Exposing Financial Crime

Criminals are smart, and detection capabilities need to be smarter and always adapting to stay one step ahead. Time to drive out pointless investigations and finding true malignancies hidden from existing rules and machine learning techniques. Join us for conversations and articles on how to refocus financial crimes investigations into actually stopping crime.

Steve Goddard FME at Featurespace

Why we should shed the stigma of being scammed

Mental health is the latest aspect of our lives that is quite rightly being destigmatised, and next on the list should be being scammed. This isn’t a problem that only faces the old and vulnerable, this is something that can affect us all. It is estimated that in the 12 months prior to 30th September 2020 there were 4.4 million fraud offences in th...

09 May 2022 /retail /crime

Jeremy Annis CEO at Ripjar

The UK Economic Crime Bill and Russia sanctions: Advice for Banks

Following Russia’s invasion of Ukraine, the UK has been quick to join its Western allies in condemning Vladimir Putin’s regime and issuing economic sanctions. These sanctions have been swift, severe and designed to destabilise the country’s economy. In addition to these international moves, the UK government has also made significant progress with...

28 April 2022 /regulation /crime

Kris Jones Head Of Marketing at allpay Limited

Full Time | Blowing The Whistle on Cartel Behaviour

By Victoria Preece, Compliance Director – allpay Limited “Competition law compliance is not always given the attention that it deserves. I would like to see anti-competitive behaviour taken as seriously by UK businesses and boards as the risks around bribery, fraud, health and safety and cybercrime.” Lord David Currie, Chairman, Competition and M...

06 April 2022 /regulation /crime

Andrew Stevens Global banking and financial services specialist at Quadient

HMRC Warning on Scams is Only Half the Problem

This week, we heard the news that HMRC is warning Self Assessment customers to be on their guard after more than 570,000 scams were reported to HMRC last year. The news comes as a wake-up call for those who use the Self Assessment service, but it’s also a grisly sign that the true scale of email, text and call scams is likely much larger than any ...

18 March 2022 /crime

Retired Member 

5 Steps to Managing Sanctions Risk in a Rapidly Changing Geopolitical Landscape

Geopolitical tensions such as at the Russian-Ukrainian border have thrown sanctions risk management challenges into the spotlight in recent months. Foreign policy responses to crises of this kind usually involve a fresh package of sanctions requirements. Sanctions risk management is going to become ever more complicated, as the world takes a step ...

21 February 2022 /regulation /crime

Simon Moss CEO at Symphony AyasdiAI

Looking at AML in the New Era of Money Laundering: Where we’ve been and what’s to come

The United Nations has estimated that between $800 billion and $2 trillion are laundered every year, though it’s almost impossible to know the true amount. In an attempt to deter this crime, we’re seeing fines continue to increase. In 2020, authorities handed out $5.6 billion in money laundering fines – a massive uptick from prior years – and when...

01 December 2021 /crime /predictions

Retired Member 

The three steps in fixing data for the fight against financial crime

The global cost of financial crime compliance is estimated to be $213.9bn, according to Lexis Nexis’ Global Cost of Compliance 2020 report, up from $180.9bn the previous year. And this is expected to grow. The range of risks outlined by the thousand banks that were surveyed were broad, ranging from customer risk profiling and sanctions screening, ...

26 November 2021 /regulation /crime

Retired Member 

The Top 5 Transaction Monitoring Pitfalls and How to Avoid Them

Transaction monitoring is a fundamental part of detecting and preventing your business from being used to facilitate financial crime and terrorism financing. Regulators are increasing their scrutiny on Anti-Money Laundering (AML) control frameworks and the fines issued for failings are increasing year on year. Transaction monitoring is a fundament...

09 November 2021 /regulation /crime

Greg Woolf CEO at Fiverity

In The World of Cyber Fraud, Legacy Solutions Aren't Enough

By combining fraudulent theft with cyber tactics, Synthetic Identity Fraud (SIF) has emerged as the fastest-growing financial crime. How big is the problem? Based on insights from our Cyber Fraud Network, FiVerity estimates losses among U.S. banks grew to $20 billion last year. A key factor in SIF’s growth is its ability to evade traditional fraud...

03 November 2021 /security /crime

Retired Member 

Banks need to understand their data to combat fraud effectively

COVID-19 has led to increased challenges with ensuring a consistent customer experience, but more than that it’s highlighted that new digital channels are making combatting ever changing “scams” harder to detect and manage. The rise in online scams that banks are grappling with is part of a much bigger challenge spanning risk, governance and compl...

29 October 2021 /security /crime