Financial

The Fifth AML Directive is a response to the recent terrorist attacks across the EU and the offshore leaks investigated in the Panama papers. It introduces 4 key changes to the AML regime.

https://www.whitecase.com/sites/whitecase/files/files/download/publications/adoption-of-fifth-anti-money-laundering-directive_0.pdf

The FCA on good practice for how banks should handle the financial crime risks posed by these products

https://www.fca.org.uk/publication/correspondence/dear-ceo-letter-cryptoassets-financial-crime.pdf

A South Korean cryptocurrency exchange said it suffered a “cyberintrusion,” prompting bitcoin prices to fall sharply toward year lows.

https://www.wsj.com/articles/bitcoin-falls-sharply-after-another-cryptocurrency-exchange-is-hacked-1528681094?mod=djemCIO_h

A man and woman were sentenced at Luton Crown Court for laundering money through their bank accounts, in order to help facilitate the operations of four ‘boiler room’ operations.

http://news.cityoflondon.police.uk/r/1051/two_more_people_jailed_for_laundering_money_to_fa

MPs are calling for an investigation into potential criminality regarding the handling by Lloyds Banking Group of a fraud at its HBOS Reading unit more than a decade ago and into the role of auditor KPMG.

http://www.cityam.com/288028/draft-project-lord-turnbull-report-mps-call-serious-fraud

An internal Lloyds Banking Group report written by a former manager at the bank alleges serious misconduct by the lender over the handling and disclosure of a fraud at its HBOS Reading unit.

https://uk.reuters.com/article/us-lloyds-report/report-claims-britains-lloyds-misled-investors-over-hbos-fraud-idUKKBN1JF135

Almost 200 arrested and £25m of scams prevented under initiative

https://www.ft.com/content/32749936-7561-11e8-aa31-31da4279a601

One customer was allowed to deposit £758,000 with the firm with no money laundering or social responsibility checks.

https://www.bbc.co.uk/news/business-44544950

The case is being investigated as part of the City of London Police’s role as national lead force for fraud following a referral from the Financial Conduct Authority.

https://www.thejc.com/news/uk-news/freddy-david-charged-fraud-hbfs-financial-services-1.465594

Fraudsters are using the details of authorised Wolverhampton-based motor broker Car Insurance 4 u, according to a warning from the Financial Conduct Authority (FCA).

https://www.insuranceage.co.uk/broker/3457986/fca-warns-of-broker-clone