Financial

A former managing director of Hertfordshire-based HBFS, well-known to London’s Jewish community, was referred to the crown court by City of London Magistrates

http://jewishnews.timesofisrael.com/freddy-david-faces-crown-court-trial-charged-with-14million-fraud-spanning-15-years/

After Insurance Age saved the day and had a Facebook page operated by fraudsters shut down, Ida Axling questions why the regulator failed.

https://www.insuranceage.co.uk/regulation/3486661/the-blog-spot-the-fca-needs-to-step-up-its-game

Lloyds had agreed to a demand from the Treasury select committee to pass on to it a report on what its current and former bosses knew about the fraud at the HBOS Reading unit.

http://invezz.com/news/equities/31366-Lloyds-share-price-Lender-agrees-to-give-MPs-report-into-HBOS-fraud-

AI is more than just a buzzword in the world of fraud detection and prevention.

https://www.finextra.com/blogposting/15525/treating-fraudsters-to-a-taste-of-ai-medicine

The UK's Financial Conduct Authority is proposing to update its complaint handling rules to help victims of authorised push payment (APP) scams.

https://www.finextra.com/newsarticle/32311/fca-to-update-rule-book-to-accommodate-app-fraud/retail

Convicted boiler room fraudster, Jeffrey Revell-Reade, 53, has had his default prison sentence of 4 years activated by Westminster Magistrates’ Court for failure to pay a £7,535,802 confiscation order.

https://www.sfo.gov.uk/2018/06/27/wolf-of-wimbledon-fraudster-receives-additional-jail-term/

Lloyds Banking Group is facing more pressure over its handling of a fraud at its HBOS Reading business that took place more than a decade ago, with the chair of Britain’s Treasury Committee calling for “maximum transparency” over the affair.

https://uk.reuters.com/article/uk-lloyds-report-lawmakers/british-politicians-step-up-pressure-on-lloyds-bank-over-hbos-fraud-idUKKBN1JM35O

The Banking Protocol, a ground-breaking rapid response scheme, has led to six arrests and prevented £282,210 of attempted fraud in Nottinghamshire.

https://westbridgfordwire.com/over-280000-fraud-prevented-by-new-scheme-in-nottinghamshire/

The Fifth AML Directive is a response to the recent terrorist attacks across the EU and the offshore leaks investigated in the Panama papers. It introduces 4 key changes to the AML regime.

https://www.whitecase.com/sites/whitecase/files/files/download/publications/adoption-of-fifth-anti-money-laundering-directive_0.pdf

The FCA on good practice for how banks should handle the financial crime risks posed by these products

https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cryptoassets-financial-crime.pdf