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The FCA’s CDD Review Reveals a Culture Problem. Not a Knowledge Problem
May 26th, 2026 On the 8th of April, the FCA released its 2025 multi-firm review of Customer Due Diligence (CDD), Enhanced Due Diligence (EDD), and ongoing due diligence reviews. The reviews focused on firms’ approaches to: Policies and Procedures, CDD Processes, and Compliance Monitoring and Audit. The FCA’s findings reveal that firms understand the regulations, but are failing to embed…
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Why Rathi’s Case for a System-Wide Fight Against Financial Crime is Right
May 21, 2026 On May 14th 2026, Nikhil Rathi, the chief executive of the FCA, delivered a speech at the FCA’s financial crime conference, highlighting the evolving landscape of financial crime, with technological advances increasing the volume, speed, and globality of it. He questions the current model of financial crime prevention, with the separation of financial services from national security.…
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The Jorge Figueira Case: How a Professional Money Launderer Exploited the Gaps in AML Systems
May 14th, 2026 In January 2026, the U.S. Department of Justice indicted Jorge Figueira, a Venezuelan national, for laundering nearly $1 billion using a variety of methods, including cash, crypto, Over-the-Counter (OTC) brokerages, and shell companies. The risks crypto and shell companies present to money laundering are well known; however, the interesting area of this case is Figueira’s methods to…