The Institute Digest 01/06/23

The Institute of Money Laundering Prevention Officers is supported by:

Guidehouse | Beyond | Lucinity | Complyport | Efficient Frontiers International

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Featured

• The Cabinet Office announced the launch of a new specialist fraud squad, otherwise known as the Risk, Threat and Prevention Service, to help combat fraud in public services.
• You have three minutes – managing financial crime risks in committee settings - Mario Menz, PhD.
• Behavioral Psychology, Transnational Bribery, and “Conditional Corruption” - Nils Köbis.
• Barry Rider's tribute to Bill Tupman who died on Sunday 12th March 2023 - Editorial in the Journal of Financial Crime.
• Broadening our Understanding of Corporate Harms - Editorial in the Journal of White Collar and Corporate Crime - Anna Kuusi and Kristy Holtfreter
• Research by Credas Technologies has found that there has been an annual reduction of 21% in the number of Defence Against Money Laundering reports (DAMLs) made to the National Crime Agency (NCA)
• A popular UK-based 'influencer' with over 4 million followers has been extradited to the US after allegedly scamming some of her followers out of $2 million
• Demystifying ISO 20022: A Comprehensive Guide for Financial Institutions - Akhil Rao
• Trade Finance Talks PODCAST - Cloaked in trade: Unmasking the underworld of trade-based money laundering - Brian Canup and Channing Mavrellis explore the latest developments and insights surrounding trade-based money laundering (TBML)
• A new edition of the UK Enforcement newsletter provides an update on recent economic crime matters in the UK - Sean Curran, Kathleen Harris, Melissa Dames, Maya Paunrana and Rosa Hurdidge
• UK regulators take aim at archaic data management practices - Barry Cashman

Comment & Opinion

• Banks As Gatekeepers Against Fraud: Customer Protection And The So-Called Quincecare Duty In The UK - Dorothy Murray, Julia Bihary and Hena Vora
• "You can't regulate the internet. You can only regulate the people that use the internet." - Nigel Morris-Cotterill
• RT Plus Podcast: Catherine Pluck, Joe Smallshaw and Lizzie Cox discuss some of the key themes arising from the Financial Conduct Authority’s recent anti-money laundering enforcement decisions
• If crypto is gambling, so is the existing financial system - Temple Melville
• Dubious partnerships: new plans to curb wrongdoing by UK-registered firms are riddled with loopholes - Elspeth Berry
• Hybrid Artificial Intelligence - The Future of Effective Fraud Prevention - Roy Prayikulam

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Sanctions

• OFSI: Trust Services Sanctions – 5 months on

Regulation, Regulatory Action & Compliance

• Ray Todd's 'Compliance things you may have missed' - May 29 - 30
• Technology and training vital in FCA’s Post Office fraud initiative - Monique Melis
• The Financial Conduct Authority has frozen the assets of WealthTek’s principal partner after identifying a potential shortfall of £81.4mn in client money and launching a criminal investigation.
• How LEI Registration can Benefit Your Business and Enhance Market Participation

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FinTech

• Profile: Colum Lyons, CEO and Founder of ID-Pal
• Rob Woods looks at how financial services firms are using behavioural biometrics to build stronger trust with customers to strengthen their defences against fraud.
• From Crisis to Opportunity: Using eKYC to Transform Banking - Shiv Nanda
• BIS explores use of data, tech and collaboration to combat money laundering
• Multi-CBDC cross-border payments systems inch closer to reality
• Financial Firms Accelerate Cloud Adoption for Cybersecurity and Fraud Detection: Report
• Why now is the time to modernise mainframe data - Steve Rackham

AI & Machine Learning

• 5 ways AI can transform compliance - Charles Orton-Jones
• Elizabeth M. R. is a renowned artificial intelligence ethics expert, who believes that Big Tech is being disingenuous when it calls for a global AI super-regulator

Cryptocurrency & Digital Assets

• The European Banking Authority (EBA) launched a public consultation on amendments to its Guidelines on money laundering and terrorist financing (ML/TF) risk factors
• bitFlyer Group announced on Tuesday that it is introducing stringent measures against money laundering in compliance with the "Travel Rule" initiated by the global financial watchdog, Financial Action Task Force (FATF)
• Ethereum’s Shanghai Upgrade Leads Easy Criminal Detection
• A hacker who took control of the sanctioned crypto mixer Tornado Cash has relinquished power over the service while also using the protocol to launder the digital tokens plundered during the attack.
• Nathaniel Ogunniyi comments on the HM Treasury's consultation into the Regulatory Regime for Cryptoassets.
• During a panel session at the Financial Times Digital Assets Summit last week, the Bank of England’s director for central bank digital currency, Tom Mutton and Gilbert Verdian shared their views on a digital pound and tackled questions from the audience about personal data privacy and interoperability.

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Gaming and Gambling

• Crown Resorts proposes AUD$450 million penalty for historical AML failures
• Fintech and IGaming - An important ecosystem - Konstantin Rabin.
• Cryptocurrency As Payment For Online Casino Gaming – What The Future Holds

Estate Agents & Property

• How can technology help Letting Agents combat fraud?

Cybercrime

• Crypto Hacks Decline, with Hackers Increasingly Returning Stolen Funds: TRM Labs Report.

Organised Crime and Law Enforcement

• As cartel leader El Tony Montana was captured last December, a chilling phone conversation between Mexican police and wanted drug lord El Mencho (El Montana's brother) was released on social media.
• Five men who made millions by illegally streaming premier league football matches have been jailed.
• Two fugitives involved in one of Britain's biggest VAT frauds have been sentenced for their part in a £150m criminal racket.
• 16,938 potential victims of modern slavery were referred to the Home Office in 2022, representing a 33% increase compared to the preceding year.
• ‘Career criminal’ guilty of £70 million foreign exchange trading investment scam.

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The Institute Committee

Tracey Iles | Daren Allen | Darren Woodburn | Leanard Phillip. MSc.FinReg/Comp. Mgt. DipAML | Meagan Birch | Dean Evans | Jacob Bettany

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