Hi Rikardo
Working my way through the report over the next week, sofar up to page 80.
It's an easy read / glean with all the facts catagorized into specific chapters, and then further condensed into short parragraphs / snipets of meaty information.
A reader would never remember the data, but the overall theme of the report is the size of the UK's financial industry and what the authorities are up against with AML & CTF is an eyeopener, along with the sums of money involved.
A couple of points relevant to isx -
Isx will never be short of business to target for their services. And this number is just for the UK.
"87. The UK’s legal framework for exemptions and applying enhanced measures are drawn from the EU’s Fourth Anti-Money Laundering Directive (4AMLD) and its 2015 and 2017 National Risk Assessments. The UK’s approximately 150000 regulated entities are required by law to identify and assess their ML/TF risks and put in place systems and controls to manage and mitigate them. In addition, HMT approves AML/CFT guidance written by and for all of its regulated sectors. Such guidance clarifies the practical application of legal and regulatory requirements to their business or sector, including situations which might be treated as higher or lower risk"
Another take away and a possible question to follow up with JK at some point if required after further research is.... what happens to any red flag data that isx identifies through the course of business. Apparently that type of information makes its way into a national database for the authorities to follow-up.
That's it sofar.
Cheers
Tradealot
PS - Have included this screenshot from a Linkedin article for readers who don't access the site. It's self explanitary, and its great to see isx being highlighted.
View attachment 1389301
