Romanian and Moldovan authorities worked together to uncover an organised crime group (OCG) that has subjected more than 150 victims to financial scams since 2022. By selling a non-existent investment scheme, the group was able to gain access to their victims’ bank accounts. The damages resulting from their scam are estimated at approximately EUR 3 million. Following a joint investigation, supported by Eurojust and Europol, Romanian and Moldovan authorities were able to detain 12 people on 7 August.

Continue reading…

An investigation lasting over two years has uncovered an intricate money laundering scheme run by a mafia family from Palermo. The total value of their profits is estimated at over EUR 500 million. They reinvested the profits of their crimes in multiple companies in Brazil. Cooperation between Italian, Brazilian and Swiss authorities led to the arrest of a member of the organised crime group (OCG) during an action day on 13 August, as well as the freezing of financial assets worth EUR 50 million during several searches in Italy, Brazil and Switzerland.

Continue reading…

Pensions savers stand to benefit from a new proposed framework designed to shift the focus from costs to long term value, and ultimately deliver better retirement savings. The Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and the Pensions Regulator (TPR) aim to implement a joint framework for workplace defined contribution schemes. The joint framework would be used by pension providers and those making decisions on behalf of savers to provide greater transparency over how schemes are performing. Continue reading…

The FCA has fined PricewaterhouseCoopers LLP (PwC) for failing to report to the regulator their belief that London Capital & Finance plc (LCF) might be involved in fraudulent activity. This is the first time the FCA has fined an audit firm. PwC encountered significant issues throughout their 2016 audit of LCF. A senior individual at LCF acted aggressively towards auditors, and the firm provided PwC with inaccurate and misleading information.

Continue reading…

At the end of last week we received the sad news that Michel Klompmaker had passed away due to the debilitating disease ALS. Michel was the founder and driving force behind the Risk & Compliance Platform Europe. Over the past ten years, he developed the platform into a website where tens of thousands of professionals from home and abroad could find their professional information. Continue reading…

by David Salloum

The EU AI Act, which came into force on 1 August 2024, is a significant legislative development for financial institutions (FIs). With provisions starting to apply over a period of six to 36 months, most of the Act’s rules will be enforceable after two years. And it has major implications, especially for FIs using high-risk AI systems like credit scoring models and risk assessment tools. AI’s potential in trade finance, risk management and in the fight against financial crime is vast. However, effective regulation is needed to ensure trust and safeguard fundamental rights. The EU AI Act is a key step in this direction, ensuring AI evolves safely and ethically.  Continue reading…

by Paul White

There’s much that divides our industry. We’re competitors. We’re customers and providers. We’re based across the country. We’re businesses of different sizes. We’re leaders and followers. But there’s one powerful emotion that unites us all: worry. Like Atlas, we have the weight of the world on our shoulders. Although in the case of trust and corporate services, it’s the weight of regulations and the worry that we’ll fall foul of them. Which can lead to fines, client loss, reputational damage and even personal liability.   Continue reading…

Banks’ global cross-border claims increased by $1.1 trillion during Q1 2024, driven by bank credit (ie loans and holdings of debt securities). Outstanding claims reached $39.6 trillion, up 5% year-on-year (yoy). Bank credit to advanced economies (AEs) increased the most (+6% yoy), driven by credit to non-banks. Credit to emerging market and developing economies (EMDEs) grew by 2%, supported by strong lending in Chinese renminbi. The BIS global liquidity indicators (GLIs) show that the growth in dollar-denominated foreign currency credit to non-banks in EMDEs turned positive (1%) for the first time in nearly two years. The role of bond financing in dollar and euro credit continued to increase.

Continue reading…

by Nadir Izrael

The 2024 Paris Olympics promises to be a spectacle of athletic prowess and global unity. Millions of fans will travel to France or be glued to their screens to witness the Olympics this Summer. In fact, it’s expected that one billion people around the world1 will watch the opening ceremony alone. Despite the excitement, however, a growing threat to the Games lurks in the shadows: cyberwarfare. It’s a growing fear of many, with 53% of global IT decision-makers2 concerned about its impact. In the context of the Olympics, the director general of ANSSI, France’s cybersecurity agency3, believes, “The Games are facing an unprecedented level of threat.” A large part of that threat is cyberwarfare. Continue reading…

With support provided via the Western Balkans Criminal Justice Project, hosted by Eurojust, an alleged large-scale coin forger has been arrested in Kosovo*. The arrested person is an employee of the North-Macedonian Ministry of the Interior and is suspected of producing around 2 million fake EUR 2 coins, which were about to be circulated into the Kosovar economy. Continue reading…