Financial Crime

ComplyAdvantage – the specialist regtech company active in the compliance industry through data science and machine learning in a bid to neutralise the risk of financial crimes – has just released its ‘2020 Global Compliance Report’. From regtech innovation through to the ever-shifting regulatory landscape,…

HSBC’s Global Trade and Receivables Finance (GTRF) business has deployed an industry-leading anti-money laundering (AML) system and an automated sanctions checking system as part of its ongoing efforts to improve financial crime detection. In what’s an industry first, the new customer surveillance system uses Big…

Cifas, the UK’s leading fraud prevention service, has appointed Mark Courtney as chief product officer. Courtney boasts a wealth of expertise in fraud, identity verification and identity assurance having worked globally across multiple sectors in the space. In his role at Cifas, he’ll work with…

The lengths insurance cheats will go to try to con their insurer are laid bare as the Association of British Insurers (ABI) publishes its annual detected fraud figures. At 460,000, the total number of fraudulent claims and applications detected in 2018 rose by 3% on…

The use of biometrics to speed up airport passenger journeys, innovations in crime prevention and technological advances in the health sector are among the first projects selected to take part in the Information Commissioner’s Office’s (ICO) Sandbox. Other products and services which will be tested and…

What’s it really like to work in the field of risk management? In conjunction with the Institute of Risk Management, Risk Xtra continues its new series of articles running under the banner ‘Tools of the Trade’ in which we ask practising professionals to offer their…

Three Unexplained Wealth Orders (UWOs) have been secured as part of a National Crime Agency (NCA) investigation into London property linked to a politically exposed individual believed to be involved in serious crime. The UWOs, which were obtained at the High Court last week, are…

The Financial Conduct Authority (FCA) has recently fined Standard Chartered Bank (Standard Chartered) the sum of £102,163,200 for Anti-Money Laundering (AML) breaches in two higher risk areas of its business. This is the second largest financial penalty ever imposed by the FCA for AML controls…

Specialist mobile detection technology is being used to detect and seize illegal phones used by prisoners, Justice Secretary David Gauke has revealed. The new technology is the latest weapon in the fight against phone smuggling which can lead to drug-dealing and violence behind bars. The…

Cifas, the UK’s fraud prevention service, has released new figures showing a marked increase in the number of individuals committing insurance fraud with false claims. Between 2017 and 2018, there has been a nationwide increase of 27% in fraudulent insurance claims. The new figures reveal…