Financial

The suspected organised crime group has allegedly laundered millions of pounds through retail banks in the City of London.

http://news.cityoflondon.police.uk/r/1046/eight_people_arrested_as_part_of_a_suspected_mone

A young man from Enfield who allowed his account to be used by fraudsters to transfer funds has was sentenced at Inner London Crown Court, and received a 12 month community order and 280 hours of unpaid work.

https://www.financialfraudaction.org.uk/news/2018/06/06/sentencing-of-26-year-old-money-mules-from-enfield-serves-as-stark-warning/

The Sanctions and Anti-Money Laundering Act 2018 received Royal Assent on 23 May 2018. Prior to this Act the UK's domestic sanctions regimes were confined to terrorism legislation.

http://www.mondaq.com/uk/x/708234/White+Collar+Crime+Fraud/Sanctions+And+AntiMoney+Laundering+Act+2018

The policy development update provides some information on recent and upcoming FCA publications but should not be regarded as comprehensive.

https://www.fca.org.uk/news/policy-development-update

Is the cryptocurrency a big fraud or wise investment?

https://www.standard.co.uk/business/bitcoin-on-trial-is-the-cryptocurrency-a-wise-investment-or-a-fraud-a3851171.html

With UK finance fraud losses standing at £618 million in 2016 (Financial Fraud Action UK), fraud is no laughing matter.

https://www.finextra.com/blogposting/15398/juggling-authentication-techniques-to-prevent-fraud-and-comply-with-gdpr

One month after TSB’s disastrous IT upgrades, customers of the UK bank are falling victim to fraudsters and phishing scams.

https://digit.fyi/tsb-customer-fraud/

TSB’s computer meltdown woes, which saw nearly two million customers locked out of their accounts, show no sign of abating as fraud reports continue to rise and the bank tells some companies that customers whose direct debit payments had failed, were dead.

http://www.thenational.scot/news/16253124.TSB_under_fire_over_telling_companies_customers_were_dead/

Banks and other financial firms have rejected over a million new customers and cut off 370,000 existing ones due to financial crime concerns, Britain’s Financial Conduct Authority said

https://uk.reuters.com/article/uk-britain-banks-cyber/uk-watchdog-tells-banks-to-fight-cybercrime-with-innovative-tech-idUKKCN1IN1BY

Hundreds of technology firms raising money in the fevered market for cryptocurrencies are using deceptive or even fraudulent tactics to lure investors.

https://www.wsj.com/articles/buyer-beware-hundreds-of-bitcoin-wannabes-show-hallmarks-of-fraud-1526573115