigorous regulatory frameworks for cryptocurrency, especially following the explosive collapse of FTX in November 2022
Evolving discussions on transparency and beneficial ownership in Europe, following the European Court of Justice’s November ruling that unrestricted public access to beneficial ownership registers violates the Charter of Fundamental Rights of the European Union
A growing focus by regulators and industry bodies on effectiveness and outcomes over tick-box compliance
What’s happening at FINTRAIL?
Closer to home, here’s a quick overview of what we are up to over the next few months, and where we plan to focus our efforts over the coming year.
We’re refining our key services for financial institutions including audits, remediations, regulatory enforcement assistance, and target operating models. As ever the focus will be on innovative tech-driven approaches that focus on demonstrable and effective outcomes as well as regulatory compliance.
We will continue to work with and offer services to RegTechs and other vendors servicing the financial sector, covering advisory support, regulatory and market research, and the production of financial crime thought leadership including white papers, blogs, multimedia content, and webinars.
We’ve been developing a suite of off-the-shelf products for smaller or scaling financial institutions. So far we have launched transaction monitoring keyword lists, merchant category codes list, standard industry classification list, and outline AML / CTF policy. Keep an eye out for new releases including an MLRO report template and board reporting pack.
And finally, come and join us at one of our upcoming events! We’re hard at work on the plans for our annual conference in May - FFECON23, as well as a webinar on regulatory enforcement trends in January, an FFE social event in February, and a bootcamp on financial crime investigations in February / March.
We look forward to engaging with our wonderful network of clients, partners and friends in the coming months and wish you all a very prosperous and successful 2023!
If you want to learn more or would like a chat with one of our team on what 2023 holds for your financial crime team, please get in touch.