In this episode, panellists discuss the recent work that has been done on illicit company formation activity and transformations to Companies House following legislative changes.

These representatives from the National Economic Crime Centre (NECC), Companies House, and private sector members of the NECC’s public private partnerships share their perspectives on this work, including its relation to Suspicious Activity Reports (SARs).

Please note the figures provided by Companies House

TCSP – Trust or Company Service Providers

SAR – Suspicious Activity Reports

PPP – Public-Private Partnership

BAU – Business As Usual

For a subtitled version of this episode visit: https://youtu.be/58ClkXN7I60

In this episode our panel of legal experts discuss key considerations and challenges facing legal professionals when it comes to anti-money laundering (AML) and suspicious activity reporting. The legal sector covers everything from large global firms down to sole practitioners and our panellists discuss key money laundering threats, risk areas and the indicators which firms and sole practitioners should be looking for.

For the subtitled version of this episode go to: https://youtu.be/FztrHRW0-7U

SRA – Solicitor’s Regulation Authority

MLRO- Money Laundering Reporting Officer

AML – Anti-money laundering

WTW – Willis Towers Watson

FCA – Financial Conduct Authority

CDD – Customer Due Diligence

OFSI – Office of Financial Sanctions Implementation

Further information can be found here:

https://sra.org.uk/aml

https://sra.org/sanctions

https://www.lawscot.org.uk/members/regulation-and-compliance/financial-compliance/anti-money-laundering/

https://www.lawscot.org.uk/news-and-events/law-society-news/aml-thematic-review-of-suspicious-activity-reports/

https://lawsociety.org.uk/topics/anti-money-laundering/

https://wtwco.com/en-gb

In part two of our Illegal Wildlife Trade (IWT) episode, our panellists discuss the impact on economies, biodiversity and legitimate wildlife trade. They also talk about predicate crimes associated with IWT and the importance of international co-operation, such as that garnered during Project Anton, in tackling it.

Information regarding the Statement of Principles, announced by the Prince of Wales at the United for Wildlife Global Summit in November, can be found here: https://unitedforwildlife.org/news/international-statement-of-principles-announced

For the subtitled version of this episode go to: https://youtu.be/aLQzDjlxApg

In part one of our episode on the Illegal Wildlife Trade (IWT), we are joined by panellists from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and the UK’s National Wildlife Crime unit (NWCU). Our panellists discuss the roles of their organisations and outline the differing threats between their respective countries, but highlight the similar typologies used by serious organised crime groups.

Reporters can access key messages and information on IWT related SARs using the following link: https://fintrac-canafe.canada.ca/intel/operation/oai-wildlife-eng

For the subtitled version of this episode go to: https://youtu.be/TRM4kvKaypQ?si=C6USuBOOJ-bbTCPz

In this episode, panellists from accountancy sector supervisory bodies discuss Anti-Money Laundering (AML) compliance within the sector. This includes specific cases where a firm may have AML concerns during Know Your Customer (KYC) and Suspicious Activity Report (SAR) practices. The panellists use their extensive knowledge to provide their perspectives on the sector as a whole and specifics relating to their areas of focus, from large accountancy firms to individual bookkeepers. There is also information on opportunities for firms to approach the UKFIU’s Reporter Engagement Team (RET) to improve internal understanding of SARs submission.

For the subtitled version of this episode go to: https://youtu.be/D0xYmNQsylA

Panellists:

Tim Pinkney, Director of Professional Standards, Institute of Financial Accountants (IFA) [formerly Head of Practice Standards]

Michelle Giddings, Head of AML and Operations, Professional Standards, Institute of Chartered Accountants in England and Wales (ICAEW)

Jody Newman, Head of Compliance and Professional Standards, Institute of Accountants and Bookkeepers (IAB)

Acronyms used in this podcast:

PBS: Professional Body Supervisors

AASG: Accountancy AML Supervisors Group

Regs: Regulations

POCA: Proceeds of Crime Act (2002)

KYC: Know Your Customer

CDD: Customer Due Diligence

Time Stamps

00:40 Introduction

01:34 Tim (IFA) intro

02:30 Michelle (ICAEW) intro

03:54 Jody (IAB) intro

05:17 key money laundering threats and red flags

10:32 SAR submission numbers in the accountancy sector

15:27 When turning away a client due to AML or KYC concerns

17:55 Biggest challenges firms face with AML compliance and SARs

23:37 Firm opportunities to engage with the UKFIU.

24:34 Final key messages

27:48 Outro

In this episode, panellists from the National Crime Agency (NCA) and National Economic Crime Centre (NECC) discuss the issue of money mules, including key indicators of money muling, types of money mules and strategies used to recruit potential money mules.

For the subtitled version of this episode go to: https://youtu.be/bTSKvCIYq90

Acronyms used in this podcast:

SARs: Suspicious Activity Reports

Time Stamps:

00:11 Introduction

01:09 Money muling explanation

02:27 Money mule account explanation

04:19 How big a problem is money muling and how much is laundered via this?

