Search Results for: England

AUDITORS have not received a good press in the area of combating financial fraud. Financial disasters involving fraudulent practices include the notorious collapses of Lehman Brothers and the HBOS bank. A New York attorney concluded in 2007 that “EY substantially assisted Lehman Brothers… to engage in a massive accounting fraud”.…

WITH consumers globally becoming ever-more concerned about whether the woolen products they buy, use or wear were made without cruelty to the animals from which this natural fibre was shorn, the wool industry has been working hard to improve its traceability systems.…

New smaller banks competing with established players and other payment service providers (PSPs) are becoming increasingly sophisticated in their use of fintech to addressing anti-money laundering/combating the financing of terrorism (AML/CFT) financial crime compliance.

David Carlisle, an associate fellow at the Royal United Services Institute, told Money Laundering Bulletin that anecdotal evidence suggests that these so-called ‘challenger’ banks and PSPs are increasingly using third-party fintech suppliers to help them address know your customer (KYC) requirements, transaction monitoring, record-keeping and suspicious activity reporting.…

With different forms of fraud skyrocketing, demand for surveillance is not only growing but becoming more diverse, with companies offering services ranging from old-fashioned stakeouts to high-tech detection. A Market Guide for Online Fraud Detection, released in January (2018) by research and advisory firm Gartner Inc, forecasts that the fraud detection and prevention marketplace is expected to grow significantly by 2022.…

AS the USA continues to expand its shale gas production, environmentalists are keeping a close eye on how this increasingly large industry is managing its pollution. For the American sector is huge. The USA produced 16.86 trillion cubic feet of shale gas in 2017, according to the US Energy Information Administration (EIA), accounting for around 62% of all US natural gas production during the year.…

The UK and Australia are poles apart geographically but share the aim of becoming leaders in using or selling hydrogen for energy. The scheduled unveiling in November (2018) of a conceptual design to convert an eighth (8.3 million) of the UK’s population to 100% low-carbon hydrogen gas between 2028 and 2035 matters.…

With lower battery and auto prices boosting the battery electric vehicle (BEV) market in Europe, the race is on to ensure there are enough fast-charging stations to satisfy demand. 

The European Automobile Manufacturers’ Association (ACEA) warned European Union (EU) lawmakers July 5 that plans to force a continent-wide switch to BEVs through swingeing cuts in CO2 emissions caps for manufacturers, was doomed to fail due to the lack of charging points.…

WITH inflexible rules-based transaction monitoring systems built from a range of legacy systems still dominating the anti-money laundering (AML) landscape, excessive numbers of false positives are causing “mayhem” in the financial services sector, Luca Primerano, now chief AI officer at AML solutions provider Fortytwo Data in London, has claimed.…

A SERIES of new counter-fraud initiatives will be funded by a GBP6.1 million government cash injection to the UK’s City of London Police, Britain’s national lead force for economic crime issues. A national taskforce to enhance regional work on fraud investigation will be launched and a campaign to recruit direct entrant fraud detectives – from outside the police service – will help increase skills.…

An amendment to a UK Sanctions and Anti-Money Laundering Bill requires the British government to impose such registers on its OTs by this deadline, if the local administrations have not created their own. The UK currently has the world’s only public beneficial ownership register – but it only covers England, Scotland, Wales and Northern Ireland – see http://ownershiptransparency.com/…