Anti-Fraud & Financial Crime
Regulatory Intelligence Incorporating 'Fraud Squad'

Financial Crime, Fraud

COMPLIANCE COUNCIL: Fraud costs Europe €480,000 an hour, EU official says

Premium November 5, 2026

PHOTO: Reka Horvath, head of the unit responsible for online fraud and scams at the Commission’s DG Connect. Photo by Mark Condren

Why the EU wants banks to report social media scams and latest on AI fraud — key points from November 2026 Compliance Council summit

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NEWS: Coalition files criminal complaints against JBS and financial firms over Amazon deforestation

LATEST: ‘Landmark’ FATF report outlines how social media enables scam compounds

By CARLO BOFFA, EU Correspondent Europe is losing €480,000 every hour to fraudsters and scammers, a top EU official said. The figure shows the scale of a problem that authorities, firms and online platforms are only slowly waking up to. “This is what is reported, so it must be a gross underestimation,” said Reka Horvath,…

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Why the EU wants banks to report social media scams and latest on AI fraud — key points from November 2026 Compliance Council summit

 Premium

NEWS: Coalition files criminal complaints against JBS and financial firms over Amazon deforestation

LATEST: ‘Landmark’ FATF report outlines how social media enables scam compounds

Regulatory Watch News

  • Treasury Targets Global Scam Networks and the Corporate Infrastructure That Enables Them

    OFAC

    WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned four individuals and 41 entities that support the business network of Prince Group Transnational Criminal Organization (TCO) previously sanctioned by the United States for its role in cyber-enabled fraud, money laundering, and human trafficking.  Additionally, OFAC designated a Malaysian individual who defrauded U.S. victims by managing a network of Africa-based scammers.

  • FCA to explore quantum computing to tackle financial crime

    Financial Conduct Authority

    A new initiative will bring together firms, quantum technology providers, and national research labs to explore practical applications of quantum computing.
    The FCA will bring together financial services firms, quantum technology providers and national research laboratories to explore how quantum computing could help tackle financial crime. The Quantum Experimentation Group, the first of its kind for a regulator, will initially explore how quantum machine learning could help detect money laundering and fraud. It will launch in the first quarter of 2027. Participants will use an FCA synthetic dataset – artificially generated data – to help overcome a key barrier to testing: access to suitable data.

  • Investigation ‘Javelin’: EPPO targets €100 million VAT carousel fraud linked to luxury cars sales

    European Public Prosecutor's Office

    (Luxembourg, 5 November 2026) – The European Public Prosecutor’s Office (EPPO) in Frankfurt (Germany) and Graz (Austria) have taken action against a criminal network operating cross-border VAT fraud schemes linked to the import and sales of luxury cars, causing estimated losses of €100 million. Under the EPPO-led investigations, code-named ‘Javelin’, searches were carried out yesterday in Austria, Croatia, Czechia, Germany and Poland, supported by over 900 law enforcement agents (tax and police officers). Thirteen individuals were arrested in Germany and Austria. Over 50 suspects are under investigation.

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