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

NEWS: UK cracks down on social media ‘finfluencers’ suspected of promoting scams

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Steve Smart, Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority (FCA)

BREAKING: FinCEN fines broker-dealer Canaccord Genuity record $80m for BSA breaches

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NEWS: $750 billion in dirty money moves through Europe every year, warns AMLA’s Derville Rowland

Diversity in Fincrime

INTERNATIONAL WOMEN’S DAY: Xolisile Khanyile on leadership, resilience and the power of the Women in FinCrime community

BY PAUL O’DONOGHUE, Senior Correspondent

The UK’s Financial Conduct Authority (FCA) is interviewing 20 social media influencers, known as “finfluencers,” who are suspected of illegally promoting financial products.

In addition to these interviews, the FCA has issued 38 warnings about finfluencer accounts that may be involved in unlawful promotions.

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BREAKING: FinCEN fines broker-dealer Canaccord Genuity record $80m for BSA breaches

 Premium

NEWS: $750 billion in dirty money moves through Europe every year, warns AMLA’s Derville Rowland

Diversity in Fincrime

INTERNATIONAL WOMEN’S DAY: Xolisile Khanyile on leadership, resilience and the power of the Women in FinCrime community

Regulatory Watch News

  • FinCEN Assesses Historic $80 Million Penalty Against Canaccord Genuity LLC for Securities Fraud-Related Bank Secrecy Act Violations

    FinCEN

    WASHINGTON—Today, the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) assessed an $80,000,000 civil money penalty against Canaccord Genuity LLC (Canaccord) for willful violations of the Bank Secrecy Act (BSA), the primary U.S. anti-money laundering and countering the financing of terrorism law that safeguards the financial system from illicit use.  This is the largest penalty ever imposed against a broker-dealer for violating the BSA.

  • Europol has identified AI powered fraud as a key problem area
    From a small Swedish town to a global crime network: international operation strikes top-tier organised crime

    Europol

    The seizure of two mobile phones in a small Swedish town exposed a resilient criminal architecture stretching across Europe, Asia and Australia. On 4 March, coordinated actions in Spain, Sweden and Thailand struck key nodes of this network, building on earlier operational activity in Australia.

  • Italy: EPPO secures €2 million seizure in investigation into fraud with RRF funds

    European Public Prosecutor's Office

    At the request of the European Public Prosecutor’s Office (EPPO) in Turin (Italy), the Italian Financial Police (Guardia di Finanza) of Biella seized assets worth €1.98 million in an investigation into suspected fraud involving funds from the EU’s Recovery and Resilience Facility (RRF) for Italy. The investigation, code-named Nuovi Orizzonti (‘New Horizons’), concerns a suspected organised criminal group that allegedly defrauded public budgets by obtaining RRF funds and by claiming tax credits for fictitious energy efficiency works.

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