We are delighted to invite all FFE members to the July FFE global typology virtual meet up, and we hope you can join us. 🙌🏻
Presentation by Cifas: Fraud Policy and Reporting Update
We are thrilled to welcome Cifas to our next FFE meet up. Helena Wood, Director of Public Policy & Strategic Engagement, will present on their public policy work including the Cifas Fraud Pledges 2024, and then go on to discuss what the new change of government might mean for fraud policy.
Brian Kinch, Strategic Accounts Director, will then give members an understanding of what Cifas can offer in fincrime compliance, and what is on the horizon for them in terms of supporting member success in fighting financial crime. They will also run through what they are seeking from a fraud reporting perspective from their Fraudscape Annual Report to give an idea of trends.
Presentation by Banking Circle: Money Laundering Typology involving Chinese “Shadow Banking”🕵🏼♀️
We are also excited to welcome Banking Circle to share a typology they recently identified. Lana Babenko-Smith, AML Intelligence & Investigations Lead and Tania Rodriguez, Senior AML Intelligence & Investigations Analyst, will talk through the typology involving Italian, Portuguese and Bulgarian entities, sending an unusually large volume of EUR payments to Virtual IBANs held by Chinese companies. Companies at both ends of the payment were found to be potential shell companies. Based on the findings, it is suspected that Chinese "shadow banking" may be involved in potentially facilitating the laundering of fraud proceeds. Their presentation will cover the typology, how it was identified and what actions we took to mitigate the risk.
Presentation by Monzo: Typology involving Invoice Factoring Fraud 🚩
In addition, we are pleased to include Monzo, to share a typology involving invoice factoring fraud targeting multiple banks via a small organised crime ring. Aisling Twomey, Senior Fincrime Manager, Business Banking, will discuss that as a smaller business bank with no invoice financing or factoring products, seeing a factoring fraud was difficult for their operations staff to spot. Aisling will share some information about financing and factoring products, and detail how the group used pyramid-scheme like approaches to steal and then launder the proceeds of crime, including a rundown of the red flags that should have raised alarms even if the underlying fraud wasn't fully understood.
To register, please follow the link in the invite email sent to you, visit the FFE Slack, or reach out to our team.
Please note that if you can’t attend the live session, you will be able to register to watch the replay (subject to speaker’s approval).