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ICIJ reveals that UK freezes London property linked to Putin Ally

May 5, 2024

Reports showed the ongoing connection between Komarov and the townhouse on Herbert Crescent — a prime location in central London — which was purchased for more than $16.5 million in 2007 through a British Virgin Islands-based shell company he previously controlled. There was nothing illegal about the transaction as Komarov, who serves on Russia’s Security Council, was not sanctioned by the United Kingdom until 2022…

Govt of Jersey publishes consultation paper on “Access to information on Jersey’s Central Register of Companies and legal persons”

May 4, 2024

Seeks views on draft legislation which will enable access to Jersey’s central register of beneficial ownership and control for obliged entities.

Ankura delves into the Financial Crime Risk Assessment: The Foundations for an effective financial crime program

May 4, 2024

The key steps include: Identifying and Categorising Risks, involves outlining the types of financial crimes that could impact the organization, considering factors like industry sector, customer profiles, and transaction types, inherent Risk Evaluation and Scoring: Organisations assess the likelihood and potential impact of identified risks, often using scoring systems to prioritise areas of concern…

LexisNexis: The cost of Catfishing – How romance fraud is becoming a major financial crime and what is being done to fight it

May 3, 2024

The head of economic crime and the national trade association for banks and financial institutions is becoming a serious concern now a days. Also known as catfishing, this type of fraud, where swindlers form relationships with members of the public for their personal gain, doesn’t just have a financial cost. Some victims have lost friends and even relationships with family members most tragically, some have taken their own lives.

RUSI issues paper on Combating Kleptocracy: Lessons from the Response to Russia’s War in Ukraine

May 2, 2024

This paper explores the state of efforts to combat modern kleptocracy before February 2022 and assesses how the Kremlin’s war has catalysed a range of responses from Western allies. The increased focus on countering kleptocracy following the full-scale Russian invasion of Ukraine in February 2022 has involved the deployment of dedicated sanctions programmes against Russia by Ukraine’s allies. These programmes have triggered a dramatic increase in the rate of designations of individuals…

The Gambling Commission announces new rules to boost safety and consumer choice consistent with the Govt’s White Paper on High stakes: gambling reform for the digital age

May 1, 2024

The changes, consistent with the Government’s White Paper which includes reducing intensity of online games, improving consumer choice over receiving gambling marketing, light-touch financial vulnerability checks and tightening processes to support age verification checks in premises. They also include a careful approach to implementation with the changes to be implemented in four stages: August 2024, November 2024, January 2025 and February 2025…

FCA consults on proposed changes to the Financial Crime Guide in relation to sanctions, proliferation financing and transaction monitoring

April 26, 2024

FCG provides practical assistance and information for firms of all sizes and across all FCA-supervised sectors on actions they can take to counter the risk that they might be used to further financial crime. Its contents are drawn primarily from FCA and FSA thematic reviews, with some additional material included to reflect other aspects of our financial crime remit…

FCA publishes report on its approach on AI following the Govt’s publication of its pro-innovation strategy

April 24, 2024

The FCA want to promote the safe and responsible use of AI in UK financial markets and leverage AI in a way that drives beneficial innovation. The FCA sees beneficial innovation as a vital component of effective competition. When competition works well, consumers benefit from lower costs and prices, higher service standards and quality, and increased access to financial service…

House of Lords issues letter to the FCA on Consultation Paper CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach

April 23, 2024

The letter raises concerns that the FCA’s proposals risk having a disproportionate effect on firms named in investigations, where those firms are subsequently cleared of any wrongdoing, particularly given the length of many investigations. This also risks the overall integrity of the market, including through possible unwarranted impacts on share prices…

Home Office adds Terrorgram to list of proscribed terrorist organisations

April 22, 2024

The UK is to become the first country in the world to proscribe the Terrorgram collective, an online network of neo-fascist terrorists who produce and disseminate violent propaganda to encourage those who consume its content to engage in terrorist activity.

FinScan examines the role of effective payment screening in the fight against financial crime

April 19, 2024

Payment screening represents a cornerstone of modern financial compliance, playing a pivotal role in safeguarding the integrity of financial systems worldwide. However, numerous potential pitfalls exist in managing an effective programme…

Beyond FS releases white paper on ‘Fine Prevention: Why financial crime and regulatory programmes fail and how to fix them’

April 18, 2024

For financial institutions, the challenge posed by criminal activity such as money laundering, and the regulatory response to it, is constantly evolving. As a result, institutions frequently find themselves having to establish resource-intensive financial crime and regulatory change programmes, including large remediation projects.

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