Financial

A £1.3bn fraud claim has been filed by 371 investors against HSBC UK Bank for losses caused as a result of their Eclipse Partnerships film investment scheme, which they said they were induced to invest in on "false promises".

Nikhil Rathi joins from the London Stock Exchange and will be paid £455,000 a year

https://www.insuranceage.co.uk/people/7515921/fca-announces-permanent-ceo

The term Artificial Intelligence is nothing but a computer program embedded with aspects of human intelligence i.e the ability to think like human beings. In the upcoming years, AI along with machine learning, data analytics and deep learning would be a major thing across industries. One such industry that has been revolutionized by AI is the financial sector. Amongst the financial sector, AI in banking will become more prominent given the current situations of Covid-19.

https://www.finextra.com/blogposting/18868/banking-industry-affects-due-to-covid-19

Ethereum wallet, popularly known as an ETH Wallet, is under police investigation for cryptocurrency fraud duping south Korean investors of 50 billion won. Approximately, 20,000 of its members, have not withdrawn money for over a year.

https://www.thecoinrepublic.com/2020/06/12/ethereum-wallet-under-investigation-for-a-crypto-fraud-of-50-billion-won/

Syedur Rahman of Rahman Ravelli considers the issues that have been established regarding cryptoassets in litigation – and those that still need to be addressed.

The watchdog says it is working on getting the fake site taken down. The Financial Conduct Authority (FCA) has warned of an attempt to reproduce its Financial Services Register on a non-FCA website.

https://www.insuranceage.co.uk/regulation/7514981/fca-warns-of-financial-services-register-clone

Surrey Police have warned of increasingly common investment fraud after victims lost hundreds of thousands of pounds to scammers last month.

https://www.ftadviser.com/regulation/2020/06/10/police-warn-of-investment-fraudsters-targeting-the-elderly/

Over the past few months, numerous organizations and agencies—including the intergovernmental Financial Action Task Force, UK Financial Conduct Authority, Dubai Financial Services Authority, and U.S. Financial Crimes Enforcement Network—have stressed the need to preserve the integrity and security of the global payments system during and after the pandemic. 

https://www.anticorruptionblog.com/anti-money-laundering/responding-financial-crime-risks-during-covid-19/#disqus_thread

A High Court judge is preparing to oversee a £1.6 billion fight between a high-profile businesswoman and Barclays.

Customers will soon be able to check if the name of the person or company they think they’re paying via online bank transfer matches the actual name on the account, in a measure to thwart bank transfer scams.

https://www.moneyexpert.com/news/banks-introduce-confirmation-of-payee-to-tackle-fraud/