29 posts categorised "Financial crime"

28 April 2021 To boldly go - what would PSR's proposals on APP scams really mean for firms? We look at what the Payments Systems Regulator’s radical proposals to address Authorised Push Payment Fraud would mean for financial services firms.

20 January 2021 Cryptoassets and financial crime - Keeping up with the criminals We look at the evolving picture for cryptoassets and financial crime.

11 December 2020 2025 - The Future of Market Abuse Surveillance - Delivering on conduct surveillance Where surveillance should sit across the lines of defence has never been definitively resolved. We explore four emergent trends that could shape future debate.

29 May 2020 AML obligations in the COVID-19 recovery: be flexible, but don’t relax The emerging threats from COVID-19 have resulted in a heightened risk of financial crime across the financial services sector.

20 April 2020 COVID-19: Time to tackle new money laundering and fraud challenges? Many of us are still getting used to self-isolating and social distancing. But unfortunately the money launderers and fraudsters appear to be exploiting this.

31 January 2020 The urgency and opportunity of cryptoasset compliance Cryptoasset businesses have been brought in scope of the Money Laundering Regulations in the UK. This presents both challenges and opportunities.

04 December 2019 Final remarks on risk appetite statements By Sian Herbert. The risk appetite statement should not be considered in isolation but should be considered in the context of the broader financial crime risk management framework.

29 November 2019 How do I use a risk appetite statement? In the fourth blog of this series, Sian Herbert considers how a risk appetite statement can be used to manage and monitor risk within an organisation.

20 November 2019 What is a ‘Risk Appetite Statement’ and why do I need one? By Sian Herbert ‘Financial crime is illegal and I have zero appetite and/or zero tolerance for it’. Over the years I have heard this or...

14 November 2019 What generates financial crime risk? By Sian Herbert A financial services organisation generates financial crime risk (‘inherent risk’) through its business activities: by being in business it is exposed to...

11 November 2019 Why is a financial crime risk appetite statement needed? By Sian Herbert Having a robust financial crime risk appetite statement together with its associated financial crime risk assessment is fundamental to an organisation properly...

02 September 2019 Coming a cropper - Data farms and insurance fraud Amidst other significant enforcement activity, the Information Commissioner’s Office (ICO) recently reported raids on two UK addresses as part of an ongoing investigation, conducted in partnership with the Insurance Fraud Bureau (IFB), into the suspected illegal acquisition and sale of personal data. The suspicion was that high volumes of data farming activity, or vishing, was taking place at these addresses to illegally obtain the personal data of motor accident victims to sell on to solicitors for personal injury insurance claims. In the context of the ongoing fight against insurance fraud, this is an important development. In this blog I highlight three of the most important themes I took away from it.

30 May 2019 How satisfied are banks with their surveillance solutions? By Graham Ure Following on from my previous blog, I wanted to share some further findings from our 2019 Market Abuse Surveillance Survey. In the...

30 April 2019 Reviewing surveillance alerts – is it time for a paradigm shift? By Graham Ure We recently launched the results of our 2019 Market Abuse Surveillance Survey. This follows up on its 2016 predecessor, and focuses on...

13 February 2019 Four steps to a successful financial crime investigation By Christian Butter and Harry Holdstock We often work with our Financial Services clients on internal investigations into allegations of financial crime. And we’re finding...

28 November 2018 Disruption - the new reality In a speech introducing the results of the FCA’s cross-sector survey of technology and cyber resilience, Megan Butler, Executive Director of Supervision, delivered a stark message: firms must be braced for more IT and cyber incidents and do more to address the threats adequately.

24 January 2018 Don’t sleepwalk into a KYC arms race - Part 6: Customer is king By Imran Farooqi Our final blog, and the most important, in the series of why now is the time to opt out of the Know...

17 January 2018 Don’t sleepwalk into a KYC arms race - Part 5: Tick box exercise By Imran Farooqi Welcome to our penultimate blog on why the time has come to opt out of the Know Your Customer (KYC) arms race....

10 January 2018 Don’t sleepwalk into a KYC arms race - Part 4: Keep it simple By Imran Farooqi Welcome back to our fourth blog on why the time has come to opt out of the Know Your Customer (KYC) arms...

13 December 2017 Don’t sleepwalk into a KYC arms race - Part 3: Risk based approach By Imran Farooqi This is the third in our series of blogs looking at why now the time has come to opt-out of the Know...

28 November 2017 Don’t sleepwalk into a KYC arms race By Imran Farooqi Pressure from regulators and fear of getting it wrong have turned Know Your Customer (KYC) into an arms race of ever more...

22 May 2017 KYC: Eight threats and opportunities every asset manager must now confront By Robert Mellor PwC’s Asset Management Tax conference, held in London on 9 May, discussed the burgeoning responsibilities asset managers now face under the know-your-customer...

19 April 2017 What can we learn from the FCA’s business plan? Sarah Isted The Financial Conduct Authority (FCA) has set out its priorities and agenda for 2017/18 in its annual business plan. The regulator continues a...

17 January 2017 The underlying impact of REP-CRIM… The FCA financial crime return (‘REP-CRIM’) came into effect on 31 December 2016. Firms need to be looking at their Management Information (MI) reporting and asking how this can be used and tailored to respond to the 35 REP-CRIM questions on financial crime risk and controls.

21 November 2016 Financial crime risk: Time for a rethink The world of financial crime is extremely active, innovative and dynamic. A threat can come from anywhere – within or outside your organisation. And by definition, the people behind the crimes don’t play by the rules – they just try something and see if it works.

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