Ashu Sharma (CFE, CCEP-I, CFCS)

🚨 Crime Intelligence Summary: OSINT Insights 🚨 November's OSINT (Open Source Intelligence) summary is now available, offering a concise summary of crime data for Soho and Westminster. 🕵️‍♂️📊 🔍 What’s inside: Breakdown of crime patterns 💥 Key hot spots and high-risk areas 🚔 Advice on how to stay safe this festive season🎄 Spotlight on a particular trend 🚨 Intelligence-driven insights to help businesses stay ahead 📈 In a dynamic landscape, staying informed is critical. Let's stay ahead of the curve and use data-driven insights to make smarter decisions. 💡 #OSINT #CrimeAnalysis #SecurityIntelligence #PublicSafety #DataDriven #RiskManagement #Cybersecurity #OpenSourceIntelligence

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The Financial Conduct Authority has published a speech by Andrea Bowe (Director of the Specialist Directorate) outlining next steps for tackling #fraud and #financialcrime. The speech notes: 👉 The importance of partnership and the role of the FCA in helping to reduce financial crime, working collaboratively on the Economic Crime Plan and the wider Fraud Strategy. 👉The fast-evolving nature of fraud typologies and the development of emerging technologies 👉A 2023 fraud tech sprint to test tactical cross agency collaboration within regulatory, intelligence and law enforcement agencies. 👉Working with industry, by providing more guidance on how to tackle financial crime and sharing information on threats identified. 👉The Home Office Global Fraud Summit communiqué setting out an agreed global framework to tackle fraud. 👉Working with international partners, including the International Organisation of Securities Commissions (IOSCO). 👉That technology is transforming cross-border fraud and money-laundering detection, with cyber and identity fraud increasing in scale, sophistication and impact, as artificial intelligence (#AI) becomes more widespread. Access the full speech here - https://pimfa.cc/MHpPu

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On November 12, the UK Financial Conduct Authority (FCA) imposed a £16,675,200 fine on Metro Bank PLC for failing to adequately monitor transactions for money laundering risks between June 2016 and December 2020. Key Failings: - Metro’s automated transaction monitoring system, introduced in June 2016, failed to monitor transactions occurring on the same day accounts were opened or before account records were updated. - Concerns raised by junior staff in 2017 and 2018 did not lead to timely identification or resolution of the issue. - A fix implemented in July 2019 lacked a mechanism to ensure consistent monitoring until December 2020. Impact: Over 60 million transactions, valued at £51 billion, were inadequately monitored for money laundering risks during this period. FCA Statement: Therese Chambers, joint executive director of enforcement and market oversight, emphasized that Metro’s prolonged failings posed significant risks to the integrity of the financial system. Corrective Actions: Metro Bank has since implemented measures to address these deficiencies and strengthen its financial crime controls. Read more here - https://lnkd.in/g6mxfrTc For more updates on regulatory enforcement and financial compliance, follow Global Regulatory Insights. #MetroBank #FCA #FinancialCrime #MoneyLaundering #Compliance #GRI

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On 6 November 2024, the UK government published its long-awaited Guidance for the new offence of failure to prevent fraud (FTP Fraud Offence), which will come into force on 1 September 2025. The FTP Fraud Offence was introduced via the Economic Crime and Corporate Transparency Act 2023 (ECCTA) and represents the latest tool in UK law-enforcement armoury as part of the government’s continuing efforts to improve fraud prevention procedures and establish an anti-fraud culture within UK business activities. The UK’s Serious Fraud Office has stated that it is “looking forward to using it to penalise large organisations who should be doing better”. #GTLondon's White Collar Crime team, Rebecca Meads, Alex Swan, Gavin Costelloe, Greta Barkle, Helen Sotillo and Christina Papanastasiou consider the new Guidance and what it means for your organisation. Read the full article here: https://buff.ly/4fVJWtA #GTAlert #WhiteCollarCrime #FTPFraudOffence

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🆕 The UK’s Economic Crime and Corporate Transparency Act 2023 (“ECCTA”) makes various changes in the law relating to economic and financial crime. The official Guidance on the new offence of “failure to prevent fraud” has now been published. Companies which have not already put anti-fraud procedures in place now have under 10 months in which to do so. ➡ To learn more about the new procedures, read the latest Law-Now article: https://lnkd.in/dUHNsn6G Eoin O'Shea | Kitty St Aubyn | Amy Wilkinson | Alex Danchenko | Sally Clark #CMSlaw #fraud #corporatecrime #whitecollarcrime

