ThirdEye View

Record fraud, money mules and rising regulatory pressure, UK Mar 26

The UK's fraud landscape is shifting fast. A record 444,993 cases were filed to the National Fraud Database in 2025, and behind those numbers is a more complex story: fraud-as-a-service lowering the barrier to entry for criminals, money mule networks deliberately targeting vulnerable people, and enforcement action that signals a meaningful change in how regulators view fraud controls.

In this month's ThirdEye View, Claire Rees, Global Financial Crime Regulatory Specialist at ThirdEye, and Phil Roberts, UK Business Development Manager, examine what these developments mean for compliance and financial crime teams right now.

They cover the CIFAS Fraudscape findings and what the growth of fraud-as-a-service means for your detection approach, why continuous behavioural monitoring is becoming essential as point-in-time controls lose effectiveness against evolving money mule threats, the FCA's OPBAS report and what a shift towards single AML and CTF supervision for professional services could signal for the sector, and the PSR's £3.7 million fine against Bank of Ireland and what it means for how firms think about fraud controls going forward.

Read the full blog post: https://jadethirdeye.com/view/record-fraud-money-mules-and-rising-regulatory-pressure/

About ThirdEye: ThirdEye is a complete AML compliance platform designed for financial institutions in the UK, Australia, and New Zealand. We help organisations build effective, risk-based financial crime programmes that protect communities while meeting regulatory requirements.

Learn more: https://jadethirdeye.com

#FinancialCrime #AML #TransactionMonitoring #FraudPrevention #MoneyLaundering #Compliance #MoneyMules #FCA #PSR #CIFAS #AMLCompliance #FinancialCrimeCompliance #ThirdEyeView

Beyond compliance: What effective AML really means, ANZ, Feb 2026

Australia's AML/CTF reform deadlines are approaching fast. 31 March for existing reporting entities and Tranche 2 enrolment. 1 July when Tranche 2 obligations take effect. But meeting these dates isn't about achieving perfection—it's about having an effective programme in place and demonstrating genuine progress.

In this episode, Jing Zhang and Colin Dixon explore what AUSTRAC really means by "effective, risk-based, and outcomes-focused" compliance. Using practical transaction monitoring examples, Colin breaks down the difference between ticking compliance boxes and genuinely preventing financial crime.

Key topics covered:

• Critical deadlines for Tranche 2 and existing reporting entities

• How to use AUSTRAC's starter kits and guidance effectively

• What risk-based, effective, and outcomes-focused really mean in practice • Practical transaction monitoring: the cash example

• How to tune rules to reduce noise and uncover real threats

• Why analyst capability and capacity matter as much as your controls

 

The reforms are an opportunity to build programmes that genuinely protect our communities. That starts with understanding what effectiveness really means.

Read the full blog post: https://jadethirdeye.com/view/beyond-compliance-what-effective-aml-means/ AUSTRAC reforms guidance: https://www.austrac.gov.au/amlctf-reform/reforms-guidance

About ThirdEye: ThirdEye is a complete AML compliance platform designed for financial institutions in Australia, New Zealand, and the UK. We help organisations build effective, risk-based financial crime programmes that protect communities while meeting regulatory requirements.

Learn more: https://jadethirdeye.com

#AML #FinancialCrime #Compliance #AUSTRAC #AMLReforms #RiskManagement #TransactionMonitoring #FinCrime #RegTech

FATF, Fraud and the Corruption Index - UK, Feb 2026

FATF has declared fraud a strategic priority. Kuwait and Papua New Guinea are grey-listed. And Transparency International's 2025 Corruption Perceptions Index paints a sobering picture of where financial crime risk is heading.

In this month's episode, Claire Rees and Phil Roberts break down what these developments mean in practice for UK financial crime teams, including your EDD obligations under the Money Laundering Regulations 2017 and why now is the right moment to revisit your geographic risk scoring.

Learn more: https://jadethirdeye.com/view/fatf-fraud-and-the-corruption-index/

About ThirdEye: ThirdEye is a complete AML compliance platform designed for financial institutions in the UK, Australia and New Zealand. We help organisations build effective, risk-based financial crime programmes that protect communities while meeting regulatory requirements. Learn more: https://jadethirdeye.com

#AML #FinancialCrime #FATF #Compliance #CPI #AntiMoneyLaundering #UKCompliance #ThirdEyeView #EDD #RegulatoryCompliance

Derek Johnston on making risk management an enabler

Derek Johnston has spent 35 years in financial services, most of it in risk management across all three lines of defence. His view? The CRO's job isn't to say no. It's to say yes, but.

In this conversation with Claire Rees, Regulatory Financial Crime Specialist at ThirdEye, Johnston shares what he's learned about building risk-aware cultures, choosing AI projects with purpose, and preparing teams for threats that keep changing.

📖 Read the full article: https://jadethirdeye.com/blog/derek-j...

#FinancialCrime #RiskManagement #AML #Compliance #BuildingSocieties #CRO

Vivian Valbuena on making risk management work for customers

Effective risk management and excellent customer outcomes aren’t mutually exclusive—they depend on each other.

