The Institute AML & Financial Crime Digest #99
Our regular Digest of News, Views and Commentary.
Featured
- A shout-out to Ray Todd whose 'Compliance things you might have missed' series is a real trove of UK and international compliance news - Here are the latest 3 issues at PDF's: APRIL 24 - APRIL 25 - APRIL 26
- Sir David Green CB KC, the former head of The SFO has said “red flags were ignored” in the rush to distribute taxpayer-funded emergency loans to businesses during the pandemic, and questioned whether fraud was taken seriously by the government - https://bit.ly/3oR1YrO
- More emphasis is needed on gut feeling, rather than a tick-box approach, to decide whether a company is trustworthy or not, anti-money laundering professionals warn. - https://bit.ly/3V9OX8w
- The Financial Conduct Authority has outlined a new set of measures designed to reduce the risk of money laundering via the Post Office - https://bit.ly/3V9t2P0
- 3VB barristers targeted in ‘fake bomb plot’ - The Old Bailey heard how the accused Jonathan Nuttall went after barristers Andrew Sutcliffe KC and Anne Jeavons because of their work on behalf of the National Crime Agency (NCA) in helping confiscate one million pounds from his wife, Amanda Nuttall, in 2019 - https://bit.ly/423xf9a
- The European Parliament has approved the bloc’s first rules regulating cryptocurrencies, with the aim of preventing money laundering and protecting customers. - https://bit.ly/3AwlUCI
- Iain Armstrong: Fly-tipping to money laundering: The environmental crime nexus - https://bit.ly/3oOZWs3
- Exploring the Benefits of Blockchain Technology in Fraud Detection and Prevention - https://bit.ly/3AELMw5
- Anti-Money Laundering: The Importance of Collaboration - Ian Henderson - https://bit.ly/3LyTZZ0
- City of London Law Society (CLLS) recommends urgent reform of the Serious Fraud Office (UK) - https://bit.ly/3LbeycL
- Economic secretary to the Treasury, Andrew Griffith MP, spoke in a keynote speech outlining the government’s ambitions for the #fintech industry during day one of the Innovate Finance Global Summit 2023. - https://bit.ly/40I9wKy
- Dark Web Markets: What's Next for Crypto Crime in 2023? - Nick Smart - https://bit.ly/40KENN1
Comment & Opinion
- Journal of Financial Crime Editorial: Not your ordinary conference!" - G. Philip Rutledge - https://bit.ly/3HeqTLV
- A Closer Look at KYC Procedure: Know Your Customer Process Overview - Alex Malyshev - https://bit.ly/3NAKYQX
- Rob Harkavy - The EU regulates to tame the crypto beast - https://bit.ly/3HgP2By
- Failure To Prevent Fraud For UK Corporates - Richard Burger, Lloyd Firth and Lindsey Cullen - https://bit.ly/3Nh0HUU
- "In performing due diligence, I often find that criminals have more than one thing going on at the same time, and it's that other activity which you tumble upon." - Kenneth Rijock - https://bit.ly/3LAXtKw
Regulation & Compliance
- Herbert Smith Freehills Corporate Crime Briefing: Failure to prevent fraud – an introduction to the proposed new offence - https://bit.ly/3V8Aius (PDF)
- Podcast: Bribe, Swindle or Steal - The Panama Papers: Six Years On - Kevin G. Hall, the Organized Crime and Corruption Reporting Project’s North America editor, reflects on how the Panama Papers have shaped investigative journalism over the past six years and the biggest challenges journalists face today - https://bit.ly/3n3iKDx
FinTech
- Fintech Awards London 2023: Shortlist Revealed - https://bit.ly/420J9AG
- The Digital Token Identifier (DTI) ISO standard has now been added to the Financial Information eXchange (FIX) Protocol - https://bit.ly/3NqBPKi
AI & Machine Learning
- How AI is transforming the finance industry - https://bit.ly/3n8S449
- When inexperienced and unqualified companie enter the AML Sphere with AI, can their platforms be effective? - Kenneth Rijock - https://bit.ly/41JtpCb
Cryptocurrency & Digital Assets
- Way back in September 2021, Nate Chastain set the NFT world ablaze when he was caught insider trading during his high-flying job at OpenSea. Now, in a completely different blockchain landscape, his trial has begun - https://bit.ly/40D2O8A
- FCA's Sarah Pritchard calls for open crypto debate about risk and regulation limits - https://bit.ly/3nbZIe7
- Money Laundering Or Unfair Targeting? Court Rules For Tornado Cash Developer - https://bit.ly/44beBy3
Gaming and Gambling
- Man jailed for five years after opening more than 1,000 fraudulent betting accounts - https://bit.ly/445zudV
- Why are so many Jewish women seeking help for their online betting habits? - https://bit.ly/3oQeKXb
Estate Agents & Property
- Estate agents are risking fines by relying on inadequate compliance reporting and auditing procedures, digital compliance expert, Martin Cheek, warns - https://bit.ly/446pcdv
- Landlords see a massive increase in fraudulent tenancy applications - https://bit.ly/41U0bAm
Corruption
- Lords member questions UK gov't plan on gold smuggling, money laundering allegations against Zimbabwe official and British citizen Uebert Angel, https://bit.ly/3oP79IN
- Research finds that nearly three-quarters of vessels active in international trade that do not list their ownership information are likely to have potential ties to illicit activity - https://bit.ly/3LwR2s6
- A new episode of KickBack: The Global Anticorruption Podcast is now available. In latest episode, host Dan Hough interviews Andrew Wedeman, Professor of Political Science at Georgia State University, about the politics of anticorruption campaigns in China - https://bit.ly/445zudQ
- Fugees rapper Pras found guilty in political conspiracy - https://bit.ly/3HiDOMV
Frauds & Scams
- No Caller ID: Stopping the onslaught of fraud text messages and phone calls - https://bit.ly/421afaB - Iain Swaine
- Elderly couple left destitute after losing £80,000 life savings in fake Martin Lewis bitcoin scam say Revolut told them to 'visit a FOOD BANK' after refusing to refund their money - https://bit.ly/42590qY
- FinCrime Files Video: The Bank of Scotland Fraud and how it shook the UK. - https://bit.ly/3LzBWSz
- Eurojust and Europol have supported a new coordinated action against a fraudulent online investment platform, which has so far cost at least 33 000 victims an estimated EUR 89 million - https://bit.ly/41FOpd2
Organised Crime
- Illicit economies and the UN Security Council on the Global Initiative Against Transnational Organized Crime (GI-TOC) - https://bit.ly/40HRJ6m
- 9 arrested in crackdown on loverboy trafficking in Bulgaria and UK - https://bit.ly/3LwUfXB
- The National Crime Agency (NCA) has dismantled a network of criminal cash couriers that laundered more than £100 million by smuggling it out of the UK to Dubai in the UAE. - https://bit.ly/41FOT2Q
Research
- Changes in credit score, transaction volume, customer characteristics, and the probability of detecting suspicious transactions - Are Oust, Rebecca Margareta Bang, Stine Maurstad et al - https://bit.ly/3Hkt9l7
- The contagion of corruption: a model for understanding systemic ethical failures - https://bit.ly/41KdBzh
- Two decades of financial statement fraud detection literature review; combination of bibliometric analysis and topic modeling approach - Arash Roshanpoor et al - https://bit.ly/3HncNrN
- Artificial intelligence and deep learning: considerations for financial institutions for compliance with the regulatory burden in the United Kingdom - Charanjit Singh Prof.PgDip(GRFCC), FICA - https://bit.ly/3Vb1vMV