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Want to learn more about financial crime prevention? Have you read the latest National Strategic Assessment 2024 (NSA) released by the National Crime Agency (NCA)? If not, read our latest blog summarising the NSA 2024 here - What Firms Need To Know: The National Strategic Assessment 2024 of Serious and Organised Crime - https://lnkd.in/eicCB9rX

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Key Regulatory Updates from the FSCA and FIC: Strengthening Compliance: Key Regulatory Updates from the FSCA and FIC The Financial Intelligence Centre (FIC) and the Financial Sector Conduct Authority (FSCA) have introduced new compliance measures, including a reduction in the Ultimate Beneficial Ownership (UBO) threshold to 5%. These changes will impact businesses across South Africa, requiring closer scrutiny of ownership structures and enhanced due diligence. Additionally, the new draft guidelines on Targeted Financial Sanctions (TFS) are now open for comment, setting higher standards for businesses to identify and report suspicious transactions. Learn more about how these changes affect your business and ensure compliance in today’s regulatory environment. 🔗 https://lnkd.in/d4CiECvk #FinancialCompliance #FSCA #FIC #UBO #CorporateTransparency #FinancialRegulation #TFS #AML #KYC #SouthAfricaFinance #RegulatoryUpdates #BusinessGovernance

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Welcome to Weekly Words of Wisdom by Stephen (Steve) Hancock FICA Dip (AML), Director and Co-Founder of AML Analytics. This week Steve looks into Europol's research, decoding the EU's most threatening criminal networks! #Europol #WeeklyWordsOfWisdom #OrganisedCrime #FinancialThreat #MoneyLaundering #RealEstateTransactions #Exploitation #EuropolResearch #MakingEuropeSafer #FinancialIntimidation

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The Financial Action Task Force (FATF) have published a consultation on its Money Laundering (ML) National Risk Assessment (NRA) guidance update to make it more effective and comprehensive - https://pimfa.cc/xDpeQ The FATF will finalise the draft NRA Guidance following consideration of the views received before its proposal for adoption at the FATF October 2024 Plenary. Responses are due by 18:00 (CET) on 22 July 2024. The 14 survey questions can be accessed here - https://pimfa.cc/HLkYY Firms with any queries are invited to email FATF prior to the 22 July deadline: [email protected] #moneylaundering #financialcrime #financialservices

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🚨 REPORT: The UK's National Crime Agency (#NCA) led an international operation, "Operation Destabilise," disrupting #Russian money laundering networks linked to global crime. https://lnkd.in/dXFe89tf BREAKDOWN: - Arrests & Seizures: 84 arrests made, over £20M ($25.4M) in cash and crypto seized. - Networks Involved: Smart and TGR, based in Moscow's Federation Tower, facilitated laundering for drug cartels, cybercriminals, and Russian elites evading sanctions. - U.S. Actions: OFAC sanctioned 5 individuals and 4 entities tied to TGR, highlighting their role in using stablecoins to bypass sanctions. - Espionage & Crime: Smart network used for Russian spy funding; networks linked to the Kinahan crime syndicate and ransomware operations. - Operational Impact: The UK was a key hub, witnessing direct handovers of cash for crypto, aiding crime reinvestment. - Leadership: Ekaterina Zhdanova (Smart) and George Rossi (TGR) were central figures, with Zhdanova sanctioned for laundering ransomware payments. This operation significantly impacted the networks, showing the interconnected nature of international crime and the use of digital currencies in illicit finance. #OperationDestabilise #CrimeDisruption #MoneyLaundering #Cryptocurrency #News via The Hacker News

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Non-Compliance Case Study: Financial Crime Controls Starling Bank Limited – (Starling) Notice Date: 27 September 2024 Penalty: £28,959,426 Reason: Whilst Starling underwent exponential business growth it was not able to scale its financial crime controls. Despite a voluntary agreement to improve its policies and procedures, it failed to adequately monitor compliance with this. Regulatory Reference: Section 206 of the Financial Services and Markets Act 2000. Key Issues: Any requirement imposed by the FCA, even voluntary ones, are imperative to be complied with to avoid sanctions. When Starling agreed to improve its already lacking monitoring of Financial Crime risk and AML considerations, then consequently doing so insufficiently, this made them subject to serious non-compliance. Resultant of their inability to manage scale as well as failing to consistently monitor the conduct of their policies and procedures. Source: Final Notice 2024: Starling Bank Limited Read the Full article with proposed solutions here: https://lnkd.in/e_pFd_VS #FCA #Compliance #Compliancemanagement #RegTech #FinTech #ComplyPortal #Halloween #Non-Compliance #FCAnotices #FinancialSanctions #FinancialCrime

