The Institute Digest 27/4/23

Posted on April 27, 2023

Archive : April 2023

Category : News

The Institute AML and Financial Crime Digest #99 - 27/4/23

Featured

A shout-out to Ray Todd whose 'Compliance things you might have missed' series is a real trove of UK and international compliance news - Here are the latest 3 issues at PDF's: APRIL 24 - APRIL 25 - APRIL 26
Sir David Green CB KC, the former head of The SFO has said “red flags were ignored” in the rush to distribute taxpayer-funded emergency loans to businesses during the pandemic, and questioned whether fraud was taken seriously by the government - https://bit.ly/3oR1YrO
More emphasis is needed on gut feeling, rather than a tick-box approach, to decide whether a company is trustworthy or not, anti-money laundering professionals warn. - https://bit.ly/3V9OX8w
The Financial Conduct Authority has outlined a new set of measures designed to reduce the risk of money laundering via the Post Office - https://bit.ly/3V9t2P0
3VB barristers targeted in ‘fake bomb plot’ - The Old Bailey heard how the accused Jonathan Nuttall went after barristers Andrew Sutcliffe KC and Anne Jeavons because of their work on behalf of the National Crime Agency (NCA) in helping confiscate one million pounds from his wife, Amanda Nuttall, in 2019 - https://bit.ly/423xf9a
The European Parliament has approved the bloc’s first rules regulating cryptocurrencies, with the aim of preventing money laundering and protecting customers. - https://bit.ly/3AwlUCI
Iain Armstrong: Fly-tipping to money laundering: The environmental crime nexus - https://bit.ly/3oOZWs3
Exploring the Benefits of Blockchain Technology in Fraud Detection and Prevention - https://bit.ly/3AELMw5
Anti-Money Laundering: The Importance of Collaboration - Ian Henderson - https://bit.ly/3LyTZZ0
City of London Law Society (CLLS) recommends urgent reform of the Serious Fraud Office (UK) - https://bit.ly/3LbeycL
Economic secretary to the Treasury, Andrew Griffith MP, spoke in a keynote speech outlining the government’s ambitions for the #fintech industry during day one of the Innovate Finance Global Summit 2023. - https://bit.ly/40I9wKy
Dark Web Markets: What's Next for Crypto Crime in 2023? - Nick Smart - https://bit.ly/40KENN1

Comment & Opinion

Journal of Financial Crime Editorial: Not your ordinary conference!" - G. Philip Rutledge - https://bit.ly/3HeqTLV
A Closer Look at KYC Procedure: Know Your Customer Process Overview - Alex Malyshev - https://bit.ly/3NAKYQX
Rob Harkavy - The EU regulates to tame the crypto beast - https://bit.ly/3HgP2By
Failure To Prevent Fraud For UK Corporates - Richard Burger, Lloyd Firth and Lindsey Cullen - https://bit.ly/3Nh0HUU
"In performing due diligence, I often find that criminals have more than one thing going on at the same time, and it's that other activity which you tumble upon." - Kenneth Rijock - https://bit.ly/3LAXtKw

Regulation & Compliance

Herbert Smith Freehills Corporate Crime Briefing: Failure to prevent fraud – an introduction to the proposed new offence - https://bit.ly/3V8Aius (PDF)
Podcast: Bribe, Swindle or Steal - The Panama Papers: Six Years On - Kevin G. Hall, the Organized Crime and Corruption Reporting Project’s North America editor, reflects on how the Panama Papers have shaped investigative journalism over the past six years and the biggest challenges journalists face today - https://bit.ly/3n3iKDx

FinTech

Fintech Awards London 2023: Shortlist Revealed - https://bit.ly/420J9AG
The Digital Token Identifier (DTI) ISO standard has now been added to the Financial Information eXchange (FIX) Protocol - https://bit.ly/3NqBPKi

AI & Machine Learning

How AI is transforming the finance industry - https://bit.ly/3n8S449
When inexperienced and unqualified companie enter the AML Sphere with AI, can their platforms be effective? - Kenneth Rijock - https://bit.ly/41JtpCb

