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Call To Action
Draft write-up to initiate action in the House of Commons to bring in legislation that will do much more to protect our vulnerable and targeted seniors from being defrauded A petition to the House of Commons in April 2023 to protect seniors in particular from losing their lifetime savings and
Transaction monitoring essential to solid AML framework
This LinkedIn post provides a good explanation and rationale behind what financial institutions need to understand and assess. As well, it delves into using the right AML tools to identify and detect unusual customer behavior patterns. Renu Gangwani Head of Compliance | ACAMS Certified | MLRO for ADGM/FSRA & Ministry
KYC key to understanding customers and preventing fraud
This LinkedIn post is a good reminder of how important KYC is in a financial institution’s prime responsibility to execute and follow an effective financial compliance regime. Do you understand your customers? What stage are they at in their financial journey and requirements to support current and future needs? Saraswathi
Consumer fraud is a global scourge affecting countries like the UK
More scams are coming out of the woodwork in the UK with purchase ones rising significantly. This Express article below also digs into and explores what the top ten scams are in the UK. Despite the UK taking a lead internationally in reimbursing its financial consumers on Authorized Push Payments
Bank Dive reports that AMEX is fined $350 million for AML failures
A high-profile US company American Express was just fined $350 million for failures within its anti-money laundering programs. Bank Dive says there will be more to come. This is a very serious charge by The Office of the Comptroller and Currency and the Federal Reserve Board as “significant deficiencies” were
TD Bank insider charged for laundering millions of dollars
TD Bank made major headlines in the US in 2024 because of being charged for failing to prevent money laundering and monitoring millions of transactions over a number of years. Another former TD Bank employee has been charged. In this case, it is for accepting bribes and laundering millions of
Asking questions is key to preventing consumer financial fraud
As this LinkedIn AML Compliance poster explains, preventing fraud by documenting everything is not the only step you need to do. It’s about understanding the customer, assessing risk, validating information, and identifying potential financial-crime risks. Ask the right questions and the financial institution will usher in better financial crime control. His
Underfunding compliance requirements can lead to major fines
This short LinkedIn post is a reminder to financial institutions operating in the US and potentially other countries where enforcement is not as strong or expensive, that they need to be supporting compliance obligations. This includes committing to and putting the effort and resources into training frontline staff to look
This triangle is one to avoid at all cost
This financial crime and fraud investigator provides an interesting perspective on why good people can commit fraud from the inside of a financial institution. In saying that, he expounds on the need for a robust fraud risk management framework including “creating channels for early reporting and whistleblowing.” There are key
Never give up on helping fraud victims survive
We need to do much more to protect consumers from becoming exploited and victims of financial fraud. It appears this conference may be the first to focus specifically on victims/survivors of fraud. Hopefully the success of the Kansas City United Against Deception conference will lead to positive reforms, so a