Understanding why fundamental financial crime controls remain critical even as AI and synthetic identities dominate industry discussions.

This month's ThirdEye View UK examines significant enforcement actions that demonstrate why getting the basics right matters:

• NCA's coordinated raids on 2,700 UK businesses revealing persistent cash-based laundering through high street premises


• FCA's £44m penalty against Nationwide for fundamental control failures when personal accounts were used for business purposes


• Operation Destabilise uncovering billion-dollar laundering networks combining cash collection, cryptocurrency, and sanctions evasion


• Key themes from UK Finance's Economic Crime Conference on collaboration and intelligent use of AI

These cases reveal how traditional and emerging threats require equal attention. Old-fashioned cash-based laundering remains alive and well on the high street, whilst sophisticated networks combine UK street crime with cryptocurrency and global corporate structures. The Nationwide penalty demonstrates that when customer behaviour diverges from intended account purposes, controls must adapt accordingly.

We discuss what these enforcement actions mean for financial crime programmes and why firms need monitoring that examines the bigger picture, not just isolated transactions.

Read the full blog post: https://jadethirdeye.com/view/why-aml-basics-still-matter/

About the hosts: Claire Rees brings over 20 years of financial crime expertise from her experience in financial services as Global Financial Crime Regulatory Specialist. Chris Holmes is UK Manager supporting ThirdEye clients since its inception in 2012, providing hands-on support and strategic guidance to help firms strengthen their financial crime controls.

About ThirdEye: We partner with mid-sized banks, building societies, lenders, and credit unions across Australia, New Zealand and the UK to fight financial crime. Our flexible transaction monitoring, customer screening, and case management solutions adapt to your risk landscape, backed by local support teams who understand your compliance environment.

Learn more: https://www.jadethirdeye.com/

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