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NCA issues its August Edition of the SARs Reporter Booklet

A reporter submitted a DAML SAR to exit their relationship and pay away funds to a customer (the subject) they suspected of opening multiple accounts using fraudulent identity documents, and being in receipt of credits where the subject was not the intended beneficiary. The UKFIU fast-tracked the SAR to an LEA and refused the DAML as the subject was already under investigation….

US DoJ announces life sentenced for 25 years to an attorney in federal prison for embezzlement and fraud related to the collapse of Washington Federal Bank

Former attorney Robert M. Kowalski was sentenced to 25 years in federal prison for embezzling funds from Washington Federal Bank which failed in 2017. He misappropriated money falsely recorded it as loans and later tried to hide his assets through fraudulent bankruptcy and tax filings. Kowalski must pay US $7.2m in restitution to the FDIC and US $424,047 to the IRS.

Eurojust supports large-scale anti-mafia operation leading to arrest and freezing of EUR 50 M

Cooperation between Italian, Brazilian and Swiss authorities led to the arrest of a member of the organised crime group (OCG) during an action day on 13 August, as well as the freezing of financial assets worth EUR 50 million during several searches in Italy, Brazil and Switzerland.

US Treasury publishes Counter ISIS Finance Group leaders joint statement

On July 23 and 24, the United States, Italy, and Saudi Arabia hosted virtually the 20th meeting of the Counter ISIS Finance Group (CIFG) under the auspices of the Global Coalition to Defeat ISIS. The U.S. Treasury Department and the U.S. Department of State jointly represented the United States at this event, which included over 50 member states and observers.

Romanian and Moldovan authorities have jointly dismantled an organised crime group that, since 2022, has defrauded over 150 victims through a fake investment scheme, gaining access to their bank accounts

The OCG started their scam by posting false advertisements on the internet that promoted an investment plan that would lead to secure, quick and substantial earnings in virtual currencies. To ensure the credibility of the advertisements, pictures of well-known people, logos of banks and specialised economic publications were added…

INTERPOL assists Singaporean authorities in making their largest-ever recovery of funds, of over USD 40m, which were stolen in a business email compromise scam

A commodity firm based in Singapore filed a police report stating that they had fallen victim to a business email compromise scam, in which a scammer obtains access to or impersonates a business email account to deceive employees into transferring money to their bank account…

Home Office undertakes 2024 economic crime survey

The Home Office is undertaking a survey of UK businesses to learn more about whether they have experienced economic crime and the approaches they take to tackle it. The research will inform government policy on economic crime and how the government works with businesses to mitigate associated risks.

FCA calls on firms to improve treatment of politically exposed persons (PEPs)

The findings concluded that banks, payment firms, lenders and other financial firms need to do more to ensure MPs, public servants and their families are treated fairly. At the same time, the FCA has also launched a consultation on amendments to its PEP guidance, but warned firms to make any required updates now, not to wait for the revised guidance…

LexisNexis Risk Solutions: UK firms are spending the equivalent of £21k per hour on fighting financial crime

The True Cost of Compliance series seeks to assess and monitor the UK financial services sector’s efforts in detecting and preventing financial crime. In partnership with Oxford Economics, the study conducted detailed qualitative surveys of 254 UK firms to analyze spending and activity distribution across various compliance obligations…

Luxembourg Times: Luxembourg’s financial sector struggling to recruit sufficient skilled staff to comply with AML regulations

Financial institutions in Luxembourg have seen AML costs rise by 18% in two years and overall compliance costs grow 16% annually since 2015, yet they are less inclined to invest in new digital AML tools compared to their EMEA counterparts. CSSF director general Claude Marx stressed the need for adopting new technologies, including generative AI, to enhance AML efficiency, noting many institutions still use outdated systems…

HKMA warns citizens aganist phishing fraud and counterfeit UnionPay International websites

The Hong Kong Monetary Authority (HKMA) warns the public about phishing fraud and fake UnionPay International websites in the latest report. If you have shared personal information or account details with these counterfeit sites, please contact your payment system provider, report to the Police, or reach out to the Anti-Deception Coordination Centre at 18222…

FINTRAC imposes administrative monetary penalty on Masters Realty (2000) Ltd for failing to meet AML/CTF requirements

Neglecting to establish and update written compliance policies approved by a senior officer breaches of the proceeds of crime regulations. Moreover, failing to assess and document ML or terrorist financing risks, considering prescribed factors…