More from Banking, Financial Services & Insurance – Page 15
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NewsFinCEN has turned its attention to crypto
The U.S. Financial Crimes Enforcement Network (FinCEN) has identified cryptocurrencies as one of the anti-money laundering and countering the financing of terrorism (AML/CFT) priorities.
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NewsDigitalisation increases cybercrime risk
The growth in digitalisation has led to a greater threat of falling victim cybercrime, according to respondents in a survey of the MENA region by data provider Refinitiv.
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NewsEnvironmental crime is money laundering threat says FATF
Countries should view environmental crimes such as illegal forestry, mining, land clearances and waste trafficking – and the associated trading – as a money-laundering (ML) risk, according to the Financial Action Task Force (FATF).
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NewsHead of Guernsey’s new financial crime agency seeks tougher powers
Kevin Davis, director of the Economic and Financial Crime Bureau in Guernsey, is working on acquiring greater powers to seize illegally acquired cash and property.
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NewsUK’s financial watchdog bans cryptocurrency trader Binance
The Financial Conduct Authority (FCA) has prohibited Binance Markets Limited (BML) from undertaking any regulated activity in Britain.
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NewsUK police make ‘one of world’s largest cryptocurrency seizures’
London’s Metropolitan Police (Met) has confiscated £114m ($159m, €133m) worth of cryptocurrency in an ongoing investigation into money laundering.
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NewsMcAfee dies in Spanish prison
Antivirus software pioneer John McAfee has been found dead in a suspected suicide in his Barcelona prison cell after Spain’s high court authorised his extradition to the US to face tax evasion charges.
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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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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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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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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.
