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The goal of making it more difficult for criminals to tap into crypto for criminal purposes is attracting increasing attention on a global level. In the EU a new agreement has been reached that will extend the rules on information accompanying the transfer of funds so that this also includes crypto currencies. Anti-money laundering solutions, and the regulation behind them, must necessarily expand to include crypto currencies as this is, increasingly, where the largest vulnerabilities lie. The new EU "travel rule" is intended to ensure a much higher level of transparency when it comes to crypto assets than is currently the case. It will also give the EU a robust framework that it can use with respect to ensuring that it meets international requirements and standards on the exchange of crypto-assets.

Like many other countries, Germany has taken a large number of constructive steps to improve AML monitoring and general anti-money laundering solutions. However, the intergovernmental body the Financial Action Task Force (FATF), which defines international standards when it comes to financial crime, has said that the country should do more. Germany is the fourth largest economy in the world and the biggest in Europe, which naturally makes it a target for financial criminals. A recent report from FATF has highlighted how, even with the most recent measures implemented in Germany, this isn't enough for a country that has such a sizable economy and such broad influence. For example, Germany still doesn't have limits on cash transactions so large amounts of cash can still be smuggled over the border in cargo or mail.

Anti-money laundering compliance has been at the top of the agenda for Nordic banks after a series of scandals rocked the region in recent years. Many of the most prominent institutions have faced accusations of being involved in moving tainted money and there has been huge pressure to take action to prevent this from being repeated in the future. Now, many of those financial institutions that have committed to spending on anti-money laundering compliance are revealing how that investment is beginning to bite in terms of profits. Danske Bank, Nordea and Swedbank are just some of those involved.

For banks and fintechs, the right anti-money laundering solutions are going to be vital in the coming months. As instances of financial crime continue to rise there is increasing pressure to deliver on AML compliance - as well as serious consequences for organisations where effective measures have not been put in place. Currently, money laundering losses amount to up to 5% of global GDP and the relentless drive towards innovation in technology and systems has opened up lots of loopholes. For example, cryptocurrency money laundering rose by 30% in 2021. The only way for banks and fintech's to fight this rise in volume and sophistication is to invest in anti-money laundering solutions that are similarly advanced. There are lots of different options out there when it comes to anti-money laundering solutions and each offers a different approach.

The growing crypto network offers many advantages for those involved in it - and evidence is increasingly coming to light that this is being abused, putting crypto firms at risk in the process. An alert has been issued by the Joint Money Laundering Taskforce (JMLT), the UK's collaboration between the financial sector and law enforcement agencies, highlighting how some people who are looking to evade sanctions are using crypto firms to do it. Being involved in this is likely to leave crypto firms heavily exposed to money laundering and the problematic consequences that can result from that.

The UK tech jobs market is particularly active right now with huge demand for skilled people with AML software expertise. This demand is being driven, in part, by companies in the financial services industry looking to respond to regulatory changes and put better protection in place when it comes to reducing exposure to money laundering risk. AML software expertise is highly sought after but the latest figures indicate that there simply isn't enough supply to meet demand right now. This comes as many companies are seeking to streamline budgets in other areas while prioritising resources for specialist areas such as AML software expertise.

New research has established that there are some significant gaps and weaknesses when it comes to AML compliance software - and that this is affecting confidence across the finance industry. The research found that 57% of UK financial services professionals are only 'somewhat confident' in the anti-money laundering processes and protections that they currently have in place. This is despite the fact that almost three quarters of firms say that anti-money laundering is being pushed up the agenda internally. There are, of course, many challenges for AML compliance software and structures today, including the increased regulation, especially around customer onboarding, the ongoing evolution of the crisis in Ukraine and the fact that there is now a much higher risk of fines for those organisations that don't have effective measures in place.

Regulated sector businesses need to have particularly stringent measures in place when it comes to anti-money laundering protection. Banks and financial services companies face increased risks compared to many other organisations, which is why it's so vital to have clear AML compliance guidance in place. The Money Laundering Regulations (MLRs) are a key piece of AML compliance guidance for organisations that are regulated in the UK and looking to ensure they are minimising money laundering risk and taking all possible steps to protect the business. These are some of the key elements of AML compliance guidance for regulated businesses to note:

Anti-money laundering compliance is a vital focus for organizations today. One recent example of how important this is becoming is the Robinhood fine. This is the action that was taken against the crypto arm of Robinhood Markets for alleged violations of anti-money laundering regulations. In total, the crypto asset trading firm was fined $30 million, a significant sum that is clearly designed to set a precedent when it comes to anti-money laundering compliance. Some of the highlighted failings by Robinhood present obvious lessons for other crypto assets firms that don't want to fall into the same practices and end up being financially penalized in the same way. It was established that Robinhood not only failed to invest significant enough resources in anti-money laundering compliance and preventing money laundering but also that there were serious lapses, for example in cybersecurity.

"Strong and decisive action" is how The Cullen Report described the measures that are now necessary for organizations to combat money laundering on a global level. The author of the report, Commissioner Austin Cullen, said that money laundering is currently flourishing in British Columbia and that steps will need to be taken by every business to ensure that this doesn't continue to be the case. Robust anti-money laundering solutions protect economies and businesses within them - The Cullen Report made it clear that in Canada these measures need to be significantly beefed up. The 1,800+ page document is fairly brutal in its assessment of how serious the problem is and the necessity of implementing anti-money laundering solutions quickly.