All Financial Crime & Fraud Prevention articles – Page 5
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AnalysisPooling obligations through fincrime utilities can help us be the ‘gatekeeper’
Helene Erftemeijer, ahead of her talk to GRC World Forums next month, discusses an innovative collective transaction monitoring project in the Netherlands and why we must break down siloes to keep up with the criminals
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NewsCyber-criminals target Texas unemployment system
A cyber-criminal gang has shared a 13-page tutorial explaining how to successfully commit unemployment identity fraud in Texas.
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AnalysisThe key theme: Aligning RegTech to FinCrime realities
Interest is growing in the use of RegTech solutions in financial crime and this will be a major topic at FinCrime World Forum next month. Here we take a look at some of the major technologies and techniques that could be utilised as well as some of the barriers to adoption
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News‘DeFi’ fraud rises whilst cryptocurrency crime declines
New report reveals an alarming new trend in which decentralised finance hacks now make up more than 60% of the total crypto thefts and hacks volume.
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NewsUK fraud office launches money laundering probe into Gupta steel empire’s links to Greensill Capital
The Serious Fraud Office in the United Kingdom has confirmed it has launched a fraud and money laundering investigation into the Gupta Family Group’s financial arrangements with failed financing firm Greensill Capital.
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AnalysisThe key theme: focusing effectiveness on tackling financial crime
Regulators, government departments, private businesses and law enforcement agencies carry out a huge amount of activity every single day to combat financial crime, but how much of it is actually effective? How do we measure and improve our effectiveness? Next month’s FinCrime World Forum global live stream experience will feature several sessions on this topics. To get you in the mood, Matthew Redhead explains the key issues and argues for a systemic approach
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NewsStandard Chartered AML failures in Guernsey revealed by regulator
Standard Chartered’s Guernsey subsidiary transferred assets worth $1.4billion to another jurisdiction where there was concern about tax evasion, the Guernsey Financial Services Commission (GFSC) said.
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BlogArtificial Intelligence or Authentic Intelligence?
We are on the cusp of an artificial intelligence regtech spending boom, but AI has to be combined with human expertise if we are to stay a step ahead of the money launderers, argues Guy Harrison.
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NewsUK sanctions 22 involved in corruption in drive against ‘dirty money’
The United Kingdom government has announced it has imposed sanctions on 22 individuals in various countries around the world involved in serious fraud and corruption
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NewsTwo cryptocurrency exchanges shut down amid fraud investigations in Turkey
Two cryptocurrency exchanges have closed in a week and are the subject of fraud investigations in an apparent clampdown in Turkey.
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NewsCanadian government confirms plans for publicly accessible beneficial ownership registry
The federal government in Canada has confirmed plans for a publicly accessible register of corporate beneficial owners in a bid to tackle money laundering, fraud and tax evasion.
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AnalysisCan you help US federal regulators understand AI?
With the use of Artificial Intelligence in anti-financial crime and other areas predicted to boom, United States federal regulators are scratching their heads and wondering what it means for compliance. They have asked for your help through a public Request for Information. Here is what they are wanting to know.
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NewsABN Amro pays €480 million to settle anti-money laundering investigation out of court
The Dutch bank ABN Amro has accepted an offer from prosecutors to pay €480million to settle accusations of structural anti-money laundering compliance failures and ‘culpable’ money laundering.
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NewsIsraeli regtech AML firm ‘considers public listing’ ahead of expected AI boom
Israeli cyber security firm ThetaRay is considering listing on the stock market following an increase in the valuation of regtech companies.
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NewsPleyer calls on G20 to promote change in fincrime regulatory culture
Dr Marcus Pleyer wants a move away from a ‘form-filling’ regulatory culture and has called on the G20 group of governments to lead the change in order to more effectively fight financial crime.
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NewsGlobal spending on regtech will nearly quadruple to $130billion by 2025, report finds
Spending on regulation technology globally will surge from $33billion in 2020 to $130bn by 2025, as banks increasingly look to Artificial Intelligence (AI) solutions for onboarding and Know Your Customer (KYC) requirements, a report has predicted.
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NewsFour in five UK banks say Covid-19 hampered their financial crime effectiveness, survey finds
The switch to remote working during the coronavirus pandemic has impacted on UK banks’ financial crime prevention measures at a time cases of fraud and money laundering were rising, survey respondents have said.
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VideoCryptocurrencies: Dispelling the Myths
The world of cryptocurrencies can be a disorienting place. Now, we are seeing one of the periodic booms in the value of Bitcoin and its sister currencies, with businesses and some governments exploring the possibility of launching their own versions, while others warn of the financial crime risks that crypto brings.
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VideoUnlocking Crypto Crime – there is no such thing as Crypto currency crime. A presentation by Nick Furneaux
Regulators and financial crime compliance professionals have begun to grasp the concepts behind blockchain technology, cryptocurrencies and other virtual assets.
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NewsHungarian authorities dismantle €8million VAT ‘invoice mills’ fraud scheme
An organised criminal group that used “missing traders” to fraudulent claim €8.2million has been dismantled by the Hungarian National Tax and Customs Administration, Europol announced yesterday.
