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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
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
Valuable fraud prevention tips from Brookdale Senior Living
This organization which provides some very good fraud prevention tips for seniors in the article by Nicole Pajer is the largest operator of senior housing in the United States. It is readily apparent they are concerned about seeing some of their seniors’ become victims of fraud so are trying to
KYC/AML compliance obligations are ongoing
This LinkedIn post is a timely reminder that KYC/AML compliance is ongoing and does not stop once you have onboarded a new client/member. Life changes and new development and events can have implications on what a financial institution customer needs to do (e.g., retirement, divorce). In doing periodic reviews, the
Threshold rules help financial institutions protect customers
Not enough is said about setting thresholds to protect customers from being defrauded. They do and should exist but often not public knowledge as internal to the operations of a financial institution. One that did become known was based on an inquiry to Bank of America staff about rules around
Need to ask questions to do your due diligence
Good work by Kevin Irikefe on putting together a guide with a number of excellent questions to better understand the customer and get to the heart of what risk may be lurking behind a transaction and irregular activity that could signal fraud is being carried out. Kelvin Irikefe – CAMS,