Anti-Fraud & Financial Crime
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NEWS: Firms may see leniency on discrepancy reports as new beneficial ownership format skips old entries

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FILE PHOTO: European Union flags flutter outside the EU Commission headquarters, in Brussels, Belgium, February 1, 2023 REUTERS/Yves Herman

LATEST: UK’s FCA restricts six unregulated lenders over AML concerns

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NEWS: Bank of Ireland using AI to scan 2.9m transactions a day for fraud

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ANALYSIS: US sanctions push puts European banks back in the firing line as EU looks on

By CARLO BOFFA, EU Correspondent Central registers may show leniency on discrepancy reports about older beneficial ownership entries, as the EU’s new format rules will not apply to them immediately. Banks and other firms had asked authorities to show some tolerance on reporting obligations for mismatches between central registers’ entries and the information they receive…

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LATEST: UK’s FCA restricts six unregulated lenders over AML concerns

 Premium

NEWS: Bank of Ireland using AI to scan 2.9m transactions a day for fraud

 Premium

ANALYSIS: US sanctions push puts European banks back in the firing line as EU looks on

Regulatory Watch News

  • FCA restricts 6 firms following concerns over anti-money laundering controls

    Financial Conduct Authority

    Restrictions have been placed on 6 unregulated lenders, known as Annex 1 firms, after the FCA raised concerns about their anti-money laundering policies, controls and procedures while assessing their applications.
    The restrictions were imposed by the FCA on each firm’s request and limit their ability to take on new customers or do new business with existing customers, including extending existing credit. This action forms part of the FCA’s enhanced oversight of Annex 1 firms. These firms operate in sectors that can present a heightened risk of money laundering and other financial crime and are required to register with the FCA for supervision under the Money Laundering Regulations. They are not authorised or subject to wider FCA regulation.

  • 27 arrests and 248 potential victims identified in action week against labour exploitation

    Europol

    Europol, the European Labour Authority (ELA), and 34 participating countries today announced the results of an action week targeting human trafficking for labour exploitation. The operation, part of an EMPACT action led by Sweden, brought together police, border guards, labour and social security inspectorates, and tax authorities to crack down on exploitative practices in high-risk sectors such as agriculture, construction, cosmetic services, massage parlours, and hospitality.

  • Press Release: AMLA and OLAF strengthen cooperation in the fight against financial crime

    AMLA

      AMLA and the European Anti-Fraud Office (OLAF) have today signed a Working Arrangement to strengthen cooperation and information exchange between the two bodies, supporting their work against money laundering, terrorist financing, fraud and corruption. The Working Arrangement sets out a framework for cooperation and the exchange of operational and strategic information, including criminal patterns, emerging trends, risk indicators and crime prevention methods. These exchanges will help the two bodies identify links between their work and draw on each other’s expertise.

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