In AML and compliance discussions, “high risk” is a term used often, sometimes loosely. But if your compliance program lumps many clients into “high risk” without understanding why, you may be missing real threat areas, the results?, exposing your business to fines, reputation damage, or worse. Let’s break down what truly constitutes high risk, drawing…
1. What Has Changed From 1 September 2025, the Economic Crime and Corporate Transparency Act (ECCTA) introduced a new “failure to prevent fraud” offence. This makes large organisations criminally liable if fraud committed by employees, agents, or subsidiaries benefits the organisation and their prevention procedures are deemed inadequate. The critical shift is that senior management…
In August 2025, Dutch online bank Bunq was fined €2.6 million by the Dutch central bank (DNB) for serious shortcomings in its money laundering controls. Despite prior warnings and penalties, Bunq repeatedly failed to investigate and report suspicious transactions, highlighting how continued reliance on routine procedures can lead to regulatory enforcement. Tick-box compliance that reliance…
Ensuring employees have the legal right to work in the UK is a fundamental responsibility for employers. The UK government mandates strict right to work checks to prevent illegal working and protect organisations from fines or reputational damage. This process requires thorough identity verification and meticulous due diligence. What Is the right to work scheme?…
The last year has made it unmistakably clear, robust Enhanced Due Diligence (EDD) and comprehensive risk assessments are no longer optional they are essential for every business aiming to protect its reputation, meet compliance obligations, and safeguard itself against increasingly sophisticated financial crime. This month, Barclays faced £42 million in fines for fundamental AML and…
As financial crime risks become increasingly complex, the global regulatory environment for anti-money laundering (AML) due diligence is evolving at pace. At Intelect Group, we are committed to keeping our clients informed and prepared for these changes, ensuring robust compliance and reputation protection. Key Regulatory Developments FATF monitoring The Financial Action Task Force (FATF) has…
The recent £3.9 million fine handed to leading Isle of Man gaming firm Celton Manx is a stark reminder for all regulated businesses, demonstrating strong due diligence processes is not optional it’s essential. What Happened? Celton Manx, operator of the international betting site SBOBet, was found by the Isle of Man Gambling Supervision Commission to have systemic…
When it comes to Anti-Money Laundering (AML) compliance, many organisations fall into the trap of treating it as a mere tick-box exercise. You know the drill, collect the forms, verify the documents, check a few boxes, and move on. But if your AML process feels like a paperwork marathon designed just to cover your a**e,…
The recent public statement by the Isle of Man Financial Services Authority (IOMFSA) concerning Edwin A Fryer Accountant (EAF) serves as a stark reminder that no business, regardless of size, is immune from the consequences of failing to comply with Anti-Money Laundering (AML) legislation. EAF, a sole practitioner registered as an external accountant, tax adviser,…
Using Investigation Engine when searching for people is going to save you time, effort, money and keep your business reputation safe. But why bother? Businesses must prioritise screening and conducting background checks to make informed hiring decisions and protect their operations. Background checks provide crucial insights into candidates’ qualifications, employment history, and any potential risks,…