Anti-Financial Crime & Financial Crime Compliance
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NEWS: NatWest clawing back bonuses from 10 ex-staff over its 2021 money laundering conviction

Premium February 16, 2024

CLAWBACK. “We recognise that the senior executive committees drive the firm’s culture and sets its strategy, so it is appropriate that the colleagues in role when the failures occurred are impacted in the same way that the 2021 population were,” the bank said. File photo shows people walk past a Natwest Bank branch in central London.

INSIGHT: GDPR revamp the opportunity for EU bank data-sharing to fight financial crime

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NEWS: UK money laundering gang which exploited Ukraine war jailed for 13 years

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BREAKING: Revolut fined record €3.5 million by Lithuania for AML breaches

By AML Intelligence Correspondent TEN former staff at NatWest will have part of their bonuses clawed back over the bank’s AML conviction three years ago. The UK lender announced today it was clawing back bonuses to address the “collective failure” that led to the firm’s conviction for failing to prevent money laundering. The announcement came…

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INSIGHT: GDPR revamp the opportunity for EU bank data-sharing to fight financial crime

 Premium

NEWS: UK money laundering gang which exploited Ukraine war jailed for 13 years

 Premium

BREAKING: Revolut fined record €3.5 million by Lithuania for AML breaches

Regulatory Watch News

  • Operation Venetic: Drug dealer caught with five kilos of cocaine found to have imported a further £17m worth

    National Crime Agency

    A south London drug dealer convicted for supplying cocaine has been jailed after his seized encrypted phone showed he had imported more than half a tonne of the class A drug. Kurtis Hoyte, 35, from Beckenham, was investigated by the Organised Crime Partnership (OCP) – a joint National Crime Agency and Metropolitan Police Service unit. OCP officers arrested him in May 2020 after he was observed handing over five kilos of cocaine with an estimated street value of £180,000 to the driver of a flat-bed truck near Beckenham Hill Station.

  • Adoption of the revised EBA guidelines on money laundering and terrorist financing risk factors

    CSSF

    These amending Guidelines complement the Guidelines on ML/TF risk factors by addressing the specific risks associated with crypto-assets and crypto-asset service providers (“CASPs”) and by providing for measures that CASPs and other credit and financial institutions should take to manage these risks.

  • Nearly a quarter of young adults admit to bank loan fraud – Cifas research

    CIFAS

    • Latest research underpins consumer ‘acceptance’ of first party fraud
    • 12% of adults say they or someone they know have deceived their bank
    • Warning that fraud rules may unintentionally encourage more dishonest claims
    Around 1 in 4 (24%) 25-34-year-olds have either lied to their bank or know someone who has in the last 12 months, claiming a loan has been fraudulently applied for so they avoid repayments. That’s according to the latest Fraud Behaviours Survey findings from UK-leading fraud prevention service, Cifas.

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