fscom News and Events

OFAC Publishes Compliance Guidance on US Sanctions

[fa icon='calendar'] 28-Jun-2019 12:46:00 / by Philip Creed posted in Compliance, fincrime, sanctions, ofac

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For the first time, the US Office of Foreign Assets Control (OFAC) has reached out to provide guidance to firms on creating and maintaining an effective sanctions risk mitigation framework. The guidance is primarily based on the essential criteria which OFAC regards as the tools necessary for firms to achieve their business aims, whilst also mitigating the inherent sanctions risks facing them.

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The Current Role of Transaction Monitoring in AML

[fa icon='calendar'] 05-Apr-2019 07:48:00 / by Eoin Kearns posted in Compliance, Payment services, fincrime, regbite, In the Media

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Regbite: 'Dealing with PEPs and Sanctions'

[fa icon='calendar'] 19-Feb-2019 12:30:00 / by Evan McGookin posted in Compliance, Payment services, fincrime, regbite

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PEPs, Sanctions and Laundromat Scandals...

[fa icon='calendar'] 12-Feb-2019 11:36:57 / by Evan McGookin posted in fincrime, regbite, peps

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Last year saw an unwelcome re-emergence of the so-called ‘laundromat’ scandal; the term, which harks back to the dry-cleaning establishments into which Al Capone and the Chicago mob funnelled their ill-gotten gains, was popularly attributed to a large-scale criminal money laundering scheme (uncovered in 2014) in which $20.8bn was laundered out of Russia through 96 countries and, more recently, to the rapidly developing scandal involving Danske Bank and its Estonian subsidiaries.

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Cryptoassets and FinCrime: Building for the Future

[fa icon='calendar'] 22-Jan-2019 07:45:00 / by Stephen Stewart posted in FINTECH, cryptocurrency, fincrime

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Whether you call them cryptocurrencies, cryptoassets or virtual assets, these tokens and their underlying technology, Distributed Ledger Technology (DLT), remain at the forefront of regulators thoughts, often operating in an unregulated or semi-regulated world which sits somewhere between a land of opportunity and the wild wild west.

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Happy New Year, welcome to the new world of REP017 fraud reporting

[fa icon='calendar'] 08-Jan-2019 16:32:16 / by Philip Creed posted in Compliance Audit, PSD2, fincrime

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Under PSD2, all payment services providers, including credit card providers, money remitters and e-money issuers, account information service providers (AISP) and payment initiation service providers (PISP) are required to file reports in relation to confirmed fraudulent activity, known as the REP017 report. 

The REP017 report provides the means for firms through Gabriel to provide the FCA with statistical data on fraud related to different means of payment which in turn is  aggregated  and shared with the European Banking Authority and European Central Bank.

The first submission for REP017 is scheduled for 31st January 2019 covering the period from the 13th January 2018 to 31st December 2018. For this period, the FCA have published an interim REP017 report to be completed.

This blog aims to give a high-level overview of who REP017 applies to, what transactions it captures and how the data on fraudulent transactions need to be categorised.

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fscom Welcomes New Addition to Fincrime Team

[fa icon='calendar'] 12-Dec-2018 12:12:51 / by fscom Team posted in Appointments, careers, fincrime

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fscom is delighted to announce its appointment of Tony Brown as our new Senior Manager in Financial Crime.

Tony brings with him over 15 years of financial services experience to the team specialising in Anti-Money Laundering and Financial Crime Prevention.

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fscom warns of increasing sophistication of FinCrime

[fa icon='calendar'] 25-Oct-2018 08:00:00 / by Philip Creed posted in Compliance, fincrime, report

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