All Financial Crime articles – Page 9
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VideoThe Strength of the Pack - Partnerships to Tackle Illegal Wildlife
Financial crime professionals now recognise that cross-organisational partnerships are essential to countering criminal networks. This is especially the case with illegal wildlife trafficking, which, with its global reach and increasing complexity, demands a ‘whole-of-society’ and transnational approach.
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VideoScams: Fuelling the Crypto Fire : A presentation by Scott Johnston, Chainalysis
In its 2021 Crypto Crime Report, Chainalysis, a leading blockchain analysis company, found that scams – ranging from Darknet market abuse, extortion, phishing to Ponzi schemes – continue to be the highest-grossing forms of cryptocurrency-based crime, bringing in around $2.7 billion to criminals.
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VideoScanning the Virtual Horizon: The next steps for global Virtual Asset regulation
In March 2021, the Financial Action Task Force (FATF), the international standard setter for FinCrime, issued new guidelines on a risk-based approach to Virtual Assets and Virtual Asset Service Providers.
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VideoOff the Crypto Rollercoaster: Are stable coins and centralised digital currencies ‘safe’ alternatives?
In the face of soaring market values for a variety of cryptocurrencies, public authorities and established financial institutions across the world have been forced to start considering the implications of these assets’ wider usage. Cryptocurrencies are no longer seen to be a ‘fringe’ interest, or of little relevance to the wider economy.
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VideoCrypto 2.0 – New ways of performing old tricks? Exploring Crypto Typologies with Nick Furneaux
Any sufficiently new technology can seem like magic to the uninitiated, and it can become easy to assume that its abuse by criminals is equally magical and just as perplexing. It can also become a natural next step to assume that there is a particular type of ‘crime’ inherent to the new technology in question.
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VideoThe Real Ingredients of Virtual Compliance ‘Baking-in’ FinCrime good practice from the start
For entrepreneurs in any space there is often a desire to do things ‘differently’. Indeed, that is a prime motivation: to deliver a new product to customers. It can be tempting to focus on getting this right, providing a high-quality customer experience, and stimulating growth, to the exclusion of other concerns. Although compliance, regulation and risk management do not get ignored, they can slip down the list of priorities.
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VideoFinCrime’s Wider Responsibility- Environmental, Social and Governance Reporting in FinCrime Compliance A presentation by Michael Rasmussen
In a world increasingly concerned with nurturing sustainability, businesses now take a greater interest in the wider impacts that they have on the environments and societies in which they operate.
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VideoFrom Regulator to Crisis Manager: A conversation with James H. Freis, Jr. - former CEO of Wirecard AG
Faced with fines and censure for financial crime failings over recent years, several major financial institutions have recruited senior figures from the regulatory world, along with their reputations for integrity, to help them tackle the problem.
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VideoThe Key to FinCrime? Encryption, Privacy Enhancing Technologies and the data-sharing challenge
A common refrain amongst FinCrime professionals is that it would be easier to take on the criminals if they were more readily able to share sensitive information between organisations.
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VideoFrom Siloes to Systemic Solutions: FinCrime Utilities - Long term solutions?
FinCrime professionals often argue that one of the major challenges they face is the fragmentation of the anti-FinCrime effort: not only between the public and private sectors, but between firms themselves.
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VideoTackling the Dark Underbelly of the Illegal Wildlife Trade
Anti-financial crime practitioners know that the illicit trade in wildlife has become a major source of illicit funds in the global criminal economy. But what do practitioners know about how the criminals conduct their business?
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VideoFighting Kleptopia - A conversation with Tom Burgis, author of ‘Kleptopia: How Dirty Money is Conquering the World’
Even a decade ago, the emergence of kleptocracy – a political system where leaders use their positions of power to enrich themselves – was seen by those living in ‘developed’ states as being a marginal risk that affected only poor or undemocratic societies.
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VideoFinCrime’s Pivotal Moment - A conversation with Burkhard Mühl
The 2021 Serious and Organised Crime Threat Assessment (SOCTA) from Europol, the EU’s policing agency, made for sombre reading. According to the report, organised criminality in Europe is more complex and fluid than ever before, with different criminal gangs working together ‘as needed’, on the basis of mutual self-interest.
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VideoA Gulf to Cross The Middle East’s Race to Comply
According to critics, the past prosperity of some Middle Eastern countries has been supported not only by the flow of oil into the global economy, but by corruption and illicit funds.
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VideoThe Next Step with RegTech A panel interview with the Napier team
Regulatory Technology (RegTech) for the FinCrime space is now a multi-billion-dollar global industry, and is being promoted by leading regulators as an important new weapon in compliance and risk management.
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VideoBiden’s Radical Agenda? Jim Richards on the Implications for the Fight Against FinCrime
The Biden Presidency – less than six months old – has been a surprise to many who expected that the vicissitudes of the past four years and the challenges of the pandemic would lead to a period of stability over change. Instead, President Biden seems to have decided to take a different approach, pushing forward with far-reaching economic policies such as the extensive COVID-19 relief act. As some have suggested, if Biden campaigned as a moderate, he appears eager to govern as a radical.
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VideoPushing for the RegTech Revolution Removing the barriers to adoption in FinCrime
In a recent report, the City of London Corporation has argued that the financial services sector needs to leverage new regulatory technologies (RegTech) to meet their obligations and fight financial crime. The report follows a succession of other statements from leading regulators in the US, Europe and Asia-Pacific, all making similar points.
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VideoUnited We Stand The potential for integrated FinCrime teams and controls
The problem of fragmentation affects the world of FinCrime in many ways. Within compliance and risk management functions, the past isolation of AML, fraud and sanctions teams has led to key risks falling between the institutional gaps – a problem exacerbated when the teams use different platforms and data streams.
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VideoBeyond the Banking Bubble Leveraging technology lessons from other industries
In the last few years, financial services providers and Regulatory Technology (RegTech) firms have talked a great deal about the deployment of new data-driven technologies, usually with a focus on automation and supervised machine learning to core compliance tasks such as sanctions screening and transaction monitoring.
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VideoThe Last Lines of Defence - Strengthening the professions’ fight against FinCrime
Most public attention on the private sector’s efforts against FinCrime is devoted to the role of financial institutions, and in particular, banks. This is quite logical, given the centrality of their roles as the gatekeepers of the financial system, and the parts they have unwittingly played in moving illicit funds around the global economy.