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💡On 23rd September 2024, the Financial Conduct Authority (FCA) revealed that none of the 25 Professional Body Supervisors (PBS) under its supervision were fully effective in Anti-Money Laundering (AML) controls. PBSs are organisations that oversee and regulate professionals in specific industries, such as accountants and lawyers. They are, in essence, watchdogs for their respective professions, ensuring firms under their supervision adhere to AML regulations. Notable PBS which fell short of FCA’s expectations include the Solicitors Regulation Authority and the Institute of Chartered Accountants in England and Wales. Click here to read more 👉 https://lnkd.in/eXy85SJe #AML #FCA #Complyport #FinancialServices #RegulatoryCompliance #Compliance #Regulations #PBS #AntiMoneyLaundering

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The UK government has unveiled guidance on the new corporate offence of "failure to prevent fraud," effective 1 September 2025 under the Economic Crime and Corporate Transparency Act 2023 (ECCTA). This regulation targets economic crime, urging organisations to bolster compliance and accountability. Key points include: ◾ Who’s impacted ◾Liability ◾Defence Principles ◾Penalties Learn more in our latest legal insights! #oraclesolicitors #legalinsights #failuretopreventfraud #ukguidance #corporatelaw #riskassessment

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A corporate crime investigation can have a devastating effect on a company, and the individuals involved. It has the potential to affect share price, reputation and the day to day business of the corporation. Investigations can be carried out by a number of government investigatory agencies including the SFO, NCA, FCA and HMRC. What can prompt a Corporate Investigation? Any company may be subject to an investigation. It could be prompted by issues around: -Regulatory Compliance, -Suspect Criminal Offences e.g -Bribery and corruption, -Fraud, -Money Laundering, -and, or, other reasons. Types of Corporate Crime Investigations: -Market Investigations, -Competition Investigations, -Financial and regulatory investigations, -Tax Investigations. Being prepared and having a strategy in place in case of investigation is important. If you would like to hear more on how Richardson Lissack can offer assistance during a corporate investigation or provide compliance advice, please contact our London or Manchester offices. Click here for more information: https://lnkd.in/ei8pKge7 #corporatecrime #investigations #richardsonlissack

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☠️ The hidden threat within ☠️ - What are your options for handling sensitive internal investigations? In his latest blog Adam Shortall looks at the challenges organisations face in conducting sometimes complex, and often sensitive internal investigations. It's not just the awkwardness or lack of impartiality of colleagues investigating 'their own', there is also the more practical matter of in-house IT teams not always having the requisite forensic capabilities. Adam takes us through your options. 👇 #internalinvestigations #dfir #digitalforensics #cybersecurity #corporateinvestigations https://lnkd.in/ezTGASXR

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📣New Commentary! Effective supervision can be hard to define but the UK is going to need to do just that before its next FATF evaluation, writes Kathryn Westmore. 👉Read the full commentary here: https://bit.ly/3XQfWJg #FATF #AntiMoneyLaundering #TerroristFinancing

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#AML & #Sanctions - Are you unsure if your staff are following your Policies & Procedures? Can you prove it? The SRA is keen on firms having an Independent AML Audit carried out. https://lnkd.in/dQrXiiAF For info. We have helped many firms with this, so feel free to give us a shout. We're also able to do this with Sanctions compliance, to train and to assist with bringing your existing policies into compliance. We also help firms through an SRA AML or Sanctions Audit. #compliance #SRA #moneylaundering

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JFA upbeat following islands MONEYVAL Assessment The Jersey Funds Association has welcomed the latest assessment of Jersey’s capability to combat financial crime undertaken by MONEYVAL.  The findings have further endorsed the high standards Jersey holds itself to as an international finance centre (IFC). The publication of the Fifth Round Mutual Evaluation Report is the culmination of a two-year period of assessment and a peer review process, following a visit by a team from MONEYVAL – The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism – in late 2023. Commenting on the Report, Michael Johnson, Chair of the Jersey Funds Association, said: “It’s particularly pleasing to see Jersey being recognised for the substantive joined-up approach of our finance industry, working in tandem with the Government of Jersey, the Jersey Financial Services Commission and other agencies to form an effective ecosystem offering high levels of confidence to investors. “The Report, which stands as a strong endorsement for the island, notes that in respect of risk understanding and national co-operation and co-ordination, Jersey reaches a level of effectiveness that is among the highest in those jurisdictions assessed.” For more information on this story click here. https://lnkd.in/e9y5Q_ig #jerseyfunds #funds

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