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Introducing this week's newsletter with essential insights on AML, financial crime, and regulatory updates—tailored for your success.
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Starling Bank Fined £29M For ‘Shockingly Lax’ Financial Crime Controls
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Starling Bank has been fined £29m by the City watchdog for “shockingly lax” financial crime controls that “left the financial system wide open to criminals and those subject to sanctions”. The Financial Conduct Authority (FCA) said Starling, one of the UK’s most popular challenger banks, had expanded quickly but “measures to tackle financial crime did not keep pace with its growth”. | | | |
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UBS Fails With Appeals In Court Proceedings
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UBS's requests for the dismissal of the proceedings and suspension pending a decision by the Federal Supreme Court have been denied. On the second day of the appeal trial regarding the Credit Suisse money laundering case connected to the Bulgarian mafia, the Federal Criminal Court in Bellinzona rejected UBS's motions. | | | |
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RBI Asks Gold Loan Companies To Monitor Portfolios After Some Lapses | |
A recent review on adherence to prudential guidelines revealed several deficiencies with regard to loans against pledge of gold ornaments and jewellery, the central bank said in a communication to lenders. The major deficiencies include shortcomings in use of third parties for sourcing and appraisal of loans, valuation of gold without the presence of the.... | | | |
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UK Crypto ATM Operator Pleads Guilty To Fraud, Money Laundering Charges | |
The owner of a crypto ATM in the United Kingdom pleaded guilty to multiple charges related to its business operation, including fraud and money laundering charges. According to a Sept. 30 announcement, Olumide Osunkoya operated at least 11 crypto ATMs across the UK without the required Financial Conduct Authority (FCA) registration, | | | |
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North Korea Removed As Observer From Asia-pacific Anti-Money Laundering Group
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North Korea has been removed as an observer of a regional anti-money laundering group due to its lack of engagement and failure to fulfill obligations, South Korea's foreign ministry said Monday. The unanimous decision was made at the 26th general assembly of the Asia Pacific Group on Money Laundering (APG), held in the United Arab Emirates. | | | |
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UK’s App Fraud Reimbursement Rule Goes Into Effect Monday
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Beginning Monday (Oct. 7), these organizations will be required to reimburse the victims of authorized push payments (APP) up to £85,000 ($111,000). Great Britain’s Payment Systems Regulator (PSR) had called for the reimbursement rules following a surge in APP fraud, which occurs when someone is tricked into sending money from their bank account to a fraudster posing as a legitimate payee. | | | |
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Our mailing address is: weeklydispatch@zigram.tech
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