That’s the approach Vivian Valbuena has refined over 25 years working across the US, Europe, Asia, Australia, and now New Zealand as General Manager of Risk at Fisher Funds.

In a recent conversation with Hamish Shaw, General Manager at ThirdEye, Valbuena shared her thoughts on fraud prevention, customer experience, and leading a risk function at one of New Zealand’s largest wealth managers, serving more than half a million customers.

📖 Read the full article: https://jadethirdeye.com/blog/making-risk-management-work-for-customers/

#RiskManagement #CustomerExperience #FraudPrevention #WealthManagement #FinancialCrime

 

The modern CRO: how risk leadership is evolving beyond compliance

How do you lead a risk function when criminals move faster than committees?

Bob Liang, Senior Risk Executive, shares what he's learned across a career spanning corporate regulation, payments law, and fintech risk leadership.

In this conversation with ThirdEye's Hamish Shaw, he explains why risk should be an enabler rather than an obstacle, how to build genuine partnerships with regulators, and why the detail-oriented mindset that builds great compliance careers can become a blind spot at the executive level.

📖 Read the full article: https://jadethirdeye.com/blog/how-risk-leadership-is-evolving-beyond-compliance/

 

#RiskManagement #FinancialCrime #AML #RiskLeadership #Compliance

2026: A year of AML transformation for Australia and New Zealand

2026 brings unprecedented change to AML compliance in Australia and New Zealand.

This month, we examine what reporting entities need to know about Australia's 31 March reforms, Tranche 2 implementation, New Zealand's regulatory consolidation, and the approaching FATF mutual evaluation.

The message from regulators is clear: they expect progress, not perfection. But "progress" means demonstrating your programme actually works, not just that it exists.

In this episode:

- Australia's 31 March reforms – The shift from tick-box compliance to risk-based, outcomes-focused programmes. AUSTRAC expects evidence of meaningful progress, and will not tolerate entities that made no attempt to implement required changes.

- Tranche 2 implementation – Lawyers, accountants, real estate agents, and precious metals dealers enter the regime. Enrolment opens 31 March, compliance obligations begin 1 July. Lessons from New Zealand's experience show it takes time to properly embed effective programmes.

- New Zealand's single supervisor model – Moving from three supervisors to the Department of Internal Affairs on 1 July 2026. Reporting entities moving supervisor should review their programmes with fresh eyes.

- Australia's FATF mutual evaluation – Beginning late 2026, the fifth round focuses on effectiveness, not just whether regulations exist. Every reporting entity needs to demonstrate their programme actually works.

The Tranche 2 changes take effect only months before Australia's mutual evaluation. FATF will expect reporting entities have implemented changes and are showing effectiveness.  Time is running short for those who haven't started.

Hosted by: Jing Zhang, Business Development Manager and Colin Dixon, CAMS-certified AML Solutions Specialist at ThirdEye Colin has been with ThirdEye since 2012, bringing extensive experience helping clients strengthen their financial crime prevention programmes.

Links mentioned: AUSTRAC guidance: https://www.austrac.gov.au/business/core-guidance

FATF Malaysia report: https://www.fatf-gafi.org/content/dam/fatf-gafi/mer/mer-malaysia-2025.pdf.coredownload.inline.pdf

FATF Belgium report: https://www.fatf-gafi.org/content/dam/fatf-gafi/mer/Mutual-Evaluation-Belgium-2025.pdf.coredownload.inline.pdf

Read the full blog post: https://jadethirdeye.com/view/2026-year-of-aml-transformation-australia-new-zealand/

Subscribe for monthly insights on financial crime prevention across Australia, New Zealand, and the UK.

About ThirdEye: We partner with mid-sized banks, building societies, lenders, and credit unions across Australia, New Zealand and the UK to fight financial crime. Our flexible transaction monitoring, customer screening, and case management solutions adapt to your risk landscape, backed by local support teams who understand your compliance environment.

Learn more: https://www.jadethirdeye.com/ #AML #FinancialCrime #Compliance #AUSTRAC #RiskManagement #Tranche2 #FATF #ThirdEye #RegTech

What 2026 holds for UK financial crime teams

2025 was relentless for UK financial crime professionals, and 2026 shows no signs of slowing down. In this episode, Claire Rees and Phil Roberts examine four critical developments shaping the year ahead.

What we cover:

AML/CTF supervision reform – The FCA's move to become the single supervisor for professional services faces strong opposition from the Law Society, who've raised concerns about implementation speed and client confidentiality protection.

FATF mutual evaluation preparation – With the UK's 2027 evaluation approaching, there's a visible readiness programme underway. The new methodology emphasises effectiveness over compliance, requiring firms to focus on evidence and outcomes.

Economic Crime Levy changes – From 1 April 2026, the levy band structure shifts with higher amounts for firms with significant UK revenue. Understanding the impact on your calculations matters now.

Geopolitical uncertainty and sanctions – Geopolitical volatility is driving more assertive sanctions enforcement. Manual screening processes may struggle to keep pace with rapid changes, making automation critical for ongoing compliance.