06:28 Types of money mule account holders

09:31 How are money mules recruited?

11:08 The demographics of money mules

12:49 The difficulty in disrupting money muling

15:13 Key money mule indicators for SAR reporters to watch out for

18:34 Closing statement

In this episode, panellists from the National Crime Agency (NCA) and UAE Financial Intelligence Unit (UAEFIU) discuss the nature of MSBs and exchange houses in the UK and UAE, the risks of money laundering associated with both sectors, patterns of criminality, how this type of financial service has changed and why there is still a need for them in an increasingly cashless world.

For the subtitled version of this episode go to: https://youtu.be/zSHK63hIugU

Acronyms used in this podcast:

MSB: Money service bureau or money service business

SME: Subject-matter expert

SARs: Suspicious Activity Reports

AML: Anti-money laundering

CFT: Combatting financing of terrorism, or CTF (counter-terrorist

STR: Suspicious Transaction Report

HOSSP: A report published by the Financial Action Task force

IVTF: Informal value transfer system

IBAN: International bank account number

EMI: Electronic Money Institutions

Time Stamps

00:07 Introduction

00:55 MSB’s explanation

03:05 Hawala explanation

04:12 How does this differ to an exchange house within the UAE?

04:51 What steps have been taken to identify financial crime through suspicious activity reporting in the UK?

06:16 What steps have been taken to identify financial crime through suspicious activity reporting in the UAE?

09:45 What are some of the key areas of concerns regarding these areas of financial services?

11:50 What concerns does the UAE have around Hawala type services?

12:30 Patterns of criminality associated with MSBs in the UK

14:32 Patterns of criminality associated with Exchange Houses in the UAE

19:12 Why is there a need for MSBs or Exchange Houses in an increasingly cashless world? Do the benefits to customers outweigh the challenges to law enforcement or regulators?

22:38 Conclusion

We continue our series of podcasts focused on fraud. In this podcast we will be looking at fraud intensification. In 2022 the National Economic Crime Centre (NECC)  with assistance from the City of London Police, implemented a period of intensification of activity across law enforcement.  There were a number of objectives of this intensification: to increase public confidence that law enforcement is committed to tackling fraud offending in the UK; to act as a deterrent through the promoting of successful initiatives to arrest or interview under caution suspects of fraud; to seize the proceeds of fraud and repatriate money to victims; and to increase confidence across government in law enforcements commitment to tackling fraud. 

To explain this work further, we hear from Oliver Little, the Deputy Head of Operations in the NECC on what is ‘intensification’ in this context and how does it apply to work aimed at combatting fraud.

This is the second podcast of a special series of UKFIU podcasts focused on fraud.

00:00 Introduction

01:41 Explaining fraud intensification

02:55 How much victims lose annually as a result of this criminality

04:19 Who are the partners in this intensifications work and how exactly do you all work together

05:43 What the intensification of fraud activity actually entails and what was the outcome of this intensification period

07:49 How has the anti-fraud message been delivered to the general public

09:24 Intensification work planned for 2023

11:22 Conclusion

Fraud Communications

Fraud accounts for over 40% of all crime and recent statistics have shown that 1 in 15 people are a victim of fraud. To facilitate a coordinated response to tackling this, a framework has been developed by key partners, based on insight from across various sectors, to create a streamlined, comprehensive approach.  It is hoped that by having a consistent and comprehensive response to fraud, the public will be empowered to protect themselves and to act appropriately if they are targeted. To explain what this all means, we speak with Jessica Kenny, a Strategic Engagement Manager in the National Crime Agency.

This is the first of a special series of UKFIU podcasts focused on fraud.

00:00 Introduction

01:29 Explaining the fraud communications toolkit

04:40 Core behaviours

08:01 The need for consistent fraud messaging

09:34 Methods of communication

12:46 Who is the toolkit aimed at?

13:50 Promoting behavioural change

16: 50 Conclusion

As the number of choices available to banking customers in the UK has grown to include non-traditional platforms, the pool of institutions that regularly report SARs has expanded and diversified. Terms such as ‘challenger bank’, ‘digital bank’, ‘FinTech’, ‘e-wallet’, ‘e-money’ and ‘cryptocurrency exchange’ are now commonplace within the SARs regime and the terminology used to discuss these reporters can be crucial to understanding the different services that they offer.

In this podcast, we chat with Mike Venn, the Group Head of Risk and Compliance with Modulr to try and get a better understanding of this area.

00:00 Introduction

01:23 Modulr introduction

03:21 Emerging, mobile-based firms

05:44 Clarification of services offered

07:11 Know Your Customer (KYC)

09:45 Identifying suspicious activity

12:05 Interaction with the UKFIU

14:03 Conclusion

Resources mentioned in this podcast

UKFIU pages on the NCA website:

https://nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-illicit-finance/suspicious-activity-reports

https://nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-illicit-finance/ukfiu

SARs In Action magazine issue 18:

https://nationalcrimeagency.gov.uk/who-we-are/publications/625-sars-in-action-december-2022/file