Daniel Berke, one of the UK's leading experts on regulatory law, breaks down the AML update.
FM
Money laundering – the process of making criminal money appear clean, universally involves three steps. First is the placing of criminal money into the financial system away from its true source – by moving and disguising it. The money is then layered, often through a series of transactions, to further move it away from the original source. Finally, the money is integrated back into the financial system as 'cleaned' money, which can be used.
Terrorist financing, by contrast, is not about cleaning money through the system – rather, it is simply about getting money to terrorists. The money may have come from entirely 'clean' activity to begin with, but become destined for criminal use.
By nature, those engaged in money laundering and terrorism financing, are elusive and often highly sophisticated. The law needs to evolve as new methods of laundering are identified.
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came in to force on 10 January 2020, with the effect of implementing Fifth Money Laundering Directive into UK law to provide further tools to tackle crime by going for its proceeds – to do this, obligations are placed on business sectors which are often targeted by money launderers.
Which business activities fall within the new regulations?
Under the regulations, businesses falling within the scope of money laundering regulations need to ensure that staff is adequately trained with respect to the core obligations and changes, breach of which is a criminal offence and can, in some instances, attract further regulatory sanction. The business sectors now brought within the scope of the rules, include:
Tax advisers
The letting agency sector for high-value transactions with a monthly rent of EUR 10,000 or more.
Art intermediaries for transactions exceeding EUR 10,000
For all of the above, Customer Due Diligence (CDD) measures to be taken by regulated businesses.
Significantly the rules now regulate 'cryptoassets' exchange providers and wallet providers. Any activity involving exchange, security, and utility tokens brought within the AML rules. One of the main attractions of bitcoin is that it exists across borders, outside of traditional banking controls, and with a secure cloak of anonymity. Those three magic ingredients have made this type of currency attractive to those seeking to launder the proceeds of crime.
A wallet provider is one who offers exchange services as creator or issuer of any of the cryptoassets involved - an 'initial coin offering'. The rules now cover this as initial coin offerings are another point of exchange at which those in possession of illicit funds could launder their money by obtained a new cryptoasset – which will appear clean, whose original source cannot be easily traced and which can now be moved throughout the world with a click.
Cryptoasset exchanges must also carry out CDD for all exchanges of money for cryptoassets, irrespective of the amount. This is to tackle the use of high volume, low-value transactions to move money.
What requirements are placed on businesses?
The CDD requirement is for relevant persons to take reasonable measures to understand the ownership and control structure of their customers.
Secondly, to require relevant persons to take reasonable measures to verify the identity of senior managing officials when the beneficial owner of a body corporate cannot be identified.
Relevant persons must ensure that they have policies to ensure they undertake risk assessments prior to the launch or use of new products or business practices, as well as new technologies.
Parent businesses must also ensure they have group-wide policies on the sharing of information about customers, customer accounts, and transactions for Anti Money Laundering and Counter-Terrorism Financing purposes.
Relevant persons must also take appropriate measures to ensure agents used for the purposes of its regulated business receive AML/CTF training.
Access of account details
The Financial Intelligence Unit operates throughout Europe and within the UK, post-Brexit. It allows sophisticated analysis and sharing of financial information to tackle money laundering and terrorist financing. The new rules create a mechanism for the FIU and competent authorities to access details of UK bank accounts, building society accounts, certain credit union accounts, and safe-deposit boxes.
The details that can be accessed are limited to details about the accounts/ deposit boxes details (numbers, opening/closing dates, etc.) and the account holders' and beneficial owners' personal identity details. It does not include a power for law enforcement to collect
details about transaction history or to open deposit boxes – for these, Court orders are required.
What can businesses do?
These obligations are serious, and failure to implement can have serious consequences. Responsibility ought to be high up – ideally at Board level, and Relevant Persons should have full directorial support.
Staff training is critical, and systems should be developed with this in mind.
Weak organisations will be targeted, whereas those who have robust systems and alert staff will be avoided.
Daniel Berke is a Director of 3D Solicitors, and one of the UK's leading experts on regulatory law.
