by Nigel Cannings

The number of fines issued by the Financial Conduct Authority (FCA) more than doubled in 2022. From the breach of Anti-Money Laundering (AML) rules, and Know Your Customer (KYC) checks, to problems with operating guidelines, individuals and businesses within the UK paid out more than £215 million in fines last year. Regulations have become more stringent. Compliance is much more closely monitored, leaving businesses struggling not only to adhere to the regulations but to demonstrate that they have done so and one of the most effective solutions has taken the form of voice tech.  Continue reading…

Transparency International has sent an open letter to European Commissioner Mairead McGuinness calling for support for proposals from the European Parliament regarding transparency of ultimate beneficial owners (UBO) in the 6th Anti-Money Laundering Directive. McGuinness is European Commissioner for Financial Services, Financial Stability and the Capital Markets Union, and has done pioneering work in combating financial crime. The letter was signed by 200 representatives from academia, civil society and media organisations active in 67 countries. 

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Judicial and law enforcement authorities in Germany, Estonia and Latvia have carried out a coordinated action against an organised crime group suspected of defrauding thousands of German companies. During a joint action day in all three countries, three suspects were arrested and 17 places searched. Investigators seized cash, illegal drugs and additional pieces of evidence. Moreover, over 300 bank accounts were frozen.

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by Donald van Deventer

Are we on the brink of a new banking crisis? In March 2023, California’s Silicon Valley Bank collapsed. Rising interest rates had made refinancing existing loans expensive and difficult. Although the US government intervened to avert a widespread banking crisis,  the financial services industry cannot ignore the alarming signs.  Asset liability management must be central in months ahead.

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Genesis Market has been taken down in an operation involving judicial and law enforcement authorities in the United States, nine European Union countries, Australia, Canada and the United Kingdom. Genesis Market was a criminal marketplace accessible on the dark web and clear web that sold packages of account access credentials – including usernames and passwords for email, bank accounts, and social media. The credentials had been stolen from malware-infected computers around the world and were subsequently used by cybercriminals to commit cyber-enabled fraud. In a coordinated action supported by Eurojust and Europol, the infrastructure and operations of Genesis Market were dismantled and law enforcement in 13 countries conducted more than 100 arrests and more than 200 searches of Genesis Market customers who had purchased stolen access credentials.

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by Saeed Patel

The Credit Suisse banking debacle continues to make headlines. While some are now suggesting that the market is calming, only time will tell if this is the calm before another storm. UBS has agreed to pick up the tab for Credit Suisse to the tune of $3.2 billion. However, the fall of Credit Suisse, a bank founded in 1856, has left ripples of fear, uncertainty, and doubt across the banking sector and beyond. Here is a look at the backstory of Credit Suisse and the demise of this once giant in the banking sector. This is a tale of scandal, fraud, poor risk management, and bad decisions. The fall of Credit Suisse has been a long time coming, as a history of scandals has plagued the bank. One of the possible drivers of this is that Swiss banks are typically associated with privacy because of the stringent banking secrecy laws in the country. As such, Swiss banks have historically been chosen by specific individuals and organisations to protect financial transactions and, in some cases, avoid taxation in their own country. Continue reading…

New research from the Financial Conduct Authority (FCA) has found that a quarter (25%) of investors who avoided a scam are taking inspiration from Sherlock Holmes to stop scammers in their tracks. It comes as the FCA launches its latest ScamSmart campaign which provides investors with the tools to identify and avoid scams. Analysis of data from the FCA’s consumer helpline has shown a 193% increase in calls to the FCA in the last five years, as investors detect investment scam warning signs. In 2022, over £2m was saved by beady-eyed investors, who called the FCA to report the firm or individual before losing money. Two in five (39%) respondents claim that their investigative or research skills are helping them to spot the clues. A further 32% are relying on pure gut instinct to distinguish between genuine investment opportunities and potential scams. Continue reading…

by Ahsan Habib

Almost all major crimes ultimately lead to money laundering. Human trafficking, tax evasion, Ponzi schemes, kleptocracy/political corruption, drug/weapon/organ smuggling, green crimes, terrorist resourcing and what not. These offences have a name in common i.e. Predicate Offences. Twenty two predicate offences have already been identified by the European Union, and there may be more to come as wrongdoers have always been innovative. Corruption is the five-alarm fire raging in almost all jurisdictions. This offence has always existed but never has it been this out of control. Continue reading…

Supported by Eurojust, judicial and law enforcement authorities in Romania and the Republic of Moldova have taken coordinated action against border officials who allegedly demanded and accepted bribery to facilitate the illegal passage of vehicles transporting passengers or parcels. During an action day, eight suspects were detained and 45 locations were searched across Romania and the Republic of Moldova. Eurojust provided assistance to the Romanian and Moldovan judicial authorities in setting up and funding a joint investigation team (JIT).

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