541 Results from /crime
Retired Member
During and post-Covid 19 the world has been hit by a tsunami of fraud. With the move to electronic money where everyone has their money in digital form, the criminals have realised this has made it easier for them to part you from your money. They don’t need a gun, a knife – just a phone and a computer and they don’t have to come to you. They can ...
07 October 2021 /payments /crime Personal Finance
The FinCEN Files revealed money laundering to be a systemic problem, but the Pandora Papers and the recent resignation by the Financial Action Taskforce (FATF) chief, David Lewis, suggest a much more broken system, where regulators are barely tipping the iceberg in the fight against financial crime. The Papers also reveal a much higher power at pl...
05 October 2021 /regulation /crime Banking Regulations
Jussi Karjalainen CEO at Valtatech
As Australia continues to slip in and out of lockdowns business continuity continues to be tested. While business leaders battle to try and not just survive the pandemic, but thrive, groups of highly sophisticated scammers are seeking to exploit the pandemic and scam businesses out of their hard earned and much needed cash. According to the ACCC’s...
05 October 2021 /security /crime Electronic invoicing
Claus Christensen CEO at Know Your Customer
Historically, the space of individual Know Your Customer (KYC) compliance has always been one step ahead in terms of industry awareness and digitisation trends compared to the connected area of corporate KYC, or “know your business” (KYB) compliance. Hence, to know what’s coming for KYB, it’s worth paying attention to what’s currently happening in...
04 October 2021 /regulation /crime RegTech
John Bertrand MD at Tec 8 Limited
People, who think they are being defrauded, will soon be able to call 159, a new initiative against fraud, supported by a number of banks, telecom and social media firms. The goal would be for 159 to immediately direct the call to the Payer Bank for fraud assessment. Approximately half of the current bank accounts will be covered by this service i...
04 October 2021 /payments /crime Banking Strategy, Digital and Transformation
The disruption and uncertainty created by COVID-19 has slowed business execution across all aspects of businesses. Anti-financial crime and compliance functions are no exception. However, the challenges and pressures of fighting money laundering and other financial crimes have not eased. Instead, the current environment is making the need to drive...
30 September 2021 /crime /covid-19 Financial Services Regulation
Steve Dourdil Business Development at Kerv Collaborate
It seems hard to believe that it was only 10 years ago that the FSA, as it was known back then, removed the mobile phone taping exemption from the call recording rules introduced in March 2009 with COBS 11.8. The initial legislation, designed primarily to tackle market abuse, required capital markets participants to capture and retain all relevant
30 September 2021 /regulation /crime Financial Risk Management
Roy Prayikulam SVP Risk & Fraud Division at INFORM GmbH
For years, financial institutions have been using automated monitoring procedures to make their processes for detecting money laundering and terrorist financing as effective and efficient as possible. However, many of the solutions used still leave much to be desired in terms of effectiveness and efficiency. Silo architectures, a lack of cross-dep...
29 September 2021 /regulation /crime Artificial Intelligence and Financial Services
Simon Gilbert Founder at Elmore
Think of an athlete attempting to beat a ‘personal best’, or someone scaling a mountain. Both are individual challenges. In the business world, we’re now used to hearing about another type of challenge, or more accurately, ‘challengers’. Namely, disruptive start-ups who are turning traditional business models on their heads and taking on industry ...
27 September 2021 /regulation /crime FintechInsuranceMatters
It’s been reported recently that £4m is stolen every day by fraudsters in the UK. That’s a lot of money even by today’s highly inflated standards. Isn’t it time to ask the difficult question - are banks part of the problem? Like the rest of us todays’ criminals/ fraudsters, don’t like cash – it’s not safe. They might get robbed! They want their mo...
24 September 2021 /payments /crime Payments strategies 2015-2020-2030
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