All Financial Crime & Fraud Prevention articles – Page 7
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BlogBlaming company formation agents misses the bigger picture about AML in the UK
The National Crime Agency is planning a crack down on company formation agents as part of an AML drive. However, John Binns argues the problems are due to more significant holes in the UK’s financial crime safety net
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NewsA strong compliance programme “should be part of a company’s DNA” says head of UK’s SFO
The head of the United Kingdom’s economic crimes investigative agency has stressed the need for companies to have a strong compliance programme.
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NewsNew AML rules in US increase credit risk for banks globally, warns rating agency
New anti-money laundering legislation in the United States intensifies credit risks for non-US banks, a major rating agency has warned.
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NewsFormer Europol director to kick off two days of debate at FinCrime World Forum
Sir Rob Wainwright will kick off two days of debate, insight and virtual networking at the FinCrime World Forum next month.
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NewsFurther $853m fraud reported at troubled Indian housing finance company DHFL
Indian finance company Dewan Housing Finance Corporation Ltd (DHFL) has reported a further fraud worth Rs 6,182 crore (around $850m) to the stock market.
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BlogDeFi brings risks and opportunities for AML
Cyber fraud and money laundering involving Decentralised Finance (DeFi) is on the rise. Here Marcus Rickard looks at the risks DeFi creates for AML compliance, the consequences of those risks for AML compliance officers, how the risks can be mitigated and the potential benefits DeFi brings
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BlogFinancial crime co-operation should continue despite Brexit Trade Agreement changes
The Trade & Cooperation Agreement which came into effect last month marks the start of a new financial crime fighting relationship between the United Kingdom and European Union, writes Francesca Titus
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News“Fishrot Files” corruption and laundering probe into Norway’s largest bank DNB dropped
Norway’s largest bank DNB has announced it is no longer being investigated by the country’s financial crime watchdog over alleged links to bribery and money laundering
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NewsBank of Russia reports ‘surge’ in illegal financial services offered online
The central bank of the Russian Federation has identified more than 1,500 organisations suspected of engaging in illegal financial service activity in 2020, as online fraud “surged” during the Covid-19 pandemic.
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BlogCum-Ex tax fraud: the difficulties and dilemmas in pinning blame
The Cum-Ex trading scandal led to governments in several western European countries losing billions of Euros in tax revenue. As fresh prosecutions get underway, Tom McNeill explains the difficulties in proving collusion between different parties.
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NewsFounder of $90 million cryptocurrency hedge fund admits securities fraud
A 24-year-old Australian national is facing up to 20 years in prison in the United States (US) after defrauding investors in his cryptocurrency hedge fund out of $90m and then attempting to steal from a second fund.
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NewsUK Serious Fraud Office loses legal fight to compel foreign business to hand over documents
The United Kingdom’s Serious Fraud Office (SFO) has lost a court battle over whether it has the power to compel foreign businesses to hand over documents held overseas.
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News50 US banks deceived through shell companies in laundering operation
Police have arrested more than 100 members of a criminal gang accused of laundering €12 million through 50 different U.S. banks.
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BlogBrexit trade agreement fails to replicate financial crime information-sharing
The Trade & Co-operation agreement will see the UK lose access to information but hopefully common sense will prevail, writes Michael Hatchwell
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ReportNot enough needles and too much hay: the problem with Suspicious Activity Reports
The FinCEN Files shed a light on a creaking system under which millions of reports of suspicious activity are filed to over-stretched authorities every year. FinCrime Report examines how to make it easier for government agencies to find the useful “needles” in the “haystack” of SAR reports.
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NewsHead of German financial regulator leaves post over Wirecard scandal
Felix Hufeld, the President of the Federal Financial Supervisory Authority (BaFin), will leave his post as part of a reorganisation of the German regulator following the Wirecard scandal.
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NewsRUSI argues for national security response to tackle fraud ‘epidemic’
A UK thinktank has called for fraud to be considered a ’national security priority’ backed by a new public-private strategy.
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NewsThree financial institution staff arrested in UK as concern grows over Covid-19 loan scheme fraud
Three men working for a financial institution have been arrested in the United Kingdom as part of a probe into suspected fraudulent claims totalling £6million made through the Covid-19 Bounce Back Loan Scheme (BBLS)
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Q&AFinCrime Job Focus: Matthew Cox, Managing Director, Fraud, Security & Financial Crime (EMEA), Fico
In our latest reader-submitted Q&A, Matthew Cox discusses accelerating digital transformation and the expected increases in scams
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NewsDeutsche Bank agrees to pay $130m to resolve fraud and corruption case
Deutsche Bank has agreed to pay fines and penalties totalling more than $130m to avoid criminal prosecution in the United States on charges it took part in a bribery scheme to win business in Saudi Arabia.
