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UK Publishes Review of Anti-Money Laundering Regime
Date: June 24, 2022
LONDON (Reuters) – Britain’s finance ministry published on Friday a review of the country’s anti-money laundering rules and its system for countering the financing of terrorism, part of a broader push by the government to crack down on economic crime. “This review has made clear that some of our most powerful levers for change are...
AI – the Hidden Weapon in the Battle Against Financial Crime
Date: June 22, 2022
By Neil Murphy, Global Channels Chief, ABBYY Fraud is a million-pound problem with one in fifteen people falling victim every year, making it one of the most common crimes in the UK. To combat financial crime, the industry has been investing heavily in its security system, fraud prevention initiatives and technology. However, the financial criminals are continuously...
Britain’s Markets Watchdog Fines Insurance Broker Jlt Specialty $10 Million
Date: June 22, 2022
(Reuters) – Britain’s Financial Conduct Authority on Wednesday fined insurance broker JLT Specialty 7.9 million pounds ($9.66 million) for financial crime control failings, which in one instance allowed bribery of more than $3 million to take place. The watchdog found that JLT Specialty, which is based in Britain, failed to manage its business and risks...
Ransomware Is Rife – Are Cryptocurrencies to Blame?
Date: June 21, 2022
By Charl van der Walt, Head of Security Research, Orange Cyberdefense It seems that hardly a day goes by without the issue of ‘ransomware’ hitting the headlines. In recent years there have been a number of incidents, one of the most high profile of which saw up to 1,500 businesses around the world impacted by...
Use of Airline Passenger Data Must Be Limited, Top EU Court Says
Date: June 21, 2022
By Foo Yun Chee BRUSSELS (Reuters) -EU states may only gather the airline passenger data strictly necessary to combat serious crime and terrorism, Europe’s top court said on Tuesday, and banned the use of machine learning to harvest the data. The Passenger Name Record Directive (PNR), adopted in 2016, allows police and justice officials to...
Identity Is Key in the Fight Against Social Media Scams
Date: June 14, 2022
Scams on social media platforms like Instagram are soaring. While legislation and awareness campaigns are helpful, a proper process for verifying identities is what’s really needed, argues Martin Wilson, CEO of Digital Identity Net. UK high street lender Lloyds Bank has been forced to issue a series of warnings to clients about potential social media scams after...