Blog

Financial crime has recently gained more attention throughout the world, with costs to the global economy estimated at an extraordinary $2.4 trillion per year and banks being fined approximately $26 billion over the past decade for AML-related offenses alone. Within the UK there has been a significant rise in financial crime over recent years. During 2017, UK companies refused to provide financial services to more than 1.15 million prospective customers due to concerns over financial crime (read more), with 11,500 full-time financial crime staff employed within 2,000 UK companies. Also, in the Asia-Pacific region, 49% of businesses have been victims of financial crime over the past year. What recent activity has caused such concern across the globe with regards to financial crime issues? In this article, we outline such activity and also include present and potential future trends relating to the prevention of financial crime. Firstly, you may have come across news stories covering the lenders in 9 EU member states that have been subject to extensive money-laundering schemes. In order to combat this, the ECB (European Central Bank) have been working alongside the ESAs (European Supervisory Authorities). These two regulatory bodies have combined forces to approve a multilateral agreement on steps to be taken in the exchanging of information between EU member state authorities. Such measures have been taken to closely monitor communication activity between entities in the hopes of identifying suspicious activity and therefore prevent all forms of financial crime from ever occurring. This agreement works both ways; specifically, authorities being monitored will be able to question the ECB regarding the type of information gathered on financial institutions so that data privacy is adhered to. Secondly, the rise of virtual currencies is providing new hunting ground for cyber criminals. Virtual currencies such as bitcoin have made it easier for cyber criminals to target firms for money laundering purposes. Payments can be made using virtual currency that evades detection, in particular with regards to financing illegal activity and even transferring funds across borders to facilitate terrorism. Virtual currency also makes it easier for criminals to extort money out of firms, for the same reason as previously mentioned, as it can be virtually impossible to track transfers when dealing with a highly-skilled hacker. Countries have been known for their failure to impose regulations to prevent financial crime through use of virtual currency. Thirdly, Brexit could make the UK more vulnerable to financial crime. Currently, London is one of the world’s top locations in which to launder money. The reasons behind this are often disputed, however it is thought that the fines which are being imposed are too low, some at just £1,000. There have been measures in place to combat this illicit financial behaviour are perceived as outdated and haven’t changed a great deal for some time. With high levels of uncertainty surrounding the Brexit negotiations, the below two questions should be considered: 1) Will the UK be able to formulate its own rules & regulations post-Brexit, or will the absence of EU laws leave the nation more vulnerable to financial crime? 2) What happens if no deal is reached upon Britain exiting the EU? There have been a number of recent trends regarding the prevention of financial crime. The two financial crime prevention methods in question are the concept of banking collaboration and the rise of AI (artificial intelligence). The notion of banking collaboration stems from regional consortiums being formed through financial institutions combining forces, with the main purpose of preventing financial crime. The formation of a regional consortium could mean greater efficiency, knowledge, expertise, and customer experience. Policies can be developed and executed to a higher standard and then implemented into more sophisticated technologies with increased man power and investment. Banks can pool together revenue generated to commission research into trade execution. Finally, the rise of AI and machine learning has seen significant steps in monitoring suspicious activity within firms, especially recognition of AML (anti-money laundering). We know that the majority of banking organisations feel the need to improve their AML systems and one solution which an estimated one-third of financial firms are implementing is AI. AI has moved from the discovery to the implementation phase in recent years, with the capability to signal new ways to analyse and organise data through intelligent segmentation based on customer transaction behaviour. A major benefit of implementing AI into an organisation is the amount of valuable time it has and will continue to save for analysts. This time saved refers to false positives being uncovered and then subsequently dismissed from financial crime alerts. AI is able to identify a huge 25-35% more false positives within a firm’s financial crime alerts system. The financial crime landscape is continuously altering, and we are always on the look out for financial crime specialists on behalf of our clients. If you would like to take a look at our latest vacancies in this area, you can visit https://www.hamlynwilliams.com/job-search?job_functions=compliance-and-financial-crime. Alternatively, please send a copy of your CV to info@hamlynwilliams.com or call 0203 675 2920.

We’re beginning to get into the swing of things in 2019. Some of you may have started in a new job, many of you may be looking for a new challenge in this new year but are worried you have missed the boat, so to speak. Well, fear not! The new year is actually a great time to apply for jobs. In this article, we will outline why it’s one of the best times to apply. Many companies receive their budget for the year, which in the UK continues to rise year-on-year due to the fact that the economy is steadily seeing growth each year, since the economic downturn of 2008. The annual budget often has a substantial amount set aside for the hiring of new employees. This means that businesses are actively looking to fill roles. During the 2nd week of January, most employees in a business will make their return from the holiday season, this includes the likes of HR who look to get involved in hiring new staff when the new year begins. Furthermore, we know that the greatest number of decision-makers in a company are in the office together compared to the rest of the year. This means that they can lend their opinion on the hiring process and push HR/ Internal Talent teams to prioritise new hires. Firms regularly provide their employees with bonuses during the month of December. Staff looking to leave an organisation around the holiday period will often wait it out until the new year, in order to first receive their Christmas bonus. This leaves an unexpected increased amount of job openings, therefore with a greater level of urgency to fill them. Job postings usually ramp up on job boards at this time of year. Most job boards enable candidates to apply easily on one simple-to-use platform, with tailored job search parameters also on offer. Hamlyn Williams are currently advertising a plethora of specialist jobs on these job boards: LinkedIn, eFinancial Careers, Dice, and more. Believe it or not, despite the spike in job postings and hiring activity from businesses, January is also a time when applications decrease. This offers you a statistically greater chance of finding employment when you apply for any given role. Finally, January is also the best time to network. Studies show that networking events and online networking increases greatly during the new year period. This allows you to gain information from peers, colleagues, and industry influencers on potential new roles and the very latest hiring trends. If you feel you are ready for a new challenge then why not apply for one of many specialist roles with Hamlyn Williams? See the latest vacancies at www.hamlynwilliams.com/job-search. Alternatively, email your CV to info@hamlynwilliams.com or give us a call on 0203 675 2920. Happy job hunting!

