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NEWS: Financial firms not conducting real time checks of their customers – FCA study

Premium January 23, 2025

File photo of the UK's Financial Conduct Authority offices

NEWS: FinCEN warns of growing US hospice fraud threat

NEWS: FCA bans former SVS Securities CEO over pension fund failings

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NEWS: Zelenskyy fires top aide amid mounting corruption and money laundering claims

By PAUL O’DONOGHUE, Senior Correspondent

FINANCIAL companies are not using the UK’s National Fraud Database for real time checks of their customers, new research has ound.

A new study from the UK’s Financial Conduct Authority looked cases at 13 different firms where accounts were suspected for money muling.

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NEWS: FinCEN warns of growing US hospice fraud threat

NEWS: FCA bans former SVS Securities CEO over pension fund failings

 Premium

NEWS: Zelenskyy fires top aide amid mounting corruption and money laundering claims

Regulatory Watch News

  • Scam alert related to banks

    HKMA

    The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to the press release issued by the bank listed below relating to fraudulent websites, internet banking login screens, phishing emails or other scams, which has been reported to the HKMA.  Hyperlink to the press release is available on the HKMA website.  
           Bank        Type of Scam
    Bank Julius Baer & Co. Ltd. Fraudulent website
     

  • READOUT: FinCEN Holds Engagement to Eliminate Hospice Fraud in California

    FinCEN

    LOS ANGELES — On August 17, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) convened law enforcement and financial institutions for an engagement on health care benefits fraud, including the exploitation of hospice care services. Participants discussed new and emerging health care fraud schemes targeting federal and state health insurance programs, associated financial typologies and red flag indicators, and opportunities to boost awareness around hospice care fraud. Additionally, FinCEN held a training session for law enforcement on August 18 on how to use Bank Secrecy Act data to combat fraud. These engagements build on FinCEN’s work to counter fraud in partnership with the White House Task Force to Eliminate Fraud.

  • Authority publishes AML/CFT supervisory priorities progress report

    Isle of Man Financial Services Authority

      The Isle of Man Financial Services Authority has published an update regarding its two-year supervisory engagement programme aimed at countering financial crime. The year one report highlights the targeted activities carried out during 2025/26 in relation to anti-money laundering, countering the financing of terrorism and countering the financing of proliferation. Multiple risk-based workstreams have been delivered by the AML/CFT Supervision Division in line with the Authority’s commitment to enhancing standards of compliance in the Island.

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