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

aml, Banking, Financial Crime, Financial Services, Fraud, News

NEWS: UK’s City Minister flags ‘significant problems’ with plans to reimburse up to £415,000 to fraud victims

House of Lords

By Paul O’Donoghue

Bim Afolami, the UK’s City Minister, has criticised plans which would require financial firms to pay out up to £415,000 to victims of authorised push payment (APP) fraud.

From October, banks and other payment firms must reimburse defrauded customers to a maximum of £415,000 in cases of APP, where people are tricked or manipulated into authorising a transaction to a fraudster.

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!