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RAW Thought Leadership

RAW Compliance is a respected and innovative thought leader on top trends and challenges facing the compliance finance industry. Together with our industry partners we have published comprehensive thought leadership articles which can be accessed below.

The Crucial Role of Product Knowledge in Risk Management: Why Compliance Officers Must Stay Informed

In the intricate world of risk management within financial institutions, compliance officers serve as the vital guardians of regulatory adherence and risk mitigation. Yet, the effectiveness of these officers crucially depends on their depth of product knowledge. Without a comprehensive understanding of the intricate products being offered, compliance officers may inadvertently expose their institutions to severe repercussions, jeopardizing stability and reputation.

Unravelling the Pitfalls: Why MLROs Struggle Without a Comprehensive 90-Day Plan

In the intricate world of financial crime prevention, Money Laundering Reporting Officers (MLROs) face a daunting task. The challenges are multifaceted: from navigating the labyrinthine regulatory landscape to fostering internal relationships crucial for collaboration across departments. MLROs must also assess and fortify existing controls, implement technology solutions, initiate comprehensive training programs, and establish performance metrics. In this high-stakes environment, a comprehensive plan is not just a roadmap; it's the cornerstone of success for MLROs in their vital mission against financial crime.

The Pitfalls of Overemphasis on Regulation Tracking in Compliance Risk Management

In navigating compliance risk management, organizations often fixate on tracking regulations to the detriment of broader risk considerations. This myopic focus can result in a mere tick-box approach, overlooking critical threats beyond regulatory scope. Holistic risk management demands a wider lens, integrating regulatory compliance with comprehensive risk assessment, strategic alignment, continuous monitoring, and a cultural ethos valuing proactive risk awareness. By embracing this approach, organizations not only ensure compliance but also fortify their resilience and sustainability in an ever-evolving business environment.

Navigating the Intersection of Cryptocurrency and AI Regulations: An Expert's Perspective

In the dynamic realm of digital assets and artificial intelligence (AI), regulations serve as crucial guides, influencing innovation and protecting consumers. Based on a recent RAW Compliance webinar titled "Decrypting the Landscape: Evolving Crypto and AI Regulation – A Current Assessment," this article shares valuable insights into the current regulatory landscape for cryptocurrency and AI and discusses a noticeable trend towards more organized regulatory frameworks across significant financial territories and jurisdictions.

Unveiling the Underworld: Insights from the RAW Compliance Webinar on Underground Banking, AML Typologies, and Emerging Threats

In an era defined by rapid technological advancement and globalization, the landscape of financial crime has undergone a profound transformation. Against this backdrop, the recent RAW Compliance webinar titled "Exploring the Depths: Underground Banking, AML Typologies, and Threats" provided a platform for industry experts to dissect the intricacies of underground banking, shedding light on the insidious nature of pig butchering scams in Southeast Asia and emphasizing the need for global collaboration to combat these illicit activities.

Mastering MLRO Training and Retention for Financial Integrity

In the fast-paced world of cryptoasset compliance, Money Laundering Reporting Officers (MLROs) serve as guardians of integrity and accountability. This article explores the obstacles in retaining MLROs and underscores the importance of comprehensive training programs. By tackling these challenges, companies can strengthen their compliance operations, maintain regulatory compliance, and excel in the continuously changing environment of cryptoasset regulation.

Unveiling the Complexity: Exploring Challenges Faced by MLROs

Explore the intricacies of the Money Laundering Reporting Officer (MLRO) role and the critical challenges it entails in our latest article.

From navigating evolving regulatory landscapes to managing resource constraints and technological advancements, delve into the multifaceted responsibilities of MLROs in upholding compliance standards. Gain insights into the impact of high turnover rates on AML/CTF programs and discover strategic imperatives outlined by regulatory authorities. Learn actionable strategies to enhance MLRO retention, promote compliance culture, and fortify financial institutions against financial crime threats. Join us in unraveling the complexities of MLRO roles and empowering organizations to foster a culture of compliance and integrity.

Importance of "Compliance Sounds" Ringing from the Rooms of Top Management

If we follow the theoretical aspect of "being compliant" then no one needs any audits, reviews or inspection, checks and balances or even there is no requirement of "Compliance Department/team/officer" because everyone accepts, respects and follows the fact of being compliant.

But is it something so simple? Is this theoretical approach followed? Do all corporations comply with the laws? Do they comply in its true spirit? Do organisations and their employees understand the importance of Compliance? Is the Compliance followed strictly and not a tick box exercise?

How will identity verification look in the future?

The European Union recently started considering digital identity verification for all EU citizens. Many countries are proposing similar frameworks, so the identity verification process is certainly shifting online which will likely change the industry as a whole. In this article, Dmitri Laush (CEO of GetID) tries to imagine how identity verification might look in the future and which technologies will be on top.

