Rosalind Butterworth 白善玫, MSc’s Post

https://lnkd.in/g86BTpc4 This is a great idea. While it is of paramount important to ensure that sufficient AML checks are taking place, since the attack on Ukraine in particular, it has become increasingly difficult for small businesses to open bank accounts. This has caused significant problems. So anything that speeds us this process should be welcomed. #AML #business #finance

📢 Another AML-related "biggie" drops! Today, the Financial Conduct Authority announced that it has fined Starling Bank £29m (after a discount) for weaknesses related to financial crime prevention. The Financial Times reports that the regulatory found the bank's systems and controls to be "shockingly lax". Commercial growth was not accompanied by growth in the bank's defences. Furthermore, the FCA found that the bank had continued to onboard high-risk customers in breach of a voluntary requirement ("VREQ"). We've been here before... For more, see below 👇 #aml #compliance #regulation #financialcrime #sanctions https://lnkd.in/dFWi28Qn

Morning all! Fincrime news here: 1) 18 arrested in Europol crackdown on money-laundering-as-a-service. A Lithuanian fintech had been set up which authorities shut down in 2022. The financial institution continued to offer consultancy services online, providing money laundering across a web of shell companies. Around 2bn EUR had been laundered through the network, stemming from various criminal activities. One user was a tax consultant who helped 72 of his clients get govt grants fraudulently. Eurojust https://lnkd.in/eajXNaK6 2) UK banks closed 140,000 small business bank accounts last year, with a significant number being closed because of risk appetite, financial crime concerns, or incomplete due diligence checks Financial Times https://lnkd.in/e8yM4TkF 3) Business associate of Roman Abramovich loses legal appeal against sanctions The Guardian https://lnkd.in/eaHXnfRQ

Any professional in the financial sector, especially the ones with direct dealing with clients need to exercise professionalism at all time. Do not expect to just abide by the rules and regulation to regulate our own daily activity. We should self regulate. For the razor thin fees or charges we impose on the clients for rendering our services, they are never enough to compensate for any negligence of ours. Hence, in this report, the former Citibank staff that either blindly or knowingly submitted the forged documents about the source of funds was likely penalised for it. None of us can afford a reputational risk of such, be it the institution or personal. This particular money laundering case was well publicised for its magnitude and complexity. There will be more, or even larger and more complex ones to happen. Let's all be vigilant and not get involved in them. https://lnkd.in/dzifqnwz

always important to remain vigilant

📰𝗪𝗵𝘆 𝗧𝗗 𝗕𝗮𝗻𝗸 𝗜𝘀 𝗔𝘁 𝗧𝗵𝗲 𝗖𝗲𝗻𝘁𝗲𝗿 𝗢𝗳 𝗔 𝗠𝗼𝗻𝗲𝘆 𝗟𝗮𝘂𝗻𝗱𝗲𝗿𝗶𝗻𝗴 𝗦𝗰𝗮𝗻𝗱𝗮𝗹? TD Bank has pled guilty to violating the Bank Secrecy Act and will pay $3 billion in penalties for its role in facilitating money laundering schemes. The settlement mandates a major restructuring of the bank’s AML compliance programs and cooperation with ongoing investigations into its employees. This case highlights the persistent challenges of enforcing AML laws in large financial institutions. Despite past penalties, like HSBC's $1.9 billion fine in 2012, accountability for individual bankers remains uncertain. #Banking #MoneyLaundering #AMLCompliance #FinancialCrime #BankSecrecyAct #TDSettlement #CorporateAccountability #WhiteCollarCrime #Fintech https://lnkd.in/eGarCfVn

The #FCA has published an update on its continuing efforts to reduce and prevent financial crime. The report summarises four focus areas for the next 18 months - namely data and technology, further collaboration, consumer awareness, and measuring effectiveness and sets out suggested actions for firms. You can access PwC UK experts Ben Luddington, Alex West and Laura Talvitie’s ‘At a Glance’ response to the report and its implications, here: https://lnkd.in/e8J6fKR7  #FinCrime # regulation #banking #payments #DigitalAssets

Customers of a #payment card issued by a #financial entity in #Gżira that was searched by #police in connection with alleged #money laundering say they have been unable to access their funds for several months. A number of #Blackcatcard customers told Times of Malta they have been unable to make #bank transfers using the #SEPA network – a system for transferring funds between #European bank #accounts – since at least February. The card is issued by Papaya Ltd, a company that hit the headlines, also in February, after it emerged the firm was the focal point of a large-scale investigation into an alleged “Russian-Eurasian #criminal network”. #antimoneylaundering #AML #moneylaundering #dirtymoney #CFT #counterterrorismfinancing #financialcrime #financialcrimes #compliance #complianceofficer #duediligence #terroristfinancing #pep #sanctions #audit #FinancialIntelligenceUnits #FIU #SuspiciousActivityReport #cdd #kyc #regulations #CFP #risk #riskmanagement #investigation #monitoring #malta

The UK’s Payment System regulator (PSR) has mandated regulations starting in October 2024 for all UK based banks. The EU directive comes into force late 2024, early 2025. The main reason is to protect against fraud through name and account verification. There will be fines in place for the organisations that are not complying. Will the financial industry make it in time? #APPfraud #Paymentsystemregulator #finance #banks #compliance #financialregulations

According to the FATF and GAFI survey on Money Laundering through Money Remittance and Currency Exchange Providers in 2010: Money remittance providers are utilized throughout the money laundering process, with currency exchanges playing a crucial role during the placement stage. Currency exchanges, often small businesses, are susceptible to takeover by criminals for money laundering purposes. Key indicators of potential misuse of money remittance and currency exchange services include: Use of underground remittance systems, Employment of mules/straw accounts, Mismatch between economic activity, country of origin, or individual and received remittances, Periodic transfers to the same beneficiary or related individuals, Transfers of low amounts over a short period resulting in a significant sum, International transfers to a local beneficiary, Sudden cash inflows followed by outflows through financial instruments, Transaction structuring and changing providers to remain discreet, False information during identification procedures/lack of cooperation. Many cases involve small-value wire transfers, suggesting involvement of highly organized criminal groups, while others involve high-value wire transfers. Money laundering through money remittance is linked to various criminal activities such as fraud, human trafficking/smuggling, drug trafficking, and economic crimes. Identified vulnerabilities in the money remittance and currency exchange sectors involve customers, owners, or agents.