582 Results from /crime
Simon Luke UK Country Manager at First AML
The EU UBO (Ultimate Beneficial Owner) register is a central database that contains information about the beneficial owners of companies and other legal entities within the European Union. It is designed to increase transparency and combat money laundering, terrorist financing, and other financial crimes. Recently, there have been some changes to...
09 May 2023 /regulation /crime
Karin Schreiber Chief Commercial Officer at Sygno
Manually evaluating transaction monitoring models is slow and error-prone, with mistakes resulting in potentially large fines. To avoid this, banks are increasingly turning to automated machine learning. Regulators increasingly expect banks and financial institutions to be able to demonstrate the effectiveness of their transaction monitoring system...
04 May 2023 /regulation /crime Artificial Intelligence and Financial Services
Ivan Heard Global Head of Fraud Solutions at Quantexa
For decades, Companies House has provided frictionless company formation to support the British economy. A job it’s done admirably well; in 2021 the agency saw the highest number of incorporations on record. However, the register has also suffered from data-quality issues and companies being set up to front fraudulent or illicit activities. Recent...
03 May 2023 /regulation /crime Artificial Intelligence and Financial Services
Retired Member
Can you believe it’s been 15 years since the Madoff scandal was uncovered? 15 years since the global financial crash. In fact, it was that incident that signalled the end for Bernie Madoff, the financial sociopath, who – under the guise of being a successful co-founder of the NASDAQ and one of the most successful stockbrokers on Wall Street – cunn...
03 May 2023 /regulation /crime Exposing Financial Crime
Just blink…out with the old ( ChatGPT …yup, almost already) and in with the (not so) new - Generative AI. So what is this Generative AI, really? First, think of it as a combination of Angel and devil's advocate, who is a positive scrutinizer for good reasons. Did you get the picture of having them on each shoulder to steer you in the right directio...
21 April 2023 /crime /predictions Digital Bank Transformation
In today’s digital landscape, there is a significant risk of data breaches, cyber thefts, and other such frauds. Digital transformation has enabled fraudsters to find new lines of attack and exploit vulnerabilities. Fraud has always been a detrimental factor in the business world, particularly in the financial industry, causing fear in users when ...
21 April 2023 /security /crime Blockchain in Banking and Financial Services
Robert Houghton Founder at Insightful Technology
The recent raids by French prosecutors that targeted the Paris offices of five major banks including HSBC and BNP Paribas on suspicion of fiscal fraud is a serious matter, and it’s one that should not be taken lightly. If the authorities have evidence that a bank or its employees have committed a crime, then they should absolutely investigate and h...
19 April 2023 /regulation /crime Banking Regulations
Iain Swaine Director EMEA, Global Advisory at BioCatch
Financial institutions everywhere are still wrangling with the issues of vishing and smishing, the identifiable code words for scam phone calls and text messages. According to the Crime Survey for England and Wales (CSEW), there were an estimated 4.5 million fraud offences in the Telephone-operated Crime Survey year ending March 2022, a 25% increa...
17 April 2023 /identity /crime Financial Services Regulation
Nick Smart Blockchain Intelligence Associate Director at Crystal Blockchain
Though the general principles of financial crime remain largely the same, criminals and other bad actors continue to seek new ways raise, store, move, and spend digital assets. Having an idea of what may come next in the crypto industry is something of a holy grail – yet one that never fails to stop participants from making predictions about what ...
17 April 2023 /identity /crime Blockchain in Banking and Financial Services
Ian Henderson CEO at Kyckr
At the end of 2022, I hosted a podcast alongside Nelson Yiannakou of Revolut about how we as an industry can improve our anti-money laundering processes and better tackle financial crime. Following on from our illuminating discussion, I wanted to share some of my thoughts on the importance of collaboration within the financial sector. The United ...
17 April 2023 /crime Fintech
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