Maria Evstropova Featured in Payments Compliance Discussing Criminal Liability for AML Failings

Maria Evstropova, Director in Duff & Phelps’ Compliance and Regulatory Consulting practice, spoke to Payments Compliance about the new anti-money laundering (AML) liabilities which encourage companies to ensure that all employees are properly equipped and trained.

Maria commented, “If, however, firms are still behind the curve and are non-compliant with the Senior Managers Certification Regime (SMCR) in the UK, do not have appropriate financial crime framework that enables them to oversee and manage risks, then I think this is the time to think again and invest in a good compliance framework and resources.” She suggested that first, firms should undertake a risk assessment to identify weak spots in their AML program, and consider what new technologies they may have to implement to improve their processes.

Maria added, “When liability becomes personal, people tend to get more focused on the right thing, hence extension of criminal liability to legal persons could be a good thing and what the industry needs.”

“There are still too many firms that are not listening to the regulators, are way behind the minimal industry standards and continue to let criminals in.”

Read the full article here.