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Chatterbox
A note from the Editor Lee Byrne
Recent events and the rise of the
coronavirus (COVID-19) has had a
significant and tragic impact upon
people and businesses, and the
thoughts of all of us here at the
Academy are with those families
who continue to be affected, or
who have lost loved one to this
awful disease.
It is right that the resources and
attention of the world is focused
on meeting the challenge of
COVID-19, but it’s worth pausing
to reflect upon how these events
will impact upon financial crime
and the financing of terrorism.
The role of a financial crime
compliance professional is to
monitor current affairs, and then
to consider how these events
will impact upon the conduct of
criminals.
At the most basic level, criminals
right now will be frustrated that
they cannot place and comingle
the proceeds of street crime and
sales of illegal drugs in cash-based
businesses that are closed. So,
07/04/2020
Edition 3, Volume 1
Contents
“In Focus” – FATF in 2020
Part One: Crime Awareness
1. Trade-Based Laundering
Part Two: Regulatory
Response
what are they doing with the 2. UK – Economic Crime
cash, and how will these funds Levy
appear when we return to some 3. FCA Supervision reports
semblance of normality and the and updates – AI and Big
businesses reopen? Data
4. MLR 2019
Anticipating the next movement 5. UK Court rulings
of the poacher requires that the 6. Transparency
gamekeepers reset their traps! We International CPI 2019
need to think ahead. 7. Wolfsberg Group –
Effectiveness
Transaction monitoring thresholds 8. USA – 2020 Strategy
that are linked to unusual credit Report
activity and third-party funding
will need to be recalibrated to
look out for excessive flows that Part Three: Enforcement
might indicate activity levels retail Action
commercial and personal accounts 9. 2019 Round Up
that is out of quilter with normal 10. Mr. Green
activity. 11. HMRC
Of course, we also have to monitor
for changes in fraud activity and
those who are most vulnerable
to the brazen attempts by
confidence-tricksters to mislead
and misappropriate personal
savings.
The world has changed and so
must we!