Posted in Financial Crime

Republic of Ireland Threat Assessment 2021 by FCN - Premium

The Ireland Threat Assessment by Financial Crime News for 2021 is now published. Ireland is rated overall "Moderate" Risk scoring 58/100 for Financial Crime Risk and "Low to Moderate" Threats at 62/100 and "Moderate" Responses" at 54/100. For access to Premium content contact the Editor FCN.
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Posted in Financial Crime

Financial Crime Investigations – Insights from working with Financial Crime Experts – Interview with Chris Brannigan

Financial Crime Investigations – Insights from working with Financial Crime Experts – Interview with Chris Brannigan.

Chris Brannigan is the CEO of Caspian, a Nasdaq Development Partner. In this interview with Financial Crime News, we explored new findings published in a research paper, which provides unique insights into how financial crime experts investigate alerts, and what this should tell financial crime leaders about the future of such investigations.

The research is not theoretical but has been generated from work carried out in Tier 1 Banking. By sharing the broader findings from the deployment of machine learning technology, where financial crime subject matter expertise has been leveraged, Chris’ team are providing a feedback loop back to financial crime SME’s everywhere to support a virtuous circle of continuous learning.

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Posted in Financial Crime

US AML ACT 2020 – 50 Years on from the BSA 1970 – Privacy Takeaways

As the US enacts new laws (AML Act 2020 passed as an amendment to the National Defense Authorization Act for 2021 and after beating a Presidential Veto) to impose record keeping and reporting requirements on so called shell companies incorporated in the US, many have hailed this as one of the most important AML developments for years and long overdue.

For others it still doesn’t go far enough, for example many companies are excluded, the reporting will not be public, and reporting institutions are only entitled to access this information with consent. 

According to reports, compromises were made, to among others, the US Chamber of Commerce, that then dropped their long held objections after privacy concerns were met. 

This is not the first time that complaints about the extension of AML laws and the effect on privacy rights have been a big part of the AML debate, indeed it is likely to become ever more THE debate.

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Posted in Financial Crime

Information Sharing to fight financial crime across Europe should be improving not reducing

As a result of Brexit, and the inability to replicate equivalent rights and obligations in the EU UK Agreement signed on 24th December, 2020 the people and the citizens of Europe will be less safe in 2021, and law enforcement will be less able to access highly useful information that was available to prevent access and to identify and prosecute criminals and seize illicit funds and assets. Nevertheless UK Home Secretary Pritti Patel believes the deal is a good one for the UK despite the loss of information, with the UK in her opinion being “more secure through firmer and fairer border controls.”

FATF President Marcus Pleyer, and Executive Secretary David Lewis have focussed minds at the G20 and at the G7 recently that it is their responsibility to fully implement agreed standards and that information sharing both domestically and across borders are integral to improving effectiveness in the fight against financial crime.

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Posted in Financial Crime

Insights into Effectiveness by Leading US Financial Crime Fighters & Industry Groups

The U.S. Financial Crimes Enforcement Network (FinCEN) has proposed new regulations to “re-examine the BSA regulatory framework and the broader AML regime”.  Each financial institution would be newly required to create and maintain an “effective and reasonably designed” anti-money laundering program. The purpose of the proposed amendments, according to FinCEN, is “to further clarify that such a program assesses and manages risk as informed by a financial institution’s risk assessment, including consideration of anti-money laundering priorities to be issued by FinCEN consistent with the proposed amendments; provides for compliance with Bank Secrecy Act requirements; and provides for the reporting of information with a high degree of usefulness to government authorities.” Modernisation of the regulatory system is meant to address “the evolving threats of illicit finance, and provide financial institutions with greater flexibility in the allocation of resources, resulting in the enhanced effectiveness and efficiency of anti-money laundering programs.

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Posted in Financial Crime

Burkina Faso Country Threat Assessment by FCN – Summary

The Country Threat Assessment for Burkina Faso is now available. For a Country Summary See HERE: BUrkina Faso Summary Pbd

See Extract Copy Below:

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Posted in Financial Crime

Detecting the Financing of Domestic Terrorism

Since 9/11 no foreign terrorist organization has completed an attack in the United States, however many attacks have been carried out by domestic terrorists. In terms of the number of people killed, the largest attacks were at a nightclub in Orlando, Florida (49 dead), a community centre in San Bernardino, California (14 dead), a military base in Fort Hood, Texas (13 dead), a Pittsburg, PA synagogue (11 dead), a church in Charleston, South Carolina (9 dead), and a store in El Paso, Texas (23 dead). Foreign terrorists inspired the individuals responsible for the attacks in Orlando, San Bernardino and Fort Hood, but these individuals operated independently, so the events are considered homegrown rather than foreign terrorist attacks by the FBI. The terrorists at the Pittsburg synagogue, Charleston church and at the store in El Paso were motivated by racism and are therefore classified by the FBI as domestic terrorists.  

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Posted in Financial Crime

Behind the FinCEN Files

The unauthorised disclosure of a single SAR in the US carries civil and criminal penalties, which include up to five years in prison and a US$250,000 fine. Natalie Edwards, a former FinCEN employee, thought to be responsible for releasing 2,500 confidential documents and more than 2,100 SAR’s that were likely of the highest value was arrested in October 2018 and had pleaded guilty to one count of unauthorised disclosure of SAR data, with sentencing expected this week but now pushed back to January, 2021. Edwards,  a senior adviser to the Head of the Intelligence Division at FinCEN, who had high security clearances, and made US$160,000 a year, leaked a treasure trove of information to a Buzzfeed journalist, Jason Leopold, who with Anthony Cormier and others, published articles based on confidential information disclosed by Edwards from October 2017.

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Posted in Financial Crime

Seychelles Country Threat Assessment by FCN – Summary

The Short Form “Country Threat Assessment for Seychelles” is available to Read/Download. Click HERE: Seychelles Summary 2020 Pbd 2

The Long Form “Country Threat Assessment for Seychelles is now available. Click HERE.

Extract from the Short Form “Summary” Country Threat Assessment for Seychelles is set out below.

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Posted in Financial Crime

Ghana Country Threat Assessment by FCN – Summary

The Short Form “Country Threat Assessment for Ghana” is now available, including. CLICK HERE: Ghana Summary 2020 Pbd 4

For Extracts see below.

A Long Form “Deep Dive” Country Threat Assessment is available. Click HERE.

These materials are copyright of Financial Crime News/Metriqa Limited and should not be used for commercial purposes without a license. For details contact the Editor, Financial Crime News.

Detailed information collection and compilation by Hannah Cusack. 

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