Category: Banking

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INSIGHT: Half of UK consumers would switch banks if their lender was involved in money laundering scandal, report finds

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AUSTRAC’s Chief Executive defends financial crime regulator after NSW Police Assistant Commissioner said watchdog was ‘not swinging hard enough’

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NEWS: More powers to seize crypto currencies and sanction Russian Oligarchs in Britain’s new Economic Crime Bill

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Western banks brace for $10BN hit over Russian retreat as UniCredit boss says challenges ‘lie ahead’ for global economy over war in Ukraine

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FCA raises concerns over challenger banks FinCrime defences following ‘substantial’ increase in SARs filed

LATEST: FinCEN urges US banks to focus efforts on detecting the proceeds of Russian kleptocracy

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AT A GLANCE: We summarise all of Europe’s five rounds of sanctions against Russia and who and what they target in Moscow’s industry and elites

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Ex-Goldman Sachs banker faces 1MDB corruption trial

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LATEST: EU launches fifth round of sanctions which sees full transaction ban on four Russian banks, including VTB

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NEWS: Barclays office in Frankfurt raided by German authorities in connection with Cum-Ex scandal

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INSIGHT: EBA says second round effects of war on Europe’s banks ‘worrying’; warns of increased cyber risks and higher compliance costs

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LATEST: UK to force PRs for foreign states to register; Zurich drops its ‘Z’; Swiss freeze $6BN Russian assets; Swedbank’s new AML woes

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100 sanctioned under the Russia Sanctions Regime
UK Government
May 20, 2025
Today, 20 May, the UK Government has sanctioned 20 individuals, 62 entities, and 18 ships under the Russia (Sanctions) (EU Exit) Regulations 2019. This package targets Russian revenue generating sectors, including energy, communications and financial services, the Russian military industrial complex (RMIC) and its third country suppliers, and malign actors involved in democratic interference and Russia’s information war on Ukraine. Click here for further details.
Greece: EPPO probes OPEKEPE officials over alleged organised agricultural subsidy fraud and corruption
European Public Prosecutor's Office
May 20, 2025
(Luxembourg, 20 May 2025) – Since yesterday until early hours this morning, the European Public Prosecutor’s Office (EPPO) in Athens (Greece) has led searches as part of an ongoing investigation into an alleged organised fraud scheme involving agricultural funds and corruption involving public officials of the Greek Payment and Control Agency for Guidance and Guarantee Community Aids (OPEKEPE).
A fifth admit to retail refund fraud or knowing someone who has, Cifas warns
CIFAS
May 20, 2025
New research from leading fraud prevention service Cifas reveals that 19% of UK consumers have either falsely claimed a failed delivery or know someone who has – often to get a refund after using the product. The findings highlight a worrying surge in opportunistic fraud that is hitting retailers hard. With 80% of UK shoppers now buying online, the stakes are high: the retail sector is already losing over £11 billion annually to payment fraud.