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It's frustrating just how fundamentally stupid some people can be.

In the aftermath of 11 September, 2001, the blame machine was hunting for excuses and part of it rightly fixated on funds transfers and, rightly, fixated on the unlicensed transfer systems which were lumped together under the Farsi name "hawala." Then stupid, ignorant people started trying to sound clever and instead of standing up to them and correcting them, others started to adopt their nonsensical, made up terminology. Now they want to include it in law.

Editorial Staff
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A report by the USA's Federal Bureau of Investigation following the conviction of an ATM skimmer reveals a relatively little-known technique that reduces the prospect of capture of the criminals involved.

Editorial Staff
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Quietly, almost under the counter, the UK's Financial Conduct Authority is preparing itself for life outside the EU with a raft of agreements directly negotiated with regulators around the world.

Editorial Staff
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AVIVA is a conglomerate of dozens of insurance companies, and can trace its lineage back to the 15th Century. So there's not a lot it hasn't seen but the levels of fraudulent claims, up about 10% in the past year, is truly novel as organised crime gangs turn to insurance fraud as a money generator and opportunists try their luck. As lawyers and various social groups argue that the reforms in the justice system to help reduce the attractiveness of such offences are badly thought out, AVIVA says "whiplash fraud remains our biggest concern."

Editorial Staff
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When, in 2006, US "hedge funds" began to have trouble meeting their obligations, honest ones went out of business while others faked accounts and ran Ponzi schemes and the US government largely ignored the warnings that such collapses give.

How should the world interpret the collapse of UK fund manager Strand Capital?

Editorial Staff
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It might seem a bit of a stretch to suggest that Uber, the dating service for those with a car that isn't a taxi and those with a transport need has much to do with FinTech but a long-running battle first in Spain and then in the European Court of Justice makes a landmark decision that affects the provision of so-called "disruptive" technologies and although it's couched in complex legal terms, the opinion represents a victory for common sense - and potentially causes enormous problems in relation to some aspects of passporting. Financial regulators all over the world should take notice: this is how you should view FinTech if you want to avoid systemic problems, says Nigel Morris-Cotterill

Nigel Morris-Cotterill
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When Abdul Aziz Al Ghurair, CEO of Mashreq Bank, told the bank's 50th Anniversary meeting that it would become "the most progressive bank" in the Gulf and would become a "branchless bank" he was the latest in a line of bankers who has said this can happen. But while some internet only banks have been launched, no bank has ever succeeded in closing its branch network. Nigel Morris-Cotterill looks at some examples and says that Britain's Midland Bank developed, 30 years ago, the concepts that are now at the core of the delivery of real-world retail banking.

Nigel Morris-Cotterill
BIScom Subsection: 

It's very clear that, when Britain is outside the EU, there will be changes to the legal and regulatory framework applicable to, amongst other industries, its financial services sector. It is therefore obvious that UK banks must have representation in Frankfurt where the ECB is based. Not only is this not new, it's not even a tiny little threat to the UK financial sector, no matter what the media says.

Editorial Staff
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When the Department of Justice and others settled criminal proceedings against Western Union there were two special features: one, liability was admitted and two "ensure that its agents around the world will adhere to U.S. Regulatory and [counter-money laundering] standards."

Is this doable while remaining profitable or does the settlement mean inevitable de-risking and closing in some markets?

Editorial Staff
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It's bizarre. A press release received today headed "Attorney General Xavier Becerra Announces Settlement With Western Union For Wire Fraud Scams, Encourages Victims to Come Forward" refers to a case that the US Department of Justice announced settled on 19th January this year under the headline "Western Union Admits Anti-Money Laundering and Consumer Fraud Violations, Forfeits USD586 Million in Settlement with Justice Department and Federal Trade Commission." In the DoJ announcement it says that the California settlement is part of the overall deal. However, there is some interesting stuff...

Editorial Staff
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