Financial Crime

29th January 2018

US Treasury official urges regulation of cryptocurrencies

AP News – A senior U.S. Treasury official touring Asia has urged banks and financial regulators in the region and elsewhere to do more to tighten oversight of booming trading in bitcoin and other cryptocurrencies. Sigal Mandelker, the Treasury undersecretary for terrorism and financial intelligence, said Friday… Read More

22nd January 2018

Australia’s financial regulator wants to go undercover on dark web

The corporate watchdog wants new powers for its investigators to go undercover to combat financial crime on the dark web. The Australian Securities and Investment Commission has said it needs more investigatory powers because the increasing use of the dark web and virtual currencies such as bitcoin has… Read More

7th December 2017

Artificial intelligence and financial crime: machines can’t replace humans – British regulator

KYC360 News The use of artificial intelligence (AI) in bank compliance departments can be highly effective, however it has limitations and remains a work in progress, according to Rob Gruppetta, head of financial crime at the UK’s Financial Conduct Authority. Generally there has been a sharp interest in AI in… Read More

9th November 2017

Economic crime under the spotlight at OECD Forum

More than 200 global economic crime experts have identified key areas for international action following the Fifth OECD Forum on Tax and Crime, in London. In a week dominated by media coverage of offshore issues, the forum brought experts on tax, customs, anti-corruption, anti-money laundering,… Read More

23rd October 2017

Nigeria: Vice president calls for action against corporate secrecy

Vice President Yemi Osinbajo has again called for an intensified global action against vices associated with corporate secrecy stating that “breaking the wall of secret corporate ownership is an existential matter.’’ Speaking at the opening of the Extractive Industries Transparency Initiative (EITI) Beneficial Ownership Conference today in Jakarta, Prof. Osinbajo… Read More

23rd August 2017

China’s top prosecutor to intensify crackdown on financial crimes

China’s top prosecutor said on Tuesday it will intensify a crackdown on financial crime, and would step up punishment and efforts to prevent risks to safeguard financial security. The Supreme People’s Procuratorate said China would strictly crack down on any crimes that seriously damaged financial security and that destroyed financial… Read More

22nd August 2017

South African leader endorses Financial Sector Regulation Act

President Jacob Zuma signed the Financial Sector Regulation Act, 2017 into law, the Presidency said on Monday. “The Act establishes two new financial sector regulators, the Financial Sector Conduct Authority and the Prudential Authority with jurisdiction over all financial institutions, and to provide them with a range of supervisory… Read More

A guide to Spoofing – regulatory developments and the case of Coscia

In this Of Counsel article, Greg Brandman and Shibani Kapur of Eversheds’ Financial Services, Disputes & Investigations group consider the US and UK definitions of spoofing, review the relevant enforcement outcomes including the landmark decision in Coscia (relevant to both sides of the Atlantic) and provide some key points to note for firms arising from an analysis of these enforcement actions and incoming regulation at the European level. Read More

Companies at Risk of Three Traps When it Comes to Illegal Activity

World Finance speaks to Stephen Platt, author of Criminal Capital, about what traps legitimate companies can fall into when it comes to illegal activity Read More

Financial Crime Compliance (Chapter 4 of 4): Utilities

In the final chapter of this four part series, Brian Caplen, editor of The Banker, discusses financial crime compliance with Tom Scampion, global risk analytics leader, Deloitte and Luc Meurant who is head of banking, markets and compliance services at SWIFT. Read More