Financial

Professional services firms need to take immediate action in order to meet requirements of amended AML regulation, that will come into force on the 10 January 2020.

For WorldFirst, the online security of our customers is our priority. Our Financial Crime team is dedicated to the protection of payments from WorldFirst accounts, not only helping to ensure that the appropriate security is in place at WorldFirst but also offering insight, best practice and guidance to ensure that our customers avoid becoming a victim of fraud.

https://www.worldfirst.com/uk/blog/currency-transfer-news/were-taking-the-fight-to-financial-crime-heres-how/

The suspect, whose identity hadn’t exposed, arrested on 20 Dec. When he arrived in France northern department of calvados, the 37-year-old suspect identified as the entrepreneur who has robbed his former partner of more than one million of bitcoin, this fraud declared as the 3rd biggest fraud of cryptocurrency in the history of France.

https://www.thecoinrepublic.com/bitcoin-worth-1-million-stolen-by-french-man-to-take-revenge/

The largest Denmark’s lender, Danske Bank, has come under another allegation of money laundering as around 60 investors had their lawyers file a complaint for £171.46 million in fraud on Friday. It is the third similar complaint lodged against the Danske Bank. In response, the bank highlighted that it doesn’t have any information regarding the case under discussion and that it plans on defending itself in the court of law.

https://invezz.com/news/equities/danske-bank-to-face-another-lawsuit-of-171-46-million-as-60-investors-allege-the-bank-of-money-laundering/

From 10 January 2020, the FCA will supervise the anti-money laundering (AML) compliance of certain cryptoasset businesses which, for the first time, will be brought within scope of the UK's Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs).

https://www.dentons.com/en/insights/articles/2019/december/20/cryptoasset-businesses-are-you-ready-for-5mld

A RECORD-BREAKING number of transactions are being processed in the run-up to Christmas, alongside which, comes a record number of fraud attempts. Since Black Friday, Royal Bank of Scotland customers have spent £11.8 billion.

https://www.thenational.scot/news/18119957.rbs-tackles-record-number-christmas-fraud-attempts/?ref=twtrec

Russia is affected by severe bomb threats demanding accused Russian businessman, Konstantin Malofeyev to pay back 120 bitcoins.

Last Friday 20 December, the government introduced the Fifth EU Money Laundering Directive (5MLD) into UK law, which brings in new rules around electronic verification for anti-money laundering checks.

https://www.mortgagefinancegazette.com/market-news/fraud/mortgage-market-needs-take-immediate-action-government-enshrines-5th-money-laundering-directive-uk-law-24-12-2019/

Five fraudsters who offered a ‘green' tax efficient investment scheme to wealthy investors in order to steal millions from them have been ordered to pay £20,611,738.

https://www.cps.gov.uk/cps/news/fraudsters-who-stole-millions-wealthy-investors-fake-green-investment-scheme-must-pay-ps20

John Rigas was born in Wellsville, New York, in 1924. He served in the second world war and graduated with a degree in engineering, later buying a cinema in a town in Pennsylvania. In 1952 he bought the local cable television station for $300, naming the new company Adelphia Communications Corporation. By borrowing large sums of money to fund takeovers, Adelphia was able to expand beyond the local area, eventually becoming one of the largest providers in the US of cable television, long distance telephone calls and then later broadband internet.

https://moneyweek.com/519832/great-frauds-in-history-john-rigas-and-adelphia/