Tag: Financial Crime

November 16, 2023

The bank says that it “received confirmation of its position on the FCA’s watchlist for financial crime compliance” on 6 June, and that the action related to the “ongoing management of financial crime risk” within its back book and online […]

August 1, 2022

Long gone are the days of going into a branch for our everyday banking needs, with everything from online banking and buy now, pay later (BNPL) services to cashless and contactless payments soaring in popularity. Last year alone, 93% of […]

February 9, 2022

While analysing past behaviour might be successful in catching certain serial offenders, criminals that want to launder money anticipate this way of working and typically will not stick to a pattern. Still, anti-money laundering (AML) and fraud systems are designed […]

October 25, 2021

A PwC report found that almost half – 47% – of companies surveyed experienced fraud in the past two years. That comes with a huge price tag: a total of $42 billion. And financial fraud seems to have only gotten […]

September 15, 2021

While this sounds great on the surface – who doesn’t want access to more sophisticated knowledge, after all? – it presents serious challenges as well. One of these challenges comes in the form of identity verification. Public access to media […]

December 28, 2020

Some hefty penalties have hit headlines this year, punishing a range of indiscretions including market manipulation and money laundering. Here are the largest regulatory penalties announced this year. 10. Commerzbank fined £37.8 million by FCA for AML failings The UK’s […]

December 24, 2020

The reviews, undertaken by Dame Elizabeth Gloster and Raj Parker respectively, assessed the FCA’s actions, policies and approach when regulating LCF between April 2014 and January 2019. The FCA has accepted the nine recommendations addressed solely to the FCA in […]

September 16, 2020

According to UK Finance, its members reported 15,000 cases between January and June 2020. Criminals raked in more than £58 million using the technique. Impersonation scams occur when a victim pays a criminal claiming to be from a trusted organisation. […]

September 9, 2020

Rachel Woolley, global director of Financial Crime at Fenergo, tells FinTech Futures that penalties have come “fast and furious” over the past few years. Fenergo data shows that fines against financial institutions through July 2020 have reached $5.6 billion. The […]

July 9, 2020

New York state regulators says the bank had suffered “significant compliance failures”, processing hundreds of transactions for the late financier. Those included payments to Russian models and $800,000 in “suspicious” cash withdrawals. Deutsche Bank says it “deeply” regretted its relationship […]

September 9, 2016

Fake it until you make it… unless you get caught. Employees at Wells Fargo have been found guilty of creating millions of fake bank accounts and credit card numbers over the past five years, as an unsubtle attempt to boost […]