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News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

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UK condemned as a shameful safe haven for Moscow's gold

UK condemned as a shameful safe haven for Moscow's gold

The UK's parliamentary Foreign Affairs Committtee has blasted Britain's status as a safe haven for dirty money as a "stain on our reputation", and called on the Government to bring forward legislation that would stop the flow of illicit cash through London.

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EBAday 2022: Balancing smooth onboarding with sanctions screening

EBAday 2022: Balancing smooth onboarding with sanctions screening

Money 20/20: Major Fraud & FinCrime Management Trends in EMEA

Money 20/20: Major Fraud & FinCrime Management Trends in EMEA

Regulators seek legal ground for revoking licences of firms who breach AML rules

Regulators seek legal ground for revoking licences of firms who breach AML rules

Ray-Ban manufacturer sues JPMorgan over $272 million cyber theft

Ray-Ban manufacturer sues JPMorgan over $272 million cyber theft

Signicat acquires UK RegTech Sphonic

Signicat acquires UK RegTech Sphonic

Thunes acquires majority stake in AML firm Tookitaki

Thunes acquires majority stake in AML firm Tookitaki

Seon raises $94 million to help fintechs meet sanctions obligations

Seon raises $94 million to help fintechs meet sanctions obligations

Joe Lycett provides evidence to House of Lords fraud committee

Joe Lycett provides evidence to House of Lords fraud committee

EU lawmakers back tougher crypto AML rules

EU lawmakers back tougher crypto AML rules

Millions of Brits risking fraud by ignoring Confirmation of Payee warnings

Millions of Brits risking fraud by ignoring Confirmation of Payee warnings

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[New Impact Study] The CIO’s guide to architecture modernisation through portability, resilience, an[New Impact Study] The CIO’s guide to architecture modernisation through portability, resilience, and flexibility
Financial Crime blogs
 

AN INTRODUCTION TO CHARGEBACKS: THE EVOLUTION OF THE CHARGEBACK PROCESS

Tamar Gershon

Tamar Gershon - Fibonatix - Tel Aviv

Information Security  

Here’s why (and how) the world should remove the need for passwords

René Hendrikse

René Hendrikse - Mitek - Amsterdam

 

During this War on Fraud, Armour Up and Bring Your Shield

Caris Jackson

Caris Jackson - UTP Merchant Services Limited - St Leonards On Sea

RegTech  

Headline: Mass-shooting horrors demand better response—Metadata a way forward?

Frank Cummings

Frank Cummings - AML Partners LLC - Concord

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Latest TV
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Money 20/20: Major Fraud & FinCrime Management Trends in EMEA

Money 20/20: Major Fraud & FinCrime Management Trends in EMEA

Matt Mills, Chief Commercial Officer & GM, Featurespace, speaks at Money 20/20 about the latest trends in fraud and fincrime management, where AI & ML come in and how the technology can help tackle the challenges presented here, why model explainability is so important, and what we expect from this space in EMEA.
EBAday 2022: Instant Payments, fraud & the increase in mule recruitment

EBAday 2022: Instant Payments, fraud & the increase in mule recruitment

Freddy Arthur, EMEA Fraud Specialist, NICE Actimize, speaks at EBAday 2022 about the challenge Instant Payments are presenting around fraud, the scale of money mule involvement in fraudulent transactions, and where AI and machine learning play in tackling these challenges.
Why UK incumbents are the perfect pioneers for multi-cloud strategy

Why UK incumbents are the perfect pioneers for multi-cloud strategy

In the lead-up to EBAday 2022, Mike Walters, CPO of Form3 discusses what makes multi-cloud strategy such an attractive approach for large financial institutions and why are UK incumbents the perfect pioneers, the significance of APP fraud on European financial institutions, why financial institutions should look to the UK market to prepare for real-time fraud prevention strategies, and how banks can improve their cross-border transactions.
Current regulatory challenges, trends & the state of international collaboration

