Tag: Fraud

Regulatory Watch News

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  FCA decides to ban father and son following fraud and misuse of client money

  Financial Conduct Authority

  July 23, 2026

  In light of the High Court judgment, dated 27 September 2023, the FCA decided that Alec Finch and Robert Finch failed to act with honesty and integrity in their roles at AFL Insurance Brokers Limited (AFL). The father and son misused client money to fund AFL’s business expenses. When they later wanted to sell AFL, the pair made the business appear more financially attractive by creating false financial records to mislead the buyer, as well as their own accountants and auditors. They concealed the misuse of client money and overstated the firm’s financial position, leaving AFL burdened with a significant client money deficit.

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  Frequently asked questions on the reporting package for identifying provisionally eligible entities

  AMLA

  July 23, 2026

  AMLA has published a document answering the questions most frequently raised about the reporting package on the identification of provisionally eligible obliged entities for direct supervision.

  The document is intended to support reporting obliged entities throughout the data collections organised at national level. The FAQ compiles queries received from national financial supervisors, covering the main points of interpretation, operational clarifications and practical implementation issues. It is designed as a working resource for those preparing submissions, helping them report accurately and efficiently.

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  Criminal networks weaponise AI to steal millions from everyday Australians

  Australia Federal Police

  July 23, 2026

  Criminal networks are weaponising artificial intelligence (AI) to help steal millions of dollars from everyday Australians through sophisticated fake investment scams. According to the Joint Policing Cybercrime Coordination Centre (JPC3) - which has launched a national cybercrime awareness campaign called ‘ClickFit: Investment Scams’ - criminals are tapping AI capability to generate fully fake scam ecosystems that include investment platforms, reviews, performance data, landing pages, advertisements and media coverage. So convincing are their efforts at legitimacy building that cases reported to the Queensland Police Service (QPS) include one victim in their twenties who lost more than $160,000 in a single day to a cryptocurrency scam. Another victim from the same state, aged in their sixties, had $100,000-plus stolen by scammers, including from their superannuation.