Happy New Year! As we venture into 2019, many of you may have set yourselves new year’s resolutions. That’s great, however these are often only with regards to your personal life. Why not set yourself new year career resolutions as well? Here’s just a few to start you off… 1. Update your CV Keeping your CV up-to-date is a great way to track your achievements and progress over your career. Maintaining an up-to-date CV will also enable you to be fully prepared for a job search if the time arises. 2. Manage your online presence Make sure you remove any embarrassing Christmas/ New Year photos on social media and more importantly, update your LinkedIn profile. This is essentially your online CV which showcases you as a professional and for example, updating your headshot authenticates your personal brand. 3. Utilise social networks Social media is great for personal use but in particular; LinkedIn, Facebook, and Twitter are excellent for professional use as well. Specifically, for networking purposes and following key brands and influencers. 4. Update your skills set When was the last time you took an online course in your field of work or in another area that you wish to dedicate time to? It’s a good idea to enhance and/or expand your skills set to impress your boss. 5. Expand your network Attending networking events and growing your LinkedIn connections is a great way of meeting other professionals. Socialising with different types of professionals operating within your own industry can provide you with an enhanced perspective. 6. Assess your career goals It may be a while since you made a note of your career goals or compared your recent activity to ensure that they are somewhat in line with these goals. It’s important to retain clarity when moving up the career ladder, to ensure you are on the right path. 7. Take on impactful projects It’s a new year, time to be bold! Take the initiative to sit down with your Manager and discuss what projects are available for you to get involved with or even take the lead on, in order to boost your progress within your company and to impress your Manager. 8. Pick up smaller tasks around the office When returning to work after the holidays, the first few weeks can be strenuous on you and your team, especially if employees are still on annual leave. Pick up extra admin work/ tasks to help your team out, lightening the load and developing a good rapport with colleagues. 9. Build relationships with colleagues Whether you have a strong working relationship with your colleagues or whether you’re shy around the office, still continue to chat to colleagues for a few minutes during short breaks to maintain a positive relationship. This will pay dividends as the workplace atmosphere will flourish, benefiting your whole team. 10. Maintain a positive work-life balance We know that work can be stressful, particularly when returning from a lengthy break and kicking off a new year. However, maintaining a healthy work-life balance will help avoid stress and avoid you falling into the trap of overworking yourself. 11. De-clutter your physical and digital space Take a brief time-out during this period to delete unnecessary files on your computer and to organise your documents. Also, tidy up your workspace to stay focused and organised. 12. Love Mondays If it is possible, dedicate an hour every Monday doing a task that you favour so that you break-down your first day of the week and feel a sense of positivity. This is a great way of dodging the Monday blues. 13. Be prepared for future job searches Start saving job ads that are of interest to you so that you can keep up-to-date on what job trends are occurring in your industry, requirements, your preferred jobs and so on. We are constantly updating our job vacancies on our website, LinkedIn, and other job boards. 14. Allocate brainstorming time If your Manager will allow it, allocated 30 minutes to an hour of brainstorming time each week. It may be a good idea to do this at close-of-business on Fridays to prioritise your main work. 15. Stay healthy Maintain a healthy diet perhaps by preparing your own lunches, whilst also keeping fit and active during this cold season. This will help you feel positive and avoid catching cold or flu. 16. Read a career-related or motivational book This may sound slightly time-consuming or unorthodox. However, reading a career-related or motivational book, perhaps before bed may just provide you with the inspiration and the advice you need. 17. Keep up-to-date with your industry Following influencers on social media, reading relevant blog articles (like those found on www.hamlynwilliams.com/blog), networking, and most of all reading your industry’s highly regarded publications will all help in staying up-to-date with the latest trends. 18. Do something you love every day Even if this is just for 15-30 minutes, performing an interesting task or getting involved with a favoured project each day will make for a pleasant addition to your daily schedule. 19. Keep a to-do list Finally, keeping a to-do list whether that be written down in a notebook or using an application on your mobile device or work computer will help you keep track of your busy schedule, determine priorities, and identify which stakeholders you need to liaise with. We hope you’ve found this article useful. If you want to apply your new-found resolutions to a brand-new role, then why not apply for one of our many exciting roles at www.hamlynwilliams.com/job-search. Alternatively, you can get in touch with us to discuss our latest career opportunities either by emailing info@hamlynwilliams.com or calling 0203 675 2920.