The UKFIU Podcast

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

In this edition we speak with the National Wildlife Crime Unit, examining the illegal wildlife trade (IWT) and how red flags can be potentially identified through Suspicious Activity Reports. IWT is a significant business, long reported as being the fourth largest crime in the world, and believed to generate approximately GBP 15 billion a year.

Episode 9 looks at how the UKFIU works with overseas partners, ensuring that intelligence on money laundering and financial crime is effectively shared with international partners and includes John O’Sullivan (UKFIU International manager) and USA ILO Mike Manley as panellists. Topics discussed are:

·  Demystifying some of the UKFIU international terms used in the SARs Annual Reports

·  Intelligence sharing with global partners

·  An explanation of the ILO network

·  Close working between the UK and US

·  How the ILO network works with the UKFIU

·  Why SARs are so important to the ILO work

·  Why sharing financial intelligence internationally is so important

In this edition we examine virtual assets – what they are, how they work, complexities faced by law enforcement and the role SARs and reporters can play. We hear from the NECC, the National Police Chiefs’ Council cybercrime programme and the reporting sector, and examine the impact of the fifth money laundering directive regulations on SARs regime stakeholders. Note: value based analysis of cryptocurrency/virtual assets referenced in the podcast was accurate at the time of recording.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=5Jjf9JBWllk&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=8

Did you know that SARs are a valuable source of financial information for safeguarding potentially vulnerable members of society? Or that the UKFIU identifies and fast-tracks such SARs to police forces who will, in many cases, arrange visits by local officers to offer advice to prevent fraud or further losses? In this podcast we speak to reporters and law enforcement to learn the value of such fast-tracking and hear the measures they’re taking to help safeguard communities to prevent fraud.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=BJk4VvWxKxs&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=7

In this podcast we chat with Graeme Biggar, Director General of the National Economic Crime Centre (NECC). Graeme discusses: the work and remit of the NECC, particularly with regards to the UKFIU’s position in it; the headline figures from the 2020 SARs Annual Report; plans for the future of the UKFIU and the SARs regime; and how SARs can make a big difference in cutting serious organised crime.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=5d6hl9dbC90&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=6

County Lines describes gangs and organised criminal networks involved in moving illegal drugs across the UK, using dedicated mobile phone lines, and frequently exploiting children and vulnerable adults to move drugs and money.

In this podcast, we look at how Suspicious Activity Reports are being used to tackle this criminality, the UKFIU's work to identify this threat and the work being undertaken by the National County Lines Coordination Centre to enhance the law enforcement response.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=yrhfdeaH0fY&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=5

The fourth in the series of UKFIU podcasts focuses on a specific international project led by the UKFIU alongside the financial intelligence units of Australia and the Philippines. This project focused on online child sexual abuse and exploitation and on the financial flows associated with it.

Panelists in the podcast feature representatives from the UKFIU, the Australian and Philippines FIUs and the NCA’s International Liaison Officer network.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=M4PNKnS-9fk&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=4

In this episode we hear from law enforcement agencies and get their views on what, in their opinion, makes a good quality Suspicious Activity Report (SAR).

We get their thoughts on the value of such financial intelligence and what reporters could be doing to help maximum benefit to law enforcement.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=3fxkdP8M6Z0&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=3

The latest UKFIU podcast looks at modern slavery and human trafficking (MSHT) and the importance of SARs information in this. Reporters are in a unique position to help combat this crime.

Panellists from the UKFIU and the NCA Modern Slavery Human Trafficking Unit discuss what assists law enforcement and helps to safeguard victims.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=A_UV7FNuDXg&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=2