i-law

Financial Crime

Money Laundering Bulletin

City National Bank pays OCC US$65m, in part for AML control & risk assessment deficiencies

"Unsafe and unsound" practices in strategic and operational risk management, including around anti-money laundering, as well as in investment management, at City National Bank, California, a subsidiary of Royal Bank of Canada, have brought down a fine of UK$65 million from the US Office of the Comptroller of the Currency (OCC).
Online Published Date:  14 Feb 2024
Appeared in issue:  311 - 14 Feb 2024

UN report exhorts Asian governments to act on illicit gaming ML channel

A detailedUNOffice on Drugs & Crime (UNODC) report has calledon governments in east and southeast Asia to proactivelyprevent the growth in illicit gambling services in the region, which are being abused by money launderers.
Online Published Date:  15 Jan 2024
Appeared in issue:  6571 - 23 Apr 2024

Money Laundering Bulletin Twitter Feed

Fraud Intelligence

Analysis finds 148,000 fraudulent social tenancies, while 95,000 families are homeless

Lack of interest in fraud detection and data collection, along with "perverse incentives", have contributed to deplorable and growing levels of social housing fraud in England, according to research. Esther Martin reports.
Online Published Date:  23 Jan 2024
Appeared in issue:  6570 - 22 Apr 2024

Hotspot - AI

While the basic principle of fraud - obtaining property by deception - holds as true today as ever - one resolution for anti-fraud teams in 2024, say Keith Nuthall & Andreia Nogueira, should be assessing the risks posed by accelerations in technology, notably generative artificial intelligence (GenAI). Combined with the general Covid-19-inspired shift towards online living, AI now offers fraudsters new weapons and wider targets for this year and beyond.
Online Published Date:  22 Jan 2024
Appeared in issue:  6570 - 22 Apr 2024

Fraud Intelligence Twitter Feed

Compliance Monitor highlights

Managing ESG risk for financial institutions

With ESG concerns now at the forefront of public and industry agendas, firms that slip up find themselves exposed to potential reputational, stakeholder, litigation and regulatory fallout.
 

 

In for a penny in for a digital pound?

A proposed retail UK central bank digital currency would be a new form of sterling, similar to a digital banknote, issued by the Bank of England for everyday use by households and businesses.


 

What’s ahead for consumer finance?

Once again, 2023 promises to be a year of regulatory change. 

Compliance Monitor Twitter Feed

Financial Crime Search

LLR: Financial Crime

R v ANDREWES

[2023] Lloyd's Rep. FC 35
Confiscation orders - CV fraud - Benefit from particular criminal conduct - Recoverable amount - Disproportionality.

FINANCIAL CONDUCT AUTHORITY v PAPADIMITRAKOPOULOS AND ANOTHER

[2023] Lloyd's Rep. FC 48
Preliminary issue - Financial services - Statutory interpretation of section 9 of the Crime (International Co-Operation) Act 2003 - Use of material obtained through mutual legal assistance - Whether claim should be struck out as an abuse of process.

SERIOUS FRAUD OFFICE v GLENCORE ENERGY UK LTD

[2023] Lloyd's Rep. FC 72
Crime - Corporate offending - Corruption - Guilty plea - Bribery Act - Bribery - Failure to prevent - Sentencing - Compensation - Confiscation - Cooperation.

LLR: Financial Crime Plus

NATIONAL CRIME AGENCY v WESTMINSTER MAGISTRATES' COURT, (INGLISTON MANAGEMENT LTD, LODGE SECURITY TEAM LTD, PETR OLEGOVICH AVEN, INTERESTED PARTIES) R (INGLISTON MANAGEMENT LTD AND LODGE SECURITY TEAM LTD) v WESTMINSTER MAGISTRATES' COURT (NATIONAL CRIME AGENCY, PETR OLEGOVICH AVEN, INTERESTED PARTIES)

[2023] Lloyd's Rep. FC Plus 7
Sanctions - Russian sanctions - Proceeds of Crime Act 2002 - The Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019 No 855) - National Crime Agency - Account Freezing Orders - Ex parte application - Judicial Review - AFO variation - OFSI licenses - Application to set aside AFO.

PJSC NATIONAL BANK TRUST, PJSC BANK OTKRITIE FINANCIAL CORPORATION v BORIS MINTS AND OTHERS

[2023] Lloyd's Rep. FC Plus 8
Sanctions - Russian sanctions - Effect of designation - Licensing - Stay of civil litigation - Ownership and control.

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