Financial

Fraudsters are using the details of Alternative Insurance Brokers to trick consumers.

https://www.insuranceage.co.uk/broker/4094471/fca-issues-fresh-clone-broker-warning

On 18 June 2019, the Law Commission published its report on reform of the UK’s anti-money laundering (“AML”) and terrorist financing (”CTF”) regime. The focus of the report is the submission of suspicious activity reports (“SARs”). Despite suggestions over recent years that root and branch reform may be appropriate, it has recommended that the current SARs regime remain in place with some relatively minor refinements aimed at alleviating the practical difficulties faced by institutions.

https://www.ropesgray.com/en/newsroom/alerts/2019/07/Anti-money-laundering-Law-Commission-proposes-reforms-to-the-SARs-regime?utm_source=alert&utm_medium=email&utm_campaign=Anti-money-laundering-Law-Commission-proposes-reforms-to-the-SARs-regime

We’d all be shocked if gangs of robbers were allowed to choose how they should be sentenced. But this government seems determined to pass on responsibility for dealing with economic crime to those who have been implicated in it.

https://labourlist.org/2019/07/this-government-is-putting-banks-in-charge-of-tackling-economic-crime/

The Financial Conduct Authority has been urged to investigate potential criminal activity at banks after allegations emerged this week that some lenders had been forging signatures on repossession documents

https://www.ftadviser.com/mortgages/2019/07/09/fca-urged-to-probe-signature-fraud-at-banks/

The UK’s finance watchdog has said it trebled the size of fines it dished out in the past year, on the back of an increase in fraud cases.

In 2018, the Law Commission launched its consultation on the reform of the suspicious activity report (SAR) regime created by Part 7 of the Proceeds of Crime Act 2002 (POCA), the so-called "SARs regime". The stated aim of the SARs regime is to improve the prevention, detection and prosecution of money laundering and terrorist financing in the UK. It has, however, been recognised for some time that the SARs regime is not fit for purpose and that reforms are necessary in order to ensure that it is effective.

https://www.dentons.com/en/insights/alerts/2019/july/8/the-law-commissions-report-on-reforming-the-sar-regime

Facebook's audacious vision for creating its own global currency is at risk of being shredded on Capitol Hill, where the social media giant's attempt to educate skeptical policymakers is doing anything but calming nerves.

https://www.politico.com/story/2019/07/08/facebook-cryptocurrency-maxine-waters-1571234

MLROs.com Community Response to the Companies House Consultation Document Launched on 05/05/2019

Anti-money laundering (AML) Suspicious Activity Reports (SARs) are of poor quality due to the reliance on manual processes, according to Martina King, chief executive officer of Featurespace.

https://www.bobsguide.com/guide/news/2019/Jul/4/manual-aml-processes-lead-to-poor-quality-sars/#.XSG9vGwvLbo.twitter

A lack of attention to detail means fraud could go unnoticed on 5.4 million bank accounts.