Share these talks and lectures with your colleagues
Invite colleaguesPractice paper
Are financial institutions’ counter-terrorist financing controls fit for today’s challenges?
Journal of Financial Compliance,
3
(2),
181-191
(2019)
Abstract
This paper aims to provide insights into the latest developments of terrorist financing and the challenges faced by financial institutions in trying to counter this. Proposing the case for a greater use of social media and more agile monitoring systems, currently not espoused by industry best practice within the UK financial sector, the author shares insights of counterterrorist financing (CTF) typologies and hypothesises how a combination of both could strengthen current terrorist financing system and controls.
Keywords: counter-terrorist financing; CTF; social media; screening
The full article is available to subscribers to the journal.
Author's Biography
Richard Wall is the Money Laundering Reporting Officer at Bank Leumi (UK) plc responsible for all aspects of financial crime prevention. Over his 16-year career, he has worked within the banking, asset management, wealth management and multi-asset class brokerage sectors, engaging in improving industry best practice, and most recently as the current Chair of the Association of Foreign Banks’ antimoney laundering (AML) and counter-terrorist financing (CTF) panel. Since 2018 he has been engaged with SO15 Counter Terrorism Police in forming a communication channel for the public sector with smaller financial institutions outside of the Joint Money Laundering Intelligence Taskforce’s (JMLIT) Operational Forum. He is a returning presenter at the National Terrorist Financial Investigation Unit’s (NTFIU) International Training Course, a programme designed to share UK counter-terrorism practices with delegates from all over the world engaged in counter-terrorist investigations. He also sits on the JMLIT’s Terrorist Financing Experts Working Group.