Current regulatory challenges, trends & the state of international collaboration

In the lead up to Money20/20 Europe, Mitch Trehan, UK Head of Compliance and MLRO at Banking Circle, joins us to reflect on the collaboration between organisations and regulators in the financial services industry. While it’s fair to say that dialogue between providers and regulators is probably greater in the financial services sector than many other industries, Mitch looks at what’s working to benefit the entire ecosystem and its customers and what still needs to change.
The long read
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Thomas Cattee

Tech and Crime Series: Cryptoassets and financial crime Part II

Thomas Cattee - Solicitor - Gherson
Discussion
ESG’s “Waterloo” moment
Chris Kelsey

Chris Kelsey

  Interesting piece.  Love Abba ref!

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UK condemned as a shameful safe haven for Moscow's gold
A Finextra Member

A Finextra member

  This regulation and enforcement should be self-funding, as the regulators and enforcers identify and sequester illicit or illegal funds they should be given those funds to invest in better systems and more staff.  this seems to work well in the USA with the DOJ motivated to intercept and secure laundered cash -  its time the UK Government broke its ties with Siberian Lords and their Knighted sons (amongst others) and replaced rhetoric with results.  I will be writing to my MP.  Thanks Finextra - good summary.

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The Model Mandatory Disclosure Rules (‘AEOI PHASE 3’) Briefing Series: PART I
Ibrahim Shaikh

Ibrahim Shaikh

  Awesome blog.... We appreciate your sharing this informative article.Thanks for sharing. Iqra Technology is an IT Solutions and Services Company. We are a salesforce and Microsoft partner company. We aim to provide cost-effective IT services within the customer’s budget range.

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Why we should shed the stigma of being scammed
Ketharaman Swaminathan

Ketharaman Swaminathan

  Per anecdata, I suspect that there's another reason why people who get scammed don't report the scams: They've read all the scam warnings from banks and fintechs, brushed them off with a "this can't happen to me" flippant remark, and, when it does, undergo a severe emotional tumult, which will only escalate if they tell others, so they keep it to themselves.   It's interesting that you've drawn an analogy with burglary. Let me copy-paste a passage from my blog post scheduled to be published tomorrow on a related topic: "In a normal burglary, there's usually a tampered lock, broken glass or some anomaly. The victim can use that as evidence to file a complaint with law enforcement. However, in the case of a cybertheft, there's no ostensible evidence of crime. It comes down to the Scammee's word. While the Scammee can show the debit entry of sending out the money in his bank statement, he cannot prove that the Alleged Scammer has received the money. This is because A2A MOPs do not provide a legally-valid receipt (for a P2P transaction)."

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JP Morgan invests in blockchain intelligence platform TRM Labs

JP Morgan invests in blockchain intelligence platform TRM Labs

Chainalysis: North Korean hackers stole $400m worth of digital assets in 2021

Chainalysis: North Korean hackers stole $400m worth of digital assets in 2021

Finextra's year in review

Finextra's year in review

AML penalties hit $2.2 billion in 2020 as regulators crack down on financial crimes

AML penalties hit $2.2 billion in 2020 as regulators crack down on financial crimes

The long read
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Simon Mansell

Financial services businesses must stop putting Customer Due Diligence on the backburner

Simon Mansell - UK Forensic Head of Customer Due Diligence, KPMG
Elsewhere...

  1. The Guardian

    Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians

  2. Sydney Morning Herald

    'Integrity' of financial system at stake as $1.3b Westpac fine upheld: Federal Court

  3. Quartz

    Uganda’s banks have been plunged into chaos by a mobile money fraud hack

  4. The Guardian

    UK drug barons ditch banks for money service businesses

  5. news.com.au

    Bank letters reveal stuff ups and IT glitches behind child exploitation scandal

The long read
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Níamh Curran

Five behaviours that indicate a social engineering scam

Níamh Curran - Reporter - Finextra