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The UK tech jobs market is particularly active right now with huge demand for skilled people with AML software expertise. This demand is being driven, in part, by companies in the financial services industry looking to respond to regulatory changes and put better protection in place when it comes to reducing exposure to money laundering risk. AML software expertise is highly sought after but the latest figures indicate that there simply isn't enough supply to meet demand right now. This comes as many companies are seeking to streamline budgets in other areas while prioritising resources for specialist areas such as AML software expertise.

New research has established that there are some significant gaps and weaknesses when it comes to AML compliance software - and that this is affecting confidence across the finance industry. The research found that 57% of UK financial services professionals are only 'somewhat confident' in the anti-money laundering processes and protections that they currently have in place. This is despite the fact that almost three quarters of firms say that anti-money laundering is being pushed up the agenda internally. There are, of course, many challenges for AML compliance software and structures today, including the increased regulation, especially around customer onboarding, the ongoing evolution of the crisis in Ukraine and the fact that there is now a much higher risk of fines for those organisations that don't have effective measures in place.

Regulated sector businesses need to have particularly stringent measures in place when it comes to anti-money laundering protection. Banks and financial services companies face increased risks compared to many other organisations, which is why it's so vital to have clear AML compliance guidance in place. The Money Laundering Regulations (MLRs) are a key piece of AML compliance guidance for organisations that are regulated in the UK and looking to ensure they are minimising money laundering risk and taking all possible steps to protect the business. These are some of the key elements of AML compliance guidance for regulated businesses to note:

Anti-money laundering compliance has been at the top of the agenda for Nordic banks after a series of scandals rocked the region in recent years. Many of the most prominent institutions have faced accusations of being involved in moving tainted money and there has been huge pressure to take action to prevent this from being repeated in the future. Now, many of those financial institutions that have committed to spending on anti-money laundering compliance are revealing how that investment is beginning to bite in terms of profits. Danske Bank, Nordea and Swedbank are just some of those involved.

For banks and fintechs, the right anti-money laundering solutions are going to be vital in the coming months. As instances of financial crime continue to rise there is increasing pressure to deliver on AML compliance - as well as serious consequences for organisations where effective measures have not been put in place. Currently, money laundering losses amount to up to 5% of global GDP and the relentless drive towards innovation in technology and systems has opened up lots of loopholes. For example, cryptocurrency money laundering rose by 30% in 2021. The only way for banks and fintech's to fight this rise in volume and sophistication is to invest in anti-money laundering solutions that are similarly advanced. There are lots of different options out there when it comes to anti-money laundering solutions and each offers a different approach.

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Artificial Intelligence (AI) has a lot to offer when it comes to anti-money laundering monitoring. This advanced technology has the potential to make AML measures even more effective and to enhance investments in anti-money laundering monitoring. That's why so many businesses are now planning to increase the volume of investment in AI for this purpose. In fact, one recent survey found that 57% have either deployed AI in anti-money laundering monitoring processes or are planning to do so in the near future. And a third of finance firms are accelerating their use of AI in order to make existing measures more effective. These are vital steps for any business in the finance industry to take, especially as the UN estimates that $2 trillion in tainted money is moved illegally on a global level every year.

The Financial Action Task Force (FATF) has emphasised how important it is for Netherlands banks to ensure that legal persons aren't being used for criminal interests going forward. The FATF released the latest Mutual Evaluation Report in August of this year with a focus on how more resources are necessary to help address the AML compliance risk of beneficial ownership. Beneficial ownership relates to those who own, control or benefit from specific bank accounts. Where information about who these natural people actually are isn't clear it creates a lot more room for money laundering activities to take place unchecked. Focusing on addressing the AML compliance risk of beneficial ownership is something that Netherlands banks will now have to make a priority as a result of the spotlight that has been placed on it thanks to the FATF and its latest report.

The goal of making it more difficult for criminals to tap into crypto for criminal purposes is attracting increasing attention on a global level. In the EU a new agreement has been reached that will extend the rules on information accompanying the transfer of funds so that this also includes crypto currencies. Anti-money laundering solutions, and the regulation behind them, must necessarily expand to include crypto currencies as this is, increasingly, where the largest vulnerabilities lie. The new EU "travel rule" is intended to ensure a much higher level of transparency when it comes to crypto assets than is currently the case. It will also give the EU a robust framework that it can use with respect to ensuring that it meets international requirements and standards on the exchange of crypto-assets.

Like many other countries, Germany has taken a large number of constructive steps to improve AML monitoring and general anti-money laundering solutions. However, the intergovernmental body the Financial Action Task Force (FATF), which defines international standards when it comes to financial crime, has said that the country should do more. Germany is the fourth largest economy in the world and the biggest in Europe, which naturally makes it a target for financial criminals. A recent report from FATF has highlighted how, even with the most recent measures implemented in Germany, this isn't enough for a country that has such a sizable economy and such broad influence. For example, Germany still doesn't have limits on cash transactions so large amounts of cash can still be smuggled over the border in cargo or mail.

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Lucinity, a leading provider of AML software, offers AML transaction monitoring software to help prevent financial crimes. The system helps businesses identify and track suspicious activity, flag potential money laundering risks, and help report suspicious activity to authorities. Designed to detect and prevent money laundering activities, the solution is used by financial institutions and other organisations that are required to comply with anti-money laundering regulations. The software uses a variety of techniques to detect suspicious activity, including data mining, pattern recognition, and artificial intelligence.

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This research report categorizes the cloud compliance market to forecast revenues and analyze trends by Component, Application, Cloud Model, Organization Size, Vertical, and Region