Posted in Financial Crime

Global Threat Assessment – by John Cusack – Extract: Introduction, Observations & Recommendations

No-one can dispute the existence of large criminal markets generating huge profits for those involved, but which Criminal markets are the largest, which are the fastest growing and which markets are emerging?

Which Countries generate the most in Criminal proceeds and which Countries are likeliest to launder most, from domestic and foreign financial crime proceeds.

Which money laundering methods are the most popular, and which groups benefit the most?

In this Report, estimates are provided to answer all of these questions and more

To Read the Preface to the Global Risk assessment by Sir Iain Lobban former Head UK’s GCHQ click HERE.

To read / download the full Global Threat Assessment, click HERE, and sign up for FCN Premium.

Continue reading
Continue Reading...
Posted in Financial Crime Premium

Global Threat Assessment – By John Cusack – Available Now to Read / Download - Premium

Global Threat Assessment
by John Cusack
Despite the limitations presented in estimating criminal activity designed to be hidden, the results in the Global Threat Assessment present a bleak picture. Criminal markets are generating more illicit funds than at any other time in our history, with eve...

You need premium membership to view this post. If you are a premium member then please login otherwise register here to access the contents.

Continue Reading...
Posted in Financial Crime

Interview with Stewart McGlynn – Leader of HKMA’s AML Division

In this Interview with the Hong Kong Monetary Authority’s Stewart McGlynn, who leads the Regulators Anti Money Laundering Team, Financial Crime News wanted to know more about HK, the risks and threats, de risking, the recent FATF Report, follow up actions, Regtech, PPP and much more besides. The interview reveals that HK has achieved a lot but also has plans to do more, much of which is exciting and offers the prospects for increased efficiency and effectiveness in fighting financial crime.

FCN: HK is one of the largest and most respected international financial and trading centres, but what attributes do you think are necessary to build and maintain this reputation?

SM: There are several key attributes which overlap to some degree and which can be related directly to anti-money laundering work.

Continue reading
Continue Reading...
Posted in Financial Crime

Interview with Leading Recruiters from Sheffield Haworth on the Fighting Financial Crime Market

In this Interview with Helen Tudor and James Strover of recruiter’s Sheffield Haworth, Financial Crime News wanted to know, whether the FCC market was still in growth mode, whether important changes in the market and in expectations of candidates were noticeable, the effects of machines on staffing levels and roles, the effects of all of these on getting hired, staying hired or getting fired, and much more besides. 

1 – FCN: Is Financial Crime Compliance still in growth mode or have we seen the peak?

HT/JS: Combatting Financial Crime continues to be one of the highest risks facing Financial Institutions, and as a result we have certainly seen significant growth, particularly since the financial crises through the first half of this decade.

Continue reading
Continue Reading...
Posted in Financial Crime Premium

Securities/Markets Based Money Laundering - Premium

This is an extract from FCN’s Global Threat Assessment, coming soon, which can now be pre ordered by contacting Financial Crime News. It is also featured in FCN Issue 3 which is freely available at the end of September, 2019.

In providing guidance in 2018, FATF described Securities Markets as “char...

You need premium membership to view this post. If you are a premium member then please login otherwise register here to access the contents.

Continue Reading...
Posted in Financial Crime

Spotlight on Caspian – Interview with CEO and Founder Chris Brannigan

FI’s face the challenge of monitoring billions of transactions, identifying potential suspicious activity and then handing these cases over to armies of investigators. With a SAR being filed every 30 seconds Financial Crime News met with Caspian CEO and Founder Chris Brannigan to hear how Caspian can help make a difference.

1. FCN: What can you tell us about your company and your products & services?

CB: At Caspian our area of expertise is in the automated investigation of high volume, complex risk alerts for financial service firms with a fully explained human readable decision. So, we are not in the business of generating alerts for suspicious behaviours in KYC, transaction monitoring or due diligence, many other machine learning companies do that already.

Continue reading
Continue Reading...
Posted in Financial Crime

Interview with Sarah Runge

In this Interview, Sarah Runge, formerly of the US Treasury Department, and now with Credit Suisse talks to Financial Crime News, including on how she rates the US Presidency (of FATF), challenges faced in Europe (and elsewhere), AML Reform and her optimism for the future.

FCN – What are you doing now – The fighting financial crime community knows you best in your former roles in the US Government so now you are at Credit Suisse, what does that involve?

SR: I am in a newly created role which dually reports to the Global Head of FCC and Global Head of Regulatory Affairs.  The function is responsible for developing and implementing a centralized and coordinated view of FCC regulatory engagements, developing a consistent communication approach for our interactions with regulators, building a global inventory of relevant FCC regulations, guidance, enforcement actions & industry developments, and ensuring Credit Suisse is engaged in law enforcement and intelligence innovation opportunities.

Continue reading
Continue Reading...
Posted in Financial Crime Fraud

Interview with Graham Hooper OBE

In this Interview, Financial Crime News caught up with Graham Hooper, just after the announcement that he had been awarded an OBE for his services to fighting financial crime. No one deserves such an honour more than Graeme. Graeme talks about what he’s doing now, his role in helping to drive change via Public Private Partnerships, the Convergence of Fraud and Financial Crime, challenges for Heads of FCC as well as his one wish for the future in this space. 

Graham Hooper has over 35 years experience of developing and implementing security and financial crime prevention strategies in both public and private sectors. He retired from Lloyds Banking Group in December 2017 where he was Financial Crime Risk Director and Deputy Group MLRO.

Continue reading
Continue Reading...
Posted in Financial Crime

Interview with Absa’s Nic Swingler

On a recent visit to South Africa, Financial Crime News was delighted to meet with Nic Swingler Head Financial Crime Compliance at Absa Group Limited, who in an interview discussed the fight against financial crime on the African continent and in South Africa in particular. 

FCN: How did you come into your current role?

NS: I am not a Financial Crime “lifer” and this role was not really part of my early career planning!  Previously I was the COO for our Corporate & Investment Bank.  The front line experience I gained over many years as well as direct exposure to products, operations, technology platforms and data were amongst the key attributes required to enable and deliver a high quality risk management capability across Financial Crime Compliance. 

Continue reading
Continue Reading...
Posted in Financial Crime

Assurance – Interview with Natalie Merrylees

FCC Leaders Interview: Assurance & Testing – An Interview with Natalie Merrylees

Financial Crime News sat down with Natalie Merrylees to discuss her thoughts on the purpose, challenges, opportunities and the future of Assurance, as well as the importance of trying to identify “hotspots. weak spots and blindspots,” the use of technology, regulatory expectations and much more besides.

FCN: What is the purpose of Assurance?

NM: Assurance provides a semi independent spotlight to reconfirm whatever needs to stay working, is working, or alternatively, is a whistle to gain attention when problems are Identified or aren’t being fixed. In many organisations right now, this role is one of oversight of the firm’s policies and procedures, working to a defined framework and method, and taking its baseline data from the Firms own risk assessment activity

FCN: What do you mean by Semi-Independent

NM: By Semi Independent I mean, we are part of the second line of defence that provides a programme of ongoing monitoring and testing of both the business’s financial crime controls, some of which are carried out of course in the second line.

Continue reading
Continue Reading...