Financial

According to Accenture, the worldwide Coronavirus pandemic will have several significant long-term impacts on global payments

Banks could do more to protect and compensate victims of fraud, particularly their most vulnerable customers, the Lending Standards Board (LSB) has found.

https://www.moneyexpert.com/news/banks-not-enough-protect-fraud-victims/

Protecting financial institutions from account takeover (ATO) and cybercrime is essential, says OneSpan in its latest webinar

https://www.fintechmagazine.com/fintech/onespan-how-address-fraud-through-risk-analytics

The jury in the fraud trial of Jonathan Denton – a former partner in the London office of US law firm Locke Lord – has been discharged because of fears of coronavirus.

https://www.cityam.com/jury-discharged-due-to-coronavirus-in-fraud-trial-of-ex-locke-lord-partner-jonathan-denton/

Speed read: The proposal to impose a mandatory duty to report fraud on financial institutions seems like a useful additional data source for law enforcement, but the measure mirrors the pre-existing duty to report money laundering closely. The latter is a well-established compulsory reporting requirement imposed on a wider range of institutions which, if applied properly, might be thought to render the new proposal unnecessary.

https://brightlinelaw.co.uk/duty-to-report-fraud-an-unnecessary-duplication/ 

Alistair Greig, who owned and ran Midas Financial Solutions in Scotland, has been sentenced to 14 years in jail after he was found guilty of a large scale investment fraud.

https://www.ftadviser.com/regulation/2020/04/16/advice-boss-jailed-over-13m-ponzi-scheme/

A financial services director who obtained more than £13 million by fraud after conning investors has been jailed for 14 years.

Our annual Business Plan gives details of the key priorities and the planned specific activities for the next year.

During times of economic upheaval and uncertainty it is natural for businesses to focus their strategic efforts on continuity planning and shoring up resources to weather the storm. Though increased focus on AML and ABC measures may not seem critical at this time, loosening this oversight could cause major issues down the line.

https://www.k2intelligence.com/en/events/pandemics-to-recession-webinar-finding-aml-and-abc-synergies-in-tough-times

Transforming Ultimate Beneficial Ownership (UBO) analysis and continuous customer monitoring capabilities to meet AMLD5 requirements are just two of the main challenges that need to be tackled if banks are to avoid compliance issues in 2020 and beyond.

https://www.synectics-solutions.com/our-thinking/details/webinar-successfully-tackling-the-new-5mld-compliance-challenges