Stephen Platt

Jersey

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Articles

TD Bank Blog- A Cautionary Tale of Defective AML

Dec 6, 2024 | kyc360.com | Stephen Platt

Written by Stephen PlattIn a scandal that would make even the most jaded banker blush, TD Bank has been outed for facilitating money laundering on a scale that would impress a Bond villain. FinCEN has slapped the bank with a record $1.3 billion penalty for violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering law. But wait, there’s more. The U.S. Justice Department piled on with an additional $1.8 billion in fines, bringing the grand total to a staggering $3.1 billion.
Metro Bank’s £16.7M Fine: A Wake-Up Call for Financial Institutions

Nov 27, 2024 | kyc360.com | Stephen Platt

In November 2024, the Financial Conduct Authority (FCA) imposed a £16.7 million fine on Metro Bank for significant anti-money laundering (AML) failings. These failings, rooted in deficiencies in transaction monitoring and data governance, highlight the challenges faced by financial institutions in balancing growth and regulatory compliance.
The TD Bank Scandal: How Greed, Hubris, and a Little Bit of “Salesmanship” Turned Canadian Banking Upside Down

Nov 25, 2024 | kyc360.com | Stephen Platt

Written by Stephen PlattOne wouldn’t expect a Canadian bank to make headlines for all the wrong reasons, would one? Canada is, after all, the land of politeness, patience, and timidity—even in banking. But the TD Bank scandal seems to have thrown all that out the window. An institution supposed to embody stability and trust has somehow managed to resemble a dodgy loan shark more than a well-regarded financial institution.
Starling Bank’s £29M Fine: Lessons in Balancing Innovation and Compliance

Nov 19, 2024 | kyc360.com | Stephen Platt

Written by Stephen Platt. Starling Bank, a UK-based digital bank, has been widely regarded as a leading example of the new wave of fintechs disrupting traditional banking. However, the bank faced a significant setback recently when it was fined £29 million by the Financial Conduct Authority (FCA) for failings in its anti-money laundering (AML) controls. This fine is a reminder that even the most innovative and forward-thinking financial institutions must adhere to fundamental regulatory standards.
What the Banking Industry Can Learn from Formula 1 about Data-Driven Risk Management

Nov 12, 2024 | kyc360.com | Stephen Platt

Written by Stephen Platt, CEO KYC360 and Neil Martin former Director of Race Strategy at Ferrari F1 and KYC360 Board AdvisorIn the high-stakes world of Formula 1 racing, split-second decisions and finely tuned strategies often separate the champions from the pack. As the pinnacle of motorsport, F1 operates in an environment where a single misstep can lead to catastrophic outcomes—not unlike the high-risk environment of banking.
How to Use Live AVM Monitoring to Efficiently Screen High-Risk Customers

Nov 12, 2024 | kyc360.com | Stephen Platt

BackgroundA financial institution was looking to enhance its adverse media (AVM) monitoring by screening high-risk clients more proactively. Their aim was to identify potential reputational risks and early warning signs that weren’t detectable through structured AVM (verified and categorised findings from databases) alone. Here’s how they implemented the KYC360 Live AVM Module, achieving robust compliance without overwhelming operational resources. 1.
Why Banks Need to Clean Up Their Act Before the Regulators Do It for Them

Nov 8, 2024 | kyc360.com | Stephen Platt

Why Banks Need to Clean Up Their Act Before the Regulators Do It for ThemWritten by Stephen PlattIt’s easy to think of Know Your Customer (KYC) remediation as yet another tedious exercise in banking compliance—one that involves heaps of paperwork, endless forms, and hours of mind-numbing verification checks. But here’s the reality check: banks ignore KYC at their peril. When it comes to Anti-Money Laundering (AML) laws, there’s absolutely no wiggle room.
Secondary Sanctions and Risk Management by Financial Institutions

Nov 6, 2024 | kyc360.com | Stephen Platt

Written by Stephen PlattSecondary sanctions are an essential tool used by countries, notably the United States, to enforce foreign policy objectives. Unlike primary sanctions, which directly target individuals, businesses, or countries with prohibitions, secondary sanctions aim to deter third-party entities from doing business with those already sanctioned.
AML Failures at Lake Elsinore Casino

Nov 5, 2024 | kyc360.com | Stephen Platt

Written by Stephen PlattOverview of Incident Lake Elsinore Casino, a cardroom located in Lake Elsinore, California, came under scrutiny by the Financial Crimes Enforcement Network (FinCEN) for Anti-Money Laundering (AML) violations. The casino’s failure to comply with AML regulations led to significant penalties and served as a wake-up call for other gambling businesses across the industry.
Key Takeaways from TD Bank’s Record Fine for AML Failures

Oct 31, 2024 | kyc360.com | Stephen Platt

TD Bank was hit with a record $3 billion fine from U.S. regulators for significant anti-money laundering (AML) failings and violations of the Bank Secrecy Act (BSA). The total fine is made up of a $1.3 billion penalty imposed by the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and a $1.8 billion fine issued by the US Justice Department. The fine is part of a broader regulatory crackdown on banks failing to meet AML standards.