seminar - why financial crime compliance and risk management fails    Hong Kong,

   Jakarta,

   London.

 

   June 2019

 

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GlobalKYC.com is crowd-sourced information for the financial crime risk management community.

If Najib wanted a pot of gold at the end of the rainbow he missed it with TRX, the flagship project of Najib's 1MBD scheme.

Two related statements from the IRS and other agencies highlight two specific risks. The first is password security and the second is phishing, etc. scams. By the way, "Summit Partners" (which appears in the statements) isn't a firm - it's someone's idea of a buzzword. Ignore it. It only means "other government agencies." Also, they have one thing dangerously wrong.

FAQ number 84 (kidding). How do I open two Notepad++ files side by side? Read on.... This is how to do it.

Don't say that: 

"Some people are weary of the new ideas"

Do say this: 

"Some people are wary of the new ideas"

There will be some in Formula One who will miss Force India but there will others who won't. It's a name that has close to zero connection with the team and that's been the case for a while, even before the companies behind it collapsed and were rescued by, amongst others, Lawrence Stroll. This week, it was made clear: the misnomer will come off the cars at the first opportunity and Stroll's will, at least to a degree, appear on one of them.

CoNet Section: 

OK, so the headline's a bit click-baity. This is what happened: a pal and I were chatting about Deutsch Bank and he said that he wondered what investigators might find about Trump and his dealings with Russia.

CoNet Section: 

Microsoft's policy of forcing users who have purchased licences for their operating system, Windows, by abandoning support (including security support) has now reached the millions of users who continue to rely on Windows XP and Vista. Now, Mozilla, which produces the very popular Thunderbird e-mail client and upon which many businesses rely, has released its latest version, 60, and announced that it, too, is to abandon users of these widely used operating systems.

CoNet Section: 
Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

Bitcoin

GlobalKYC -Suspicious Wallet Number: 

1HkKgPbcMyfhrdPsbufTFczzVnhyT5snB3

It's almost too convenient: as the USA tries to find support for its push against Iran, the USA has managed to find two men it says were behind major ransomware attacks ranging from 2015 until September 2018. They are Iranian.

Even more bizarre is that some nit at the FBI thinks that a US assistant Attorney General is being original, perhaps even clever, by calling ransomware attacks "21st Century Blackmail." There are some who will be delighted at the news: US President Trump and his pro-Israeli groups have been angling for any persuasion they can to encourage action against Iran by other countries, almost all of which do not line up with the USA. Others will stand back and say "Really?"

CoNet Section: 

There's a company that wants to build something a bit like Ted Talks. They are called SERMEx and every few days, they issue a "call for papers." It might be interesting. if we could understand what their email says.

See if you've any clue.

CoNet Section: 

Originally, we wanted to put this into our satirical section because it's so stupid but actually it's more worrying than funny so.. read on.

It's not rocket science. Ever since (I think) 1998 when the BBC's lawyers blocked an explanation I gave to BBC TV on how the nature of HTML facilitates on-line fraud (the feared that it would increase the number of criminals using it) criminals have, indeed, used certain features of HTML to hide what they are up to and ordinary people have lost many millions of dollars and have suffered innumerable attacks on their computers simply because of one, very simple, trick, writes Nigel Morris-Cotterill

CoNet Section: 

It would be far more sensible if the UK scrapped its money laundering laws, wrote something comprehensible and properly structured and kept it all in one place. But no, that would make life far too simple. So, we have the latest Act that has to be read in the light of, and which makes amendments to, other legislation. But it's important and so no one can simply say "stuff it" and delete it. As it comes into force, there is a hint as to at least some of the priorities in relation to international financial crime.

Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

Bitcoin

GlobalKYC -Suspicious Wallet Number: 

1GR7rJfntdcbfhKT1s33RDby4z5ex1ou4Z

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