Cryptocurrency & Digital Assets

Way back in September 2021, Nate Chastain set the NFT world ablaze when he was caught insider trading during his high-flying job at OpenSea. Now, in a completely different blockchain landscape, his trial has begun - https://bit.ly/40D2O8A
FCA's Sarah Pritchard calls for open crypto debate about risk and regulation limits - https://bit.ly/3nbZIe7
Money Laundering Or Unfair Targeting? Court Rules For Tornado Cash Developer - https://bit.ly/44beBy3

Gaming and Gambling

Man jailed for five years after opening more than 1,000 fraudulent betting accounts - https://bit.ly/445zudV
Why are so many Jewish women seeking help for their online betting habits? - https://bit.ly/3oQeKXb

Estate Agents & Property

Estate agents are risking fines by relying on inadequate compliance reporting and auditing procedures, digital compliance expert, Martin Cheek, warns - https://bit.ly/446pcdv
Landlords see a massive increase in fraudulent tenancy applications - https://bit.ly/41U0bAm

Corruption

Lords member questions UK gov't plan on gold smuggling, money laundering allegations against Zimbabwe official and British citizen Uebert Angel, https://bit.ly/3oP79IN
Research finds that nearly three-quarters of vessels active in international trade that do not list their ownership information are likely to have potential ties to illicit activity - https://bit.ly/3LwR2s6
A new episode of KickBack: The Global Anticorruption Podcast is now available. In latest episode, host Dan Hough interviews Andrew Wedeman, Professor of Political Science at Georgia State University, about the politics of anticorruption campaigns in China - https://bit.ly/445zudQ
Fugees rapper Pras found guilty in political conspiracy - https://bit.ly/3HiDOMV

Frauds & Scams

No Caller ID: Stopping the onslaught of fraud text messages and phone calls - https://bit.ly/421afaB - Iain Swaine
Elderly couple left destitute after losing £80,000 life savings in fake Martin Lewis bitcoin scam say Revolut told them to 'visit a FOOD BANK' after refusing to refund their money - https://bit.ly/42590qY
FinCrime Files Video: The Bank of Scotland Fraud and how it shook the UK. - https://bit.ly/3LzBWSz
Eurojust and Europol have supported a new coordinated action against a fraudulent online investment platform, which has so far cost at least 33 000 victims an estimated EUR 89 million - https://bit.ly/41FOpd2

Organised Crime

Illicit economies and the UN Security Council on the Global Initiative Against Transnational Organized Crime (GI-TOC) - https://bit.ly/40HRJ6m
9 arrested in crackdown on loverboy trafficking in Bulgaria and UK - https://bit.ly/3LwUfXB
The National Crime Agency (NCA) has dismantled a network of criminal cash couriers that laundered more than £100 million by smuggling it out of the UK to Dubai in the UAE. - https://bit.ly/41FOT2Q

Research

Changes in credit score, transaction volume, customer characteristics, and the probability of detecting suspicious transactions - Are Oust, Rebecca Margareta Bang, Stine Maurstad et al - https://bit.ly/3Hkt9l7
The contagion of corruption: a model for understanding systemic ethical failures - https://bit.ly/41KdBzh
Two decades of financial statement fraud detection literature review; combination of bibliometric analysis and topic modeling approach - Arash Roshanpoor et al - https://bit.ly/3HncNrN
Artificial intelligence and deep learning: considerations for financial institutions for compliance with the regulatory burden in the United Kingdom - Charanjit Singh Prof.PgDip(GRFCC), FICA - https://bit.ly/3Vb1vMV

The Institute Committee

#antimoneylaundering #fintech #regtech #financialcrime #organisedcrime #cybercrime #lawenforcement #policing #scams #crime #ESG #Corruption #anticorruption #sanctions #fraud #antifraud #terrorism #estateagents #machinelearning #AI #compliance #regulation #regulatoryaction #policing #lawenforcement #AML #economiccrime #duediligence #regtech #cybercrime

News

The Institute Digest 27/4/23

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