The Institute AML & Financial Crime Digest #97

In the second year of its 3-year strategy, Financial Conduct Authority plans to accelerate 4 areas of its work over the next 12 months - http://bit.ly/3KCf3wf

You can see the Business Plan for 2023/24 here: http://bit.ly/3GGwXg8 ...

... And here are 4 key takeaways to note - http://bit.ly/3AeKWq1

Comment & Opinion

John Binns: Supply Chains And The Proceeds Of Crime: A Green Light For Slavery Products? - http://bit.ly/40m778l
Are You Prepared For The UK Economic Crime Levy? Jenny Hemming, Paul Anning, Anna Perry, Capucine de Hennin - http://bit.ly/43spUkW
It may be a white collar crime, but money laundering can be hazardous to your health - Kenneth Rijock - http://bit.ly/43sUcnJ
Marcus Treacher discusses the path to a more efficient and inclusive global economy, and new innovations in cross-border payments. - http://bit.ly/41ojeCp
Money Laundering and unintended consequences - Kenneth Rijock - http://bit.ly/3UACNFA
Teaching Tradecraft and Employing AI can take a bite out of money laundering - Kenneth Rijock - http://bit.ly/3Ux8lfm
Losing my profession : Nigel Morris-Cotterill explains why he will no longer be a solicitor - http://bit.ly/3GI2f6p

Sanctions

iPlayer: The Hunt for the Russian #Superyachts - https://bbc.in/3zWc2Sv
Understanding Office of Financial Sanctions Implementation (OFSI): An Introductory Webinar - http://bit.ly/43ySnWu
Ministers are considering giving more political oversight to a process that allowed a warlord to sue a UK journalist - http://bit.ly/3KAZaWN

Regulation & Compliance

Understanding The Impact Of The Economic Crime And Corporate Transparency Bill On Companies' Risk Exposure - Sasi-Kanth Mallela and Reecha Patel - http://bit.ly/43shlqm
Sally Rochester argues that UK regulatory expectations largely date back to the financial crisis when corporate governance practices were certainly not effective in safeguarding against excessive risk taking - https://bit.ly/40aF37w
Financial crime expansions not enough without strong guidance - Ruby Hamid, Anthony Asindi, Matthew Russell and Tristan Bramble - http://bit.ly/4053kMu
Carrot or stick? The future for AML supervision of the legal sector - Kathryn Westmore - http://bit.ly/41sw8iL
Financial Action Task Force (FATF) has published guidance on beneficial ownership of legal persons - https://bit.ly/41l6Nr4
The Financial Conduct Authority (FCA) said it continued to see “poor financial crime controls in some payments and e-money firms” - http://bit.ly/41498a1
A man in Cardiff has received multiple unpaid tax bills totaling £5,000,000 from 11,000 businesses - http://bit.ly/3zWSaPi
In a recent Freedom of Information (FOI) release, HM Revenue & Customs announced that it has nine live corporate criminal offence investigations, with a further 26 live opportunities currently under review - http://bit.ly/3KWR5ND

FinTech

How I became a… crime predictor: Interview with Vishal Marria, founder and CEO of global data analytics company Quantexa - https://bit.ly/3A1riNK
In this article, AI providers Elephants Don't Forget analyse why organisations will have to start re-evaluating their compliance programmes following FCA enforcement - https://bit.ly/3MGXQ7E
Voice Cloning: A Blessing or a Curse for the Voice #Banking Industry? Alex Malyshev - http://bit.ly/3muwtTl

AI & Machine Learning

The criminal use of #ChatGPT – a cautionary tale about large language models - http://bit.ly/3MJUK2u
Meanwhile... Generative #AI Will Help Automate Your Financial Crimes Case Management - Jason Grasso - http://bit.ly/43vYACj

Cryptocurrency & Digital Assets

Nicola Sharp considers the new EU legislation aiming to prevent #Cryptocurrency from being used to launder money - http://bit.ly/3ocuhAB
The Court of Appeal has found that software developers may owe fiduciary duties to owners of #cryptoassets on their networks - https://bit.ly/3UxAtPs

Gaming and Gambling

Estate Agents & Property

Estate Agents told to reconsider how they operate or risk reputational damage - http://bit.ly/43peX3H

Corruption

Fishrot Scandal: #Namibia is now preparing for the biggest corruption trial in its short history - https://bbc.in/43ztmdM
Liz David-Barrett interviews Cecilia Müller Torbrand, CEO of the The Maritime Anti-Corruption Network - a network of shipping businesses that has been working to address #corruption risks in the maritime industry - http://bit.ly/400WM1n
Policing Fiscal Corruption: Tax Crime and Legally Corrupt Institutions in the United Kingdom - Branislav Hock - http://bit.ly/3UAKICP

Frauds & Scams

For more than a year, BBC Eye has been investigating a global fraudulent trading network of hundreds of different investment brands that has scammed unwitting customers out of more than a billion dollars. - https://bbc.in/3ZZDxVO
The financial industry is preparing itself for a surge in Authorised Push Payment (APP) scam reimbursements - Iain Swaine and Katie - http://bit.ly/3UvYNS1
Cruel ‘scam of mum and dad’ sparks a regulatory crackdown - http://bit.ly/3GHhOuO
Scammers posed as Citibank agents and convinced me to buy a high-return investment bond - http://bit.ly/3GJ0KER
Man jailed for Eat Out to Help Out fraud - http://bit.ly/41muteM
New research reveals more than half of Brits have been victims of financial crime – to the tune of £118bn - http://bit.ly/3KzByBY

Cybercrime

Last month LastPass reported that an employee’s home computer was hacked and a corporate vault taken - http://bit.ly/43HRlaL
Genesis Market listed for sale the identities of over 2 million people when it was shut down - http://bit.ly/3mtmXjv

Organised Crime

This report explores the changing dynamics in the political economy of Ukrainian organized crime up till December 2022 - http://bit.ly/3UANurI
A new Modus Operandi: How organised crime infiltrates the ports of Europe - http://bit.ly/41uEu9X
A new Financial Action Task Force (FATF) report explores how art and antiquities can be misused for #moneylaundering and #terroristfinancing - https://bit.ly/41s6hrd

Terrorism

The Growing Concern Over Older Far-Right Terrorists: Data from the United Kingdom - https://bit.ly/416iRge

Research

Compliance concerns in sustainable finance: an analysis of peer-to-peer (P2P) lending platforms and sustainability - Sonia Ruxandra Boticiu et al - http://bit.ly/3MYDRBx
What determines the justifiability for accepting bribes and cheating on taxes? - http://bit.ly/3GGnwNC
#Wirecard scandal. A commentary on the biggest accounting fraud in Germany’s post-war history -Sonia Ruxandra Boticiu et al - http://bit.ly/3mCh3fN
Investigating the determinants of money laundering risk - http://bit.ly/3KZ5TuU
An evaluation of customer due diligence and related anti-money laundering measures in the United Kingdom - Sharon Munedzi et al - http://bit.ly/41bQtJB

Related news