Money laundering – the process of making criminal money appear clean, universally involves three steps. First is the placing of criminal money into the financial system away from its true source – by moving and disguising it. The money is then layered, often through a series of transactions, to further move it away from the original source. Finally, the money is integrated back into the financial system as 'cleaned' money, which can be used.
Terrorist financing, by contrast, is not about cleaning money through the system – rather, it is simply about getting money to terrorists. The money may have come from entirely 'clean' activity to begin with, but become destined for criminal use.
By nature, those engaged in money laundering and terrorism financing, are elusive and often highly sophisticated. The law needs to evolve as new methods of laundering are identified.
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 came in to force on 10 January 2020, with the effect of implementing Fifth Money Laundering Directive into UK law to provide further tools to tackle crime by going for its proceeds – to do this, obligations are placed on business sectors which are often targeted by money launderers.
Which business activities fall within the new regulations?
Under the regulations, businesses falling within the scope of money laundering regulations need to ensure that staff is adequately trained with respect to the core obligations and changes, breach of which is a criminal offence and can, in some instances, attract further regulatory sanction. The business sectors now brought within the scope of the rules, include:
Tax advisers
The letting agency sector for high-value transactions with a monthly rent of EUR 10,000 or more.
Art intermediaries for transactions exceeding EUR 10,000
For all of the above, Customer Due Diligence (CDD) measures to be taken by regulated businesses.
Significantly the rules now regulate 'cryptoassets' exchange providers and wallet providers. Any activity involving exchange, security, and utility tokens brought within the AML rules. One of the main attractions of bitcoin is that it exists across borders, outside of traditional banking controls, and with a secure cloak of anonymity. Those three magic ingredients have made this type of currency attractive to those seeking to launder the proceeds of crime.
A wallet provider is one who offers exchange services as creator or issuer of any of the cryptoassets involved - an 'initial coin offering'. The rules now cover this as initial coin offerings are another point of exchange at which those in possession of illicit funds could launder their money by obtained a new cryptoasset – which will appear clean, whose original source cannot be easily traced and which can now be moved throughout the world with a click.
Cryptoasset exchanges must also carry out CDD for all exchanges of money for cryptoassets, irrespective of the amount. This is to tackle the use of high volume, low-value transactions to move money.
What requirements are placed on businesses?
The CDD requirement is for relevant persons to take reasonable measures to understand the ownership and control structure of their customers.
Secondly, to require relevant persons to take reasonable measures to verify the identity of senior managing officials when the beneficial owner of a body corporate cannot be identified.
Relevant persons must ensure that they have policies to ensure they undertake risk assessments prior to the launch or use of new products or business practices, as well as new technologies.
Parent businesses must also ensure they have group-wide policies on the sharing of information about customers, customer accounts, and transactions for Anti Money Laundering and Counter-Terrorism Financing purposes.
Relevant persons must also take appropriate measures to ensure agents used for the purposes of its regulated business receive AML/CTF training.
Access of account details
The Financial Intelligence Unit operates throughout Europe and within the UK, post-Brexit. It allows sophisticated analysis and sharing of financial information to tackle money laundering and terrorist financing. The new rules create a mechanism for the FIU and competent authorities to access details of UK bank accounts, building society accounts, certain credit union accounts, and safe-deposit boxes.
The details that can be accessed are limited to details about the accounts/ deposit boxes details (numbers, opening/closing dates, etc.) and the account holders' and beneficial owners' personal identity details. It does not include a power for law enforcement to collect
details about transaction history or to open deposit boxes – for these, Court orders are required.
What can businesses do?
These obligations are serious, and failure to implement can have serious consequences. Responsibility ought to be high up – ideally at Board level, and Relevant Persons should have full directorial support.
Staff training is critical, and systems should be developed with this in mind.
Weak organisations will be targeted, whereas those who have robust systems and alert staff will be avoided.
Daniel Berke is a Director of 3D Solicitors, and one of the UK's leading experts on regulatory law.
Crypto Industry in 2025: Five Defining Trends – And One Prediction for 2026
Featured Videos
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
