Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

AML, Banking, Compliance, Financial Crime, Financial Services, Fraud, UK

NEWS: UK’s FCA backs off ‘name and shame’ strategy; flags need for agency to stay ahead of AI-assisted fincrime

Premium June 27, 2024

FCA: “We must stay a step ahead of the criminals, whether it is to pre-empt the way they use new technology such as AI and deep fakes or whether it is to work together with the firms we regulate, to ensure their systems and controls keep a step ahead of those seeking to exploit them,” said Steve Smart of the FCA.

Premium

NEWS: 400 files on suspected financial crimes pile up in Luxembourg due to lack of resources

 Premium

NEWS: New FinCEN rule would prevent US banks from outsourcing AML programs overseas

 Premium

NEWS: FATF president explains decision to remove Turkey from grey list; tackles questions on blacklisting Russia

By PAUL O’DONOGHUE, Senior Correspondent The UK’s Financial Conduct Authority (FCA) has said officials must keep pace with new aspects of technology to continue to clamp down on financial crime. The agency also flagged it has diluted its plans to “name and shame” to banks and financial institutions at the outset of investigations into financial…

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!

View subscription optionsIf you have an account, log in
Premium

NEWS: 400 files on suspected financial crimes pile up in Luxembourg due to lack of resources

 Premium

NEWS: New FinCEN rule would prevent US banks from outsourcing AML programs overseas

 Premium

NEWS: FATF president explains decision to remove Turkey from grey list; tackles questions on blacklisting Russia

Regulatory Watch News

  • Russia’s war of aggression against Ukraine: EU lists two individuals and four entities for circumventing EU sanctions and materially supporting the Russian government

    European Council

    The Council today decided to impose restrictive measures against two individuals and four entities responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. The Council is listing Dmitry Beloglazov, and his company LLC Titul. Dimitry Beloglazov is responsible for setting up a complex circumvention scheme together with Oleg Deripaska, who is already subject to EU restrictive measures. His company LLC Titul created a subsidiary called Joint Stock Company Iliadis to acquire Oleg Deripaska’s share in the International LLC Rasperia Trading Limited. Rasperia owns €28,5 million shares in another European company, STRABAG SE, the assets of which have been frozen as a result of EU restrictive measures. Through this mechanism, Deripaska managed to sell his Rasperia frozen assets, and received an equivalent economic benefit. In view of this circumvention scheme, JSC Iliadis and Rasperia were also sanctioned by the Council.

  • SFC warns public of Tokencan, VBIT Exchange and HKD.com Corporation for suspected virtual asset-related fraud and/or unlicensed activities

    Securities and Futures Commission

    The Securities and Futures Commission (SFC) today warned the public of entities operating under the following names for suspected virtual asset-related fraudulent activities and/or purporting to operate virtual asset trading platform (VATP) in Hong Kong without a licence

  • Two Melbourne men jailed over failed 488kg meth import

    Australia Federal Police

    Two Melbourne-based criminal syndicate members have been sentenced to a combined 33 years’ behind bars for attempting to import over $97.7 million dollars’ worth of methamphetamine into Australia. An Aintree man, 29, and a Melbourne man, 39, were sentenced in the Melbourne County Court today (Friday 28 June, 2024), after pleading guilty over their failed attempts to import a total of 488kg of methamphetamine into Australia in two separate consignments sent from Thailand and Malaysia in 2020.

Sign Up To Our Newsletter

Categories

Archived articles

Contact Us