HSBC has suggested that tech companies should help shoulder the financial responsibility of compensating victims of fraud.
David Callington, head of fraud at HSBC UK, commented on new regulations requiring financial institutions to compensate fraud victims up to £85,000.
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Italy: €114 000 in RRF funds seized in fraud investigation involving wholesale company
European Public Prosecutor's Office
(Luxembourg, 24 September 2024) – At the request of the European Public Prosecutor’s Office (EPPO) in Rome (Italy), the Italian Financial Police (Guardia di Finanza) of Giulianova (Teramo) have executed a freezing order amounting to €114 000 against one company, active in the non-specialised wholesale trade of food and tobacco. It is suspected of fraud involving funds from the Recovery and Resilience Facility (RRF).
Per UAE Cabinet Decision: The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee Replaces the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism in all its rights and obligations
CBUAE
The UAE Cabinet has issued a decision according to which the National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations Committee (NAMLCFTC) shall replace the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism (The Executive Office) in all rights and obligations, and all employees of the Executive Office shall be transferred to it, and His Excellency Hamid Saif Al Zaabi shall be appointed Secretary-General of the NAMLCFTC
MAS issues Prohibition Order against Mr Pan Qi for Dishonest Conduct
MAS
Singapore, 24 September 2024… The Monetary Authority of Singapore (MAS) has issued a 5- year prohibition order (PO) against Mr Pan Qi, a former representative of fund management company Nech Capital Pte Ltd (NCPL). The PO was issued following Mr Pan’s conviction in the State Courts for engaging in a course of business that operated as fraud under the Securities and Futures Act.