Better KM = Better ERM

Enterprise Risk Management (ERM) is an integrated and joined up approach to managing risk across an organization and its extended networks. It’s as simple as that – an enterprise-wide view of the risks and controls help that mitigate the risks. But is it this simple?

The challenges of implementing holistic AML

What are the obstacles current AML practices are facing?

Complex and ever-changing regulations and the fluid financial environment of our times are certainly contributing obstacles. The negative impact of silos across AML prevention controls & the problems with process-driven approaches further hold us back.

Money laundering scandals: The actions or inactions of bank employees

Money laundering and financial crime scandals such as the Russian, Azerbaijan and Troika laundromats have attracted attention at a pan-governmental and international level. While reflecting on what roles deficiencies in systems, controls and regulations could have played following these scandals, an area worthy of equal attention, but often lacking is the actions or inactions of individual people in banks when such scandals occur.

Strengthening AML/CFT Controls of Digital Payment Token Service Providers

The Monetary Authority of Singapore (MAS) has released an infographic that provides an overview of MAS’ AML/CFT requirements and supervisory expectations for the Digital Payment Token (DPT) sector, and is intended to raise industry awareness among DPT service providers of sectoral money laundering and terrorism financing (ML/TF) risks, and provide additional information to support their implementation of effective controls.

Financial Crime Challenges and Opportunities for the Year Ahead

In a recent webinar, financial crime compliance experts Radish Singh, Richard Carrick, Oonagh van den Berg and Michael Meadon discussed challenges and opportunities for the year ahead.

The Future of KYC Compliance — Insights from Oonagh van den Berg

What's the future of KYC Compliance?

RAW Compliance CEO & Founder, Oonagh van den Berg, sat down with Kyckr to share her insights on the future of know your customer requirements.

#WOMENINFINCRIME: Conference of women financial leaders hears demands for improvement in how regulators interact with institutions

The relationship between regulators and institutions is one of the biggest challenges facing the fight against dirty money, according to a panel of women FinCrime experts.

The Hunt for Asia’s El Chapo

The Asia-Pacific region is awash in crystal meth. A multinational task force is on the trail of a China-born Canadian national who, police tell Reuters, is the suspected kingpin of a vast drug network that is raking in up to $17 billion a year.

4 ways to increase the effectiveness of sanctions

Sanctions, we’re told, work. If they didn’t then they wouldn’t be so frequently used in global politics. This piece doesn’t dispute that sanctions make an impact – but could they be better?
Can Sanctions be better employed and more effective in achieving their aims?

Overcoming the biggest transaction monitoring challenges

If there was ever a good time to take a step back and look at the effectiveness of transaction monitoring, then that time is now. As the world finds its way through the Covid-19 pandemic, banks and other financial institutions are firefighting financial crime.

This article addresses the biggest transaction monitoring challenges battering compliance teams right now.

Fighting Financial Crime in a Global Pandemic

Financial institutions consider the global trade of physical commodities as a higher-risk activity from a financial crime compliance perspective. Due to the involvement of multiple jurisdictions and stakeholders, and the numerous stages of a global trade transaction, it can be difficult to effectively detect, monitor, and mitigate financial crime risk.

Trade Based Money Laundering

Tricks of the trade -
Aamar Ahmad provides some case studies of common challenges faced by financial institutions when processing trade finance transactions

Trade Misinvoicing: A Common TBML Typology

While global trade is expanding year on year, we have observed an increasing trend in the illicit activity of criminals trying to move economic values of proceeds
from their crime through global trade. The immense volume of goods traded across the international borders make it very attractive for criminals to hide behind the complexities of global trade in order to move their illicit funds and present them as the proceeds of legitimate trading activity.

Regulatory Intelligence - FinCEN leaks highlight flaws in AML regime

Following on from RAW Compliance's successful Deconstruction of a Financial Crime- The FinCEN Leak Webinar, Nathan Lynch from Thomson Reuters has written about the fundamental flaws in AML regime and the findings and topics covered in the webinar.

3 Lines Of Implied Defense

The 3LOD model had been widely adopted by business organizations around the world, assisting them in structuring their risk management functions, roles, and responsibilities. However, whilst the models name drew images of a coordinated and collaborative approach across the 3LOD, working together to identify and mitigate risks, in practice it began to fail.

Wirecard: The biggest FinTech success and failure story of all time

Wirecard will go down in global financial history, as one of the most significant success and failure stories in FinTech of all time.

But where did it go so wrong? Could any of this been avoided had red flags along the way been explored further?

Read below to see what lessons we can learn to prevent this from happening again.