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NEWS: Complaints about ‘debanking’ rise 44pc in UK, following success of Farage complaint

Premium April 22, 2024

DE-BANKED: Controversy around how UK financial institutions interact with PEPs erupted last year. This came after it emerged that Alison Rose, the chief executive of Coutts’s owner, NatWest, had discussed the matter of Nigel Farage’s bank account with a BBC journalist. Today the FCA issued its findings on how banks deal with PEPs.

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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

NEWS: GDPR revamp should tackle fincrime, online scams – top MEP tells EU Commissioner

COMPLAINTS about debanking at British banks have risen by 44 per cent, following Nigel Farage’s success against NatWest’s decision to close his account. There have been almost 4,000 complaints about their bank accounts being shut down, figures show. A draft law published in Britain meanwhile will compel banks to give customers three months’ notice and an…

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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

NEWS: GDPR revamp should tackle fincrime, online scams – top MEP tells EU Commissioner

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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