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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

October 11, 2024

The SFO has recovered £295,000 from two pension funds in its ongoing investigation into convicted fraudster assets raising the total recovery to nearly £6 million which also includes proceeds from his Marylebone home sale and seized valuable items. The investigation revealed that Rastogi and his co-directors fabricated over 300 fake customers with false addresses worldwide to obtain cash advances from banks…

FCA fines TSB £10.9m for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees

October 10, 2024

TSB Bank has been fined £10.9 million by the FCA for failing to properly support customers in financial difficulty, with inadequate systems and controls that led to unaffordable repayment plans and inappropriate fees. Despite identifying issues in 2016 effective action wasn’t taken until 2020 FCA-ordered review which revealed the extent of the failings. TSB has since paid £99.9 million in redress and implemented a £105 million program…

The Betting and Gaming Council (BGC) launches its first International Best Practice Guide, a vital new resource for online gaming operators and policymakers around the world

October 9, 2024

The guide, commissioned by the BGC and compiled by leading professional services firm Alvarez and Marsal (A&M), sets out core objectives for policymakers, and the different approaches jurisdictions take to achieve them. Drawing on lessons from around the world, it then highlights the benefits and disadvantages of those varying regulatory choices. Please request a copy, email Pierre.Tournier@BettingandGamingCouncil.com...

UK and 38 countries unite with international cyber insurance bodies at the Counter Ransomware Initiative 2024 to endorse new guidance supporting organisations experiencing ransomware attacks

October 6, 2024

The guidance will encourage organisations to carefully consider their options instead of rushing to make payments to cyber criminals in an attempt to stop disruption and data loss. It makes clear that paying a ransom will often only embolden these criminals to target other victims, and there is no guarantee of data retrieval, malware removal or the end of a ransomware attack…

NCA profiles Russian cybercrime group, Evil Corp, in new briefing

October 2, 2024

Evil Corp has developed a series of malware and ransomware strains which have caused significant harm to numerous organisations and sectors, including healthcare,
critical national infrastructure and government.

FCA consults on proposals to make safeguarding rules stronger and clearer for payment and e-money firms

October 1, 2024

Firms have until December 17, 2024, to provide feedback on these proposals. The FCA proposes a new framework where funds and assets are held in trust for consumers, similar to the client assets (CASS) regime, to minimize risks associated with the current safeguarding practices. The changes are designed to make safeguarding practices clearer and more robust…

JMLSG publishes revisions to Part II Sector 18 (Wholesale markets)

September 30, 2024

This sectoral guidance considers specific issues over and above the more general guidance set out in Part 1, Chapters 4, 5, and 7, which firms operating in the wholesale markets may want to take into account when considering applying a risk-based approach