Anti-Financial Crime & Financial Crime Compliance
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Banking, Financial Crime, Fraud, UK

NEWS: Britain’s banks see scam cases spike after fraud refund rules take effect

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A general view is seen of the London skyline from Canary Wharf in London, Britain, October 19, 2016. REUTERS/Hannah McKay

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NEWS: Ex-head of Spanish police AML unit accused of facilitating €2.5bn in drug shipments

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NEWS: Greek police carry out record digital asset seizure in €46-mln EU tax fraud probe

NEWS: Poland’s Elzbieta Franków-Jaśkiewicz is re-elected chair of Egmont Group of FIUs

By Phoebe Seers

BRITAIN’S banks recorded the sharpest increase in losses to certain types of fraud since the COVID-era boom in technology-enabled scams, renewing calls for government action against platforms such as Meta where many cases originate.

Data from industry body UK Finance showed losses from authorised push payment, or APP, fraud – including investment and purchase scams in which criminals trick victims into transferring money – rose 19% to £576.4 million ($772.78 million) last year.

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Premium

NEWS: Ex-head of Spanish police AML unit accused of facilitating €2.5bn in drug shipments

 Premium

NEWS: Greek police carry out record digital asset seizure in €46-mln EU tax fraud probe

NEWS: Poland’s Elzbieta Franków-Jaśkiewicz is re-elected chair of Egmont Group of FIUs

Regulatory Watch News

  • Update to UK Sanctions List: Russia Regime

    UK Government

    Today, Tuesday 14th July, the UK Government has varied the following individual under the Russia sanction regime. Individual varied:

    Name: Unique ID:
    Christodoulos VASSILIADES RUS1825

  • New member appointed to the Regulatory Decisions Committee

    Financial Conduct Authority

    The FCA Board has appointed Dan Lavender as a new member of its Regulatory Decisions Committee (RDC).
    The RDC is responsible for taking certain regulatory decisions on behalf of the FCA relating to contested enforcement action. Committee members bring a broad range of professional experience to support fair, independent and evidence-based decision-making. Alison Potter, the Chair of the RDC, said: ‘I am delighted to welcome Dan to the committee. Dan has significant legal and leadership experience in relation to contentious financial services matters, so his skill set will complement existing committee members and enhance the overall capability and effectiveness of the RDC.’

  • AMLA consults on harmonised risk assessments in the non-financial sector

    AMLA

    A shared methodology across the EU: AMLA is inviting views on draft rules that will determine how supervisors in every Member State assess money laundering and terrorism financing risks of businesses and professionals in the non-financial sector. Criminal money enters the economy in many ways, often through everyday transactions, from property purchases to luxury goods, professional services, or gambling. That makes it important for businesses in the non-financial sector to recognise and address the risk of being misused for money laundering or terrorist financing. Supervisors, in turn, need to understand the levels of risk that different businesses face, so they can allocate their resources accordingly. The draft standards give them a shared methodology for assessing that risk, so similar businesses are assessed on the same terms wherever they operate.

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