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FCA publishes results of non-financial misconduct survey

October 21, 2024

The survey of over 1,000 investment banks, brokers and wholesale insurance firms found that the number of allegations reported increased between 2021 and 2023.

Gambling Commission shares details on it’s approach to tacking unlicensed gambling

October 21, 2024

The Chief Executive of the commission, Andrew Rhodes, outlines how the evidence-based approach being undertaken to tackle illegal gambling markets in the UK.

Association of Accounting Technicians (AAT) publishes AML Annual Report for 2022/23

October 20, 2024

The report aims to provide transparency over AAT’s work as a supervisory authority in this period, including an overview of all AML monitoring activities and providing insight into member compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended, updated or re-enacted from time to time) known as the ‘Money Laundering Regulations’ in this report.

Dun & Bradstreet launches podcast on ‘Exploring the intersection of Technology and Organised Crime’, featuring insightful discussion with renowned investigative journalist Geoff White

October 18, 2024

Geoff, known for his extensive work on the Snowden leaks and his recent book “Rinsed,” shares his expertise on how technology is both a tool and a target for financial criminals. From the challenges of money laundering in the digital age to the role of cryptocurrency and AI in combating financial crime, this episode offers a comprehensive look at the evolving landscape of financial crime and the innovative solutions being developed to tackle it.

AML Intelligence: Banks urge social media platforms to intensify efforts against fraud

October 18, 2024

UK Finance revealed £571 million was stolen in card payment fraud during the first half of 2024 with 72% of APP scams originating on social media. Despite a slight decrease in fraud from 2023, social media and telecom platforms are still key enablers. UK Finance and the UK Payment Systems Regulator are pressing these sectors to intensify their anti-fraud measures, as existing efforts are insufficient against advanced scams…

Moody’s publishes blog on ‘Searching for Answers: What Is Business Entity Verification?’

October 17, 2024

Conducting business entity verification is crucial to mitigate risks related to sanctions, fraud, money laundering, and other financial crimes. By ensuring the accuracy and authenticity of business entities, organizations can establish trust, maintain regulatory compliance, and safeguard their operations from potential risks.

Dow Jones and Fintrail’s insights on ‘Best Practices in Name Screening’ and regulatory compliance

October 17, 2024

Name screening is a critical tool for complying with regulatory requirements – from freezing the assets of sanctioned parties, to identifying and managing Politically Exposed Persons (PEPs) and high-risk customers. Though generally not a direct requirement, in practice most regulators expect name screening as part of a robust anti-financial crime program.

DBT publishes research on the value of the company register information for tackling crime

October 16, 2024

The UK Department of Business and Trade commissioned the study to estimate the value of the company register information for the specific use of tackling crime, before and after the reforms introduced via the Economic Crime and Corporate Transparency Act 2023.

NCA has released its 2024 annual assessment of serious and organised crime, issuing a stark warning that drug use is now more dangerous than ever

October 15, 2024

The assessment draws on intelligence from across law enforcement, government, the third sector and private industry, highlights that whilst overall crime has fallen in the UK over the last decade, the scale and harm of serious and organised crime has increased. Latest data pinpoints increases in the threat from child sexual abuse, cybercrime and money laundering, as well as drugs…

The Payment Systems Regulator (PSR) now mandates APP scam reimbursements within 5 days, capped at £85K, with firms given 35 days to resolve claims

October 14, 2024

Payment firms can “pause the clock” to gather more information, but must resolve cases within 35 business days. An optional £100 excess may apply, except for vulnerable consumers, and firms can opt for a lower or no excess. Firms can reimburse more than £85,000, with claims exceeding this directed to the Financial Ombudsman Service (FOS), which has a compensation limit of £430,000, depending on case specifics…

NCA disrupts Evil Corp’s $300M ransomware operation that exploited technology, as evidenced by phishing schemes and encrypted communication platforms that help evade law enforcement

October 11, 2024

The operation utilized advanced technology, including phishing schemes and encrypted communication platforms. The criminals employed methods to evade law enforcement efforts effectively….

SFO recovers an additional £295,000 from hidden pensions belonging to a convicted fraudster who was convicted for an international metal trading scam