Category: Compliance
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FATF cautions individuals about sophisticated COVID-19 scams
Prince William lends his support to FATF report
Regulatory Watch News
Graeme Biggar CBE appointed Director General of the National Crime Agency
NCA
The Home Secretary has appointed Graeme Biggar CBE as Director General of the National Crime Agency (NCA). Mr Biggar, who has led the NCA on an interim basis since October 2021, during which period the NCA has reported record disruptions against key threats, and targeted an increasing proportion of those criminals causing the most harm. He has now been appointed on a five year term following an open and fair recruitment process. Mr Biggar will lead the Agency’s drive to advance the UK’s fight against serious and organised crime; a national security threat that includes the highest harm and most complex child sexual abuse, people smuggling, cyber crime, illicit finance and drugs and firearms trafficking.
Administrative Measure Publication Notice – Ferratum Bank P.L.C
FIAU
Administrative Penalty of €653,637 The inherent risk was being assessed inadequately. For example, a particular product; low value loans, was risk assessed as ‘low’, despite the elevated financing of terrorism (FT) risks associated with this product. The Bank only took into consideration that this product involved low value funds and that it had a low risk of money laundering (ML). The Bank also failed to consider other important areas such as the urgency to open a bank account and the risk of customers involved in sanctions or linked to adverse information. The geographical connection emanating from the placeof remittance/receipt of funds was also not considered.
AFP seizes 208 kilograms of meth in Sydney
Australia Federal Police
The AFP-led National Anti-Gangs Squad (NAGS) has seized a shipment of more than 200 kilograms of liquid methamphetamine, worth more than $25 million, as part of an ongoing investigation into a transnational organised crime group. Officers from Brisbane NAGS and the AFP’s Eastern Command located the drugs hidden in a shipment of olive oil on a truck in the Sydney suburb of Fairfield on 30 July, 2022. The drugs have an estimated value of $25.8 million, or more than two million street level deals.