Compliance

Jinisha Bhatt is an independent crypto compliance consultant and a human trafficking researcher.

She will speak at The Financial Crime Forum Online on 24 May, 2023.

So, that's done. The Financial Crime Forum for those thinking about joining financial crime risk and compliance and those at an early stage in their careers just wrapped up. Thanks to our speakers and to all those that attended.

You think we are being facetious but we aren't.

Stacey Shaw was the President and Chief Executive Officer of a credit union in a small American town, Beaver, Pennsylvania. It was called The International Brotherhood of Electrical Workers, Local Union 712, Federal Credit Union.

She systematically embezzled funds to the extent that there was so little money left it had to close.

Australia: the Australian Consumer and Competition Commission has issued a public warning notice about the conduct of Postage Ink Pty Limited in relation to the unsolicited supply of labels and ink cartridges and other consumables for postage meters to business customers.

Our sister venture, Financial Crime Risk and Compliance Training, has released a micro-course about Deutsche Bank, the New York Department of Financial Services and Jeffery Epstein.

The case creates a new class of risk for all regulated businesses everywhere in the world. There is an early bird discount.

This morning's crop of overnight spam that made it through the preliminary filters arrived via a contact form relating to this very site. Ordinarily, form spams are either destroyed or reported on, partly because, even using bots, the scams that get through the anti-spam systems on the forms are a cut above the junk that comes in by mail and, often, present new - or at least new to us - threats. This one is carefully crafted, almost as if it's been revised several times to get it right. And, if it were to hit its intended target - investment businesses - it would at least cause a costly waste of time. But only time because, good as it is, it suffers from a significant flaw.

The trouble with looking for transactions ‘consistent’ with ‘known’ patterns ‘indicative’ of child exploitation payments to countries with ‘known’ risks is that countless legitimate payments exhibit similar features, says Dr Ron Pol of AML Assurance and La Trobe University.

Sorry, idiot. If you are going to try to scam us, at least don't make it clear right from the outset that it's a fraud.

Tracing its heritage to 1787 (that's a year, not a time), Raphaels Bank is one of the oldest independent banks in the UK. The bank says "today, we operate as a dynamic, niche savings and lending bank." It also operates "our own ATM Estate" and says it's a "well-established payment services provider." That, it is hard to escape concluding, is that this venerable institution is capitalising on its size and ability to operate in areas more usually associated with secondary institutiond and fintech companies. But for such a tiny business, it comes to the attention of regulators more than is healthy.

On 13 May, the Monetary Authority of Singapore issued its market-segment specific "GUIDELINES ON PREVENTION OF MONEY LAUNDERINGAND COUNTERING THE FINANCING OF TERRORISM-DIRECT GENERAL INSURANCE BUSINESS,REINSURANCE BUSINESS, ANDDIRECT LIFE INSURANCE BUSINESS (ACCIDENT & HEALTH POLICIES)". Here are ten key phrases.

Similar e-mails are being distributed naming businesses that it is common for financial services businesses to deal with. SWIFT and Western Union are the bait for the unwary. HSBC in Dubai makes an appearance, too, to increase the credibility of the scheme.

Every dog has his day and, sometimes, every idiot gets his hands on a computer. Here's an example received at our registered office. Maybe it's not a a scam, but for sure it's not accurately targeted commercial mail, either.

A former financial planner from Melbourne, Australia, has been prosecuted by the regulator the Australian Securities and Investments Commission (ASIC)

This is not about money laundering. It's about how the UK is de-EU-ing law and regulation ready for "exit day." The UK's draft statutory instrument called "The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018" is an object lesson in technical documentation. It has no life of its own and can only be read alongside other UK law and Regulations. It is of extraordinary importance not because of what it does but because of what it demonstrates. This is an indication of the clerical complexity of withdrawing from the EU even when the principles, as they will in relation to the Money Laundering Directives, will remain as now.