More From Financial Crime
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.
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.
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.
Off 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.
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.
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.
FinCrime’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.
From 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.