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this can have serious AML repercussions globally in the foreseeable future due to the fact that most offshore jurisdictions do not have solid AML regulation as in the EU.” Dealing with clients from around the globe also brings with it another set of challenges: navigating through the various regimes and regulations of many different countries and jurisdictions. Dr Aquilina deals with jurisdictional and legal matters, while the compliance team conducts the relevant and necessary research when faced with issues stemming from international jurisdictions. One of the main challenges they face, she explains, relates to the expiry of documents collected for the purposes of Know Your Customer (KYC), and often stem from language and cultural barriers. Compliance Analyst Roxana Bizgan expands on the responsibilities of the compliance team, where “it plays a crucial role in identifying and reporting suspicious activity, thereby enhancing the company’s controls to manage AML risk, among other regulatory obligations,” she asserts. “At FXDD, technology and innovation are core components applied not only online to our products and services, but also to our internal processes. Therefore, we have FEBRUARY/MARCH 2020
various systems, tools and specialised, skilled human capital to detect complex cases at an early stage.” Looking ahead towards developments in domestic and global AML environments, Ms Bizgan says that a significant event in the legislative landscape of AML is the transposition of the Fifth Anti-Money Laundering Directive (5AMLD) and the Sixth Anti-Money Laundering Directive (6AMLD) into local legislation. “Among various changes, the Fifth AntiMoney Laundering Directive will increase transparency and enhance reporting requirements. Therefore, an opportunity derives from a global trend of increased international cooperation. As the volume of money laundering continues to increase globally, a clear threat is the impact of further technological development applied to financial services,” she asserts. “The Sixth Anti-Money Laundering Directive will come into force at the end of the year. Its aim is to standardise the approach of EU member states to the offence of money laundering, as well as expanding the scope for potential liability for money laundering and the range of sanctions that EU member states are required to impose under local law.” cc
“At FXDD, technology and innovation are core components applied not only online to our products and services, but also to our internal processes.” – Roxana Bizgan
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