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/financial crime

News and resources on financial crime, including fraud, scams, Anti Money Laundering and Know Your Customer.

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Hawk AI hires HSBC vet Shearer

Hawk AI hires HSBC vet Shearer

German RegTech Hawk AI has brought in HSBC compliance veteran Michael Shearer as chief solution officer.

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Do Kwon requests delay to SEC trial while being held in Montenegro

Do Kwon requests delay to SEC trial while being held in Montenegro

Managing compliance complexity with emerging technologies

Managing compliance complexity with emerging technologies

SEC charges Morgan Stanley and former exec with fraud in block trading business

SEC charges Morgan Stanley and former exec with fraud in block trading business

G20 faster payments roadmap could boost financial crime - report

G20 faster payments roadmap could boost financial crime - report

Finextra's year in review

Finextra's year in review

DoJ cracks down on fraudsters using microtransactions

DoJ cracks down on fraudsters using microtransactions

Symphony and Google launch AI-based JV for phone calls

Symphony and Google launch AI-based JV for phone calls

Do Kwan to be extradited from Montenegro

Do Kwan to be extradited from Montenegro

UK companies backsliding on sanctions screening

UK companies backsliding on sanctions screening

Celsius Network to pay back customers as bankruptcy case concludes

Celsius Network to pay back customers as bankruptcy case concludes

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[Upcoming Webinar] Payment Processors: Find the one you really love[Upcoming Webinar] Payment Processors: Find the one you really love
Financial Crime blogs
Banking  

Data contract flexibility: Benefits and strategies

Nick Green

Nick Green - Purple Patch Broking Ltd - Stratford-Upon-Avon

Banking  

Harnessing the Power of Monetary Oversight to Tackle Sophisticated Financial Fraud

Ken Wan

Ken Wan - SAS - Hong Kong

RegTech  

AML in 2024: Geopolitics, Regulation, and Data

Steve Marshall

Steve Marshall - FinScan - Pennsylvania

Banking Strategy, Digital and Transformation  

Will catching APP fraud be enough for banks?

Aviel Erdis

Aviel Erdis - CheckMate - Tel Aviv-Yafo

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Latest TV
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Managing compliance complexity with emerging technologies

Managing compliance complexity with emerging technologies

At Sibos 2023, David White, Vice President Product, Financial Crime Compliance and Payments, LexisNexis® Risk Solutions, updates us on the areas affected by increased sanction screenings and the technologies organizations are using to address these issues.
The Future of Confirmation of Payee in Europe

The Future of Confirmation of Payee in Europe

At Sibos 2023, Damien Dugauquier, Co-founder & Chief Executive Officer, iPiD, and Alain Raes, Founding Partner & Chief Commercial Officer, iPiD, discuss their recent whitepaper 'The Future of Confirmation of Payee in Europe', covering the payments solutions aimed at combating identity fraud, new European regulations, and the global potential of CoP.
Trade finance – the weakest link?

Trade finance – the weakest link?

At Sibos 2023, David Loeser, Senior Director, Product Strategy at LexisNexis® Risk Solutions, discusses the trade finance gap and the impact of shifting regulations on financial institutions, cargo carriers and insurers. He also shares insights into red flags for potential sanctions violations and trade-based money laundering, plus the transformative power of digitization in bridging the trade finance gap.
Transforming Payments Through Strategic Partnerships

Transforming Payments Through Strategic Partnerships

At Sibos 2023, Michael Mueller, CEO, Form3, and Darren Parslow, Global Head, Visa Commercial Solutions, discuss the industry benefits for strategic partnerships including account-to-account payments, cloud adoption, and fighting against financial crime with risk reduction technologies.
The long read
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Michael Haley

A data-driven response to economic crime in the UK

Michael Haley - CEO, Cifas
Discussion
Will catching APP fraud be enough for banks?
Ketharaman Swaminathan

Ketharaman Swaminathan

  PSR is clearly a Drunk Under Lamp Post regulation triggered by votebank politics. It will be allowed to die a natural death after UK elections are over. Accordingly, PSR's regulatory stance will not be adopted even in UK. Fraud v Scam: Who Is Liable For Cybercrime

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Most Surprising Fraud Scams and What to Expect in 2024
A Finextra Member

A Finextra member

  I disagree with Jonathan Frost - yes there will be further friction within UK faster payments which will impact genuine payments required by consumers. I do not believe this will deter fraudsters from targeting this payment channel as the reimbursement scheme is open to first party fraud. This can occur when a fraud ring controls both ends of the payment.  First party fraud is common in the US with fraudsters abusing the automated clearing house (ACH) reimbursement scheme. As per this articles introduction fraudsters often repackage an "old attack with a new bow" - this is why there are a myriad of tools aimed at mitigating 1st party ACH fraud risk including Plaid. 

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Most Surprising Fraud Scams and What to Expect in 2024
Ketharaman Swaminathan

Ketharaman Swaminathan

  Totally agree with Jonathan Frost, if not many of the others. As I've highlighted before, banks will use mandatory reimbursement as the excuse to delay payments and earn float income under the pretense that they're "carrying out extra due diligence on the authenticity of the payment". And I won't blame them. Forcing banks to reimburse APP Scam victims is Drunk Under Lamp Post regulation and such regs tend to have such Unintended Consequences. 

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G20 faster payments roadmap could boost financial crime - report
Ketharaman Swaminathan

Ketharaman Swaminathan

  A2A solves problems for merchants caused by pro Consumer antifraud provisions in credit card. In other words, fraud / scam is a known feature, not bug, of A2A. Strongly doubt if A2A can adopt the credit card antifraud playbook and still remain attractive to merchants.  Why Don’t UPI / Zelle Provide Fraud Protection?

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Featured
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Sam Bankman-Fried found guilty on seven counts for multi-billion dollar FTX fraud

Sam Bankman-Fried found guilty on seven counts for multi-billion dollar FTX fraud

FCA bemoans lax response to new crypto promotion rules

FCA bemoans lax response to new crypto promotion rules

FCA urges Brits to watch out for loan fee fraud

FCA urges Brits to watch out for loan fee fraud

Spanish banks form fraud fighting JV

Spanish banks form fraud fighting JV

The long read
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Níamh Curran

What is a DDoS attack and what impact do they have on financial services?

Níamh Curran - Senior Reporter - Finextra
Elsewhere...

  1. Proactive Investors

    Santander refunded millions by EY over supposed money-laundering failures

  2. New Money Review

    Dark money concerns over Boris Johnson donor

  3. Raconteur

    Challenger banks challenged on fraud

  4. The Guardian

    Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians

  5. Sydney Morning Herald

    'Integrity' of financial system at stake as $1.3b Westpac fine upheld: Federal Court

The long read
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Níamh Curran

Deepfake fraud: the rising threat in financial crime

Níamh Curran - Senior Reporter - Finextra