Our extensive knowledge at your fingertips

Latest editions

Search

Reuters: The UK financial watchdog has charged a man with operating illegal cryptocurrency ATMs

September 10, 2024

London-based Olumide Osunkoya is charged with running illegal crypto ATMs and handling £2.6 million in transactions from December 2021. FCA’s warned that illegal crypto ATMs contribute to global ML and emphasized that there are no legally operating crypto ATMs in the UK. Britain’s FCA has consistently cautioned that cryptocurrencies are extremely risky, poorly regulated and investors should be prepared to lose their entire investment…

MONEYVAL publishes Mutual Evaluation Report on Jersey highlighting that Jersey’s effectiveness in preventing financial crime is among the highest level found in jurisdictions evaluated around the world

September 5, 2024

In most respects, the elements of an effective AML/CFT system are in place, but the practical application of the existing framework has still to be improved in some areas to reach a substantial level of compliance.

NCA and ICO signed a Memorandum of Understanding to enhance collaboration on cyber security, support victims of cyber attacks, and encourage the reporting of cyber crime

September 5, 2024

Cyber crime is indiscriminate and unpredictable, and poses a substantial threat to the UK’s national security. According to recent reports by Sophos, the cost of recovery to victims of a ransomware attack has increased by 50% over the last year alone, and now stands at a staggering $2.73 million (£2.07 million).

Cabinet Office publishes work programme and fees for the National Fraud Initiative 2024 to 2025

August 29, 2024

This document sets out the confirmed work programme and associated scale of fees for the NFI 2024/25 data matching exercise for mandatory participants of the NFI.

NCA releases its Annual Report and Accounts: 2023 to 2024

August 27, 2024

Includes: a performance report which demonstrates the agency’s performance against its priorities for 2023 to 2024 and the serious and organised crime threat; an accountability report which outlines the agency’s accountability, assurance, governance and risk processes and procedures in 2023 to 2024

AML Intelligence: UK detectives dismantle a £55 million Chinese underground banking operation with student money mules

August 27, 2024

Metropolitan Police detectives reported that the group laundered over £55 million between February 2020 and June 2023. Initial concerns about underground banking led to an investigation culminating in December 2022 raids on the homes of Xiaoyu Shu and Yin Ying Wang, where over £104,000 was found in a hidden carrier bag, and their residence which yielded cash counting machines and money bags…

TI Russia have conducted an in-depth analysis of illegal money transfers from Russia to the UK through e-payments over the past decade, emphasising the need for stringent regulatory controls and international cooperation to close loopholes in the e-payment sector

August 26, 2024

This research explores the illicit trade of verified business bank accounts often used by criminals to conceal large financial transfers. It highlights regulatory shortcomings and the role of dark web marketplaces where such accounts, registered under false identities but with real documents, are sold. The study also notes that e-payment platforms despite strict AML procedures are notably vulnerable, with 18% of all Defence aganist ML…

NCA issues its August Edition of the SARs Reporter Booklet

August 15, 2024

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….

Home Office undertakes 2024 economic crime survey

July 31, 2024

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)

July 30, 2024

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

July 30, 2024

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…

NCA and seven UK banks have initiated a major project to detect criminal activity through banking data and take action against organised crime

July 26, 2024

The participating banks are providing the NCA with account data indicative of potential criminality. Subject matter experts and investigators from the NCA and the banks have formed a joint team to analyse the data, alongside the NCA’s own data. Any intelligence outputs will inform the NCA’s investigative work and help the banks to identify risk…