Read the full blog post: https://jadethirdeye.com/view/what-2026-holds-for-uk-financial-crime-teams/

About the hosts: Claire Rees brings over 20 years of financial crime expertise from her experience in financial services as Global Financial Crime Regulatory Specialist, whilst Phil serves as Business Development Manager for ThirdEye in the UK, helping organisations navigate complex regulatory landscapes.

About ThirdEye: We partner with mid-sized banks, building societies, lenders, and credit unions across Australia, New Zealand and the UK to fight financial crime. Our flexible transaction monitoring, customer screening, and case management solutions adapt to your risk landscape, backed by local support teams who understand your compliance environment.

Learn more: https://www.jadethirdeye.com/

🔔 Subscribe for monthly insights on financial crime trends, compliance best practices, and regulatory updates.

#FinancialCrime #AML #Compliance #UKCompliance #FATF #EconomicCrimeLevey #Sanctions #RegulatoryChange #FCA #ThirdEyeView

Why AML basics still matter - UK, Dec 2025

Understanding why fundamental financial crime controls remain critical even as AI and synthetic identities dominate industry discussions.

This month's ThirdEye View UK examines significant enforcement actions that demonstrate why getting the basics right matters:

• NCA's coordinated raids on 2,700 UK businesses revealing persistent cash-based laundering through high street premises
• FCA's £44m penalty against Nationwide for fundamental control failures when personal accounts were used for business purposes
• Operation Destabilise uncovering billion-dollar laundering networks combining cash collection, cryptocurrency, and sanctions evasion
• Key themes from UK Finance's Economic Crime Conference on collaboration and intelligent use of AI

These cases reveal how traditional and emerging threats require equal attention. Old-fashioned cash-based laundering remains alive and well on the high street, whilst sophisticated networks combine UK street crime with cryptocurrency and global corporate structures. The Nationwide penalty demonstrates that when customer behaviour diverges from intended account purposes, controls must adapt accordingly.

We discuss what these enforcement actions mean for financial crime programmes and why firms need monitoring that examines the bigger picture, not just isolated transactions.

Read the full blog post: https://jadethirdeye.com/view/why-aml-basics-still-matter/

About the hosts: Claire Rees brings over 20 years of financial crime expertise from her experience in financial services as Global Financial Crime Regulatory Specialist. Chris Holmes is UK Manager supporting ThirdEye clients since its inception in 2012, providing hands-on support and strategic guidance to help firms strengthen their financial crime controls.

About ThirdEye: We partner with mid-sized banks, building societies, lenders, and credit unions across Australia, New Zealand and the UK to fight financial crime. Our flexible transaction monitoring, customer screening, and case management solutions adapt to your risk landscape, backed by local support teams who understand your compliance environment.

Learn more: https://www.jadethirdeye.com/

🔔 Subscribe for monthly insights on financial crime trends, compliance best practices, and regulatory updates.

The Real Harm Behind Financial Crime - ANZ, Dec 2025

Financial crime causes real harm to real people. This month, we examine real cases from November 2025 to highlight the human cost of financial crime and remind compliance professionals why their work matters.

Following the FIU/ACAMS conference, discussions revealed that many people working in financial crime teams don't fully appreciate the extent and impact of the problem they're helping to solve. Understanding the real-world harm changed attendees' views from seeing this as a compliance exercise to work with genuine social benefits.

In this episode:

• Drug trafficking operations – $220m drug shipments intercepted at Auckland and Melbourne airports demonstrate the scale of the problem. Large amounts of money need laundering, and detection work by compliance teams helps identify these activities and reduce the harm drugs cause to communities.
• Fraud and scams – From victims losing $250,000 to fake cryptocurrency trading services to 1,600 arrests at a scam hub near the Thai border in Myanmar. Each victim is someone's customer, and the industry needs to get better at preventing fraud.
• Modern slavery – People brought into the country, treated as property, and paid next to nothing for working long hours. Whilst financial amounts may be low, the impact on victims is devastating.
• Environmental crime – From over-fishing that jeopardises long-term sustainability to operations affecting legal fishing and individual livelihoods. These crimes often have lower amounts involved but still deserve attention in detection strategies.

These cases show why adapting your AML programme to detect evolving threats isn't just about compliance, it's about protecting communities. Each detection matters. Small-scale activity at your institution might be the key to unlocking larger organised operations.

Hosted by: Jing Zhang, Business Development Manager and Colin Dixon, CAMS-certified AML Solutions Specialist at ThirdEye

Colin has been with ThirdEye since 2012, bringing extensive experience helping clients strengthen their financial crime prevention programmes.

Read the full blog post: https://jadethirdeye.com/view/real-harm-behind-financial-crime/

Subscribe for monthly insights on financial crime prevention across Australia, New Zealand, and the UK.

About ThirdEye

We partner with mid-sized banks, building societies, lenders, and credit unions across Australia, New Zealand and the UK to fight financial crime. Our flexible transaction monitoring, customer screening, and case management solutions adapt to your risk landscape, backed by local support teams who understand your compliance environment.

Learn more: https://www.jadethirdeye.com/

#FinancialCrime #AML #Compliance #TransactionMonitoring #FraudPrevention #ModernSlavery #ThirdEye #ACAMS #NZFIU