Financial

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.

Andreas Hauschild was today acquitted of conspiracy to defraud at Southwark Crown Court over the rigging of the Euro Interbank Offered Rate (EURIBOR).

http://www.mondovisione.com/media-and-resources/news/uk-serious-fraud-office-bank-trader-acquitted-in-euribor-trial/#.XSEAARVB1tw.twitter

Dirty money needs laundering if it’s to be of any use – and the UK is the best place in the world to do it.

Great frauds in history: Louis Jay Pearlman