Financial

A group of fraudsters conned £1 million out of their victims when they pretended to be wine brokers.

On 17 April 2019, the Financial Conduct Authority (FCA) published its Business Plan for 2019/20

Scam victims are to be reimbursed in full by TSB, which today becomes the first bank in Britain to offer a fraud refund guarantee. Telegraph Money has long called for banks to take action on a crime that has quickly become an epidemic.

https://www.telegraph.co.uk/money/consumer-affairs/tsb-first-bank-issue-refund-guarantee-fraud-victims/?WT.mc_id=tmg_share_tw

Recent research points to an increase in financial crime as criminals take advantage of access to billions of compromised data records for sophisticated application fraud attacks targeted at financial institutions.

https://www.finextra.com/blogposting/17086/preventing-financial-crime-and-delivering-seamless-customer-onboarding---can-you-accomplish-both

Two traders have been jailed after being convicted of conspiring to rig the Euribor global interest rate.

Former Managing Director at Barclays, Colin Bermingham, has been convicted of manipulating the Euro Interbank Offered Rate (EURIBOR) at the height of the financial crisis following an investigation and prosecution brought by the Serious Fraud Office.

https://www.sfo.gov.uk/2019/03/28/fourth-senior-banker-convicted-of-fraud-in-sfos-euribor-manipulation-case/

Sweden’s Economic Crime Authority (EBM) widened its Swedbank investigation to include suspected fraud following a raid on Wednesday on the Swedish bank’s headquarters in an inquiry into its handling of money laundering allegations.

https://uk.reuters.com/article/us-europe-moneylaundering-swedbank/swedish-authorities-widen-swedbank-inquiry-to-include-suspected-fraud-idUKKCN1R82A5

Fugitive billionaire jeweller Nirav Modi was denied bail in a London court on Friday, following his arrest last week on charges over his alleged involvement in a $2 billion (1.5 billion pounds) fraud at India’s state-run Punjab National Bank.

https://uk.reuters.com/article/uk-punjab-natl-bank-fraud-fugitive/london-court-told-of-death-threat-as-denies-indian-billionaire-bail-idUKKCN1RA1Y5

Most professional bodies for accountants and lawyers in Britain are failing to ensure that members do all they can to help in the fight against money laundering, a senior regulator said on Tuesday.

https://www.reuters.com/article/britain-moneylaundering-regulator/uk-watchdog-hits-out-at-accountants-lawyers-over-anti-money-laundering-idUSL8N20Z3NC

The finance industry prevented £1.66 billion of unauthorised fraud during 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, according to the latest report, Fraud the Facts 2019, from UK Finance

https://www.finextra.com/pressarticle/77774/criminals-stole-12-billion-from-uk-bank-accounts-in-2018