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HSBC allowed fraudsters to transfer millions of dollars around the world even after it had learned of their scam, leaked secret files show.
Following a recent Freedom of Information request, the Financial Conduct Authority (FCA) has confirmed that so far in 2020 no criminal prosecutions have been made under the current anti-money laundering (AML) legislation, and that it has discontinued half of its 14 investigations into possible breaches of AML rules in the UK.
The UK’s Financial Conduct Authority (FCA) has reminded firms that compliance departments must keep information requests from the regulator strictly confidential to avoid compromising investigations.
The City watchdog’s failure to provide adequate supervision of firms could be to blame for the increase in scams linked to high-risk investment products, Pimfa has told MPs.
Financial services customers are operating with faster speed and greater agility in the payments space, now more than ever with the incremental volume of card-not-present transactions, accelerated adoption of contactless payments, and new financing options at the point-of-sale, among other key trends.
The Banking Protocol is being expanded to telephone and online banking after preventing victims from losing £116m to fraud since its launch in 2017.
A new three-step verification process has been created by anti-money laundering (AML) specialist SmartSearch.
Victims, including some aged over 100, have been targeted by fraudsters before banks stepped in to prevent big losses.
A woman has been arrested on suspicion of laundering money for a man who ran a network of over 400 properties used by organised crime groups involved in prostitution, cannabis cultivation and illegal immigration.
Two men have been convicted of money laundering for an organised crime network that was defrauding victims of millions of pounds through ‘smishing’.
Midlands Fraud Forum Ltd. Reg.No: 06436330 Copyright © March 2014