Financial

A mandatory 24-hour delay on all first-time payments from one bank account to another would cut mounting fraud in finance, Members of the UK Parliament said in a report on Friday (Nov. 1st).

https://eutoday.net/news/business-economy/2019/uk-parliament-report

A new voluntary code to reimburse UK customers who fall victim to authorised push payment (APP) fraud should be made compulsory and applied retropectively, says the Treasury Committee. MPs have also called for a 24-hour delay on a subset of Faster Payments transactions to give people the chance to consider if they are being defrauded.

https://www.finextra.com/newsarticle/34687/mps-call-for-backdated-app-fraud-reimbursements-and-faster-payments-delays

The Serious Fraud Office will confiscate a former City trader's self-invested personal pension to compensate the victims of a £32m Ponzi scheme.

The number of under-21s being recruited by criminals to launder money has nearly doubled in the past two years according to new figures from Barclays, with university students being actively targeted by criminals as they start the new academic year.

https://businessnewswales.com/barclays-warning-to-university-students-as-number-of-under-21s-recruited-as-money-mules-nearly-doubles/

Born Abraham Gottheimer in Dublin in 1831, Albert Grant set up the Mercantile Discount Company in 1859, which failed two years later. In 1864 he set up a brokerage house, Crédit Foncier and Mobilier of England, which he used to promote various companies that he helped float on the stock exchange. By 1865 he was rich enough to own a large mansion in Surrey, get elected to parliament as MP for Kidderminster and buy Leicester Square as a gift to the public. He was also created an Italian baron in 1868.

https://moneyweek.com/516721/great-frauds-in-history-albert-grant/#.XbXhLyRBeXk.twitter

Speech by Christopher Woolard, Executive Director of Strategy and Competition at the FCA, delivered at the City of London / Cicero event on Future of Regulation.

The EU and the Financial Action Task Force (FATF) view Cryptoasset activity as presenting significant anti-money laundering and counter terrorist financing (AML) risks which they are seeking to address at an international level.

https://gowlingwlg.com/en/insights-resources/articles/2019/who-will-pay-the-costs-of-cryptoasset-regulation/#.XbLPQUPTmy4.twitter

Speech by Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the FCA, delivered at the Royal United Services Institute, London.

Former Barclays trader Peter Johnson pleaded guilty to manipulating the US Dollar Libor in October 2014.

When it comes to financial fraud, the banking sector is always playing catch-up with the increasing sophistication of criminals.