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FinancialCrimeRiskOfficers.com

It's good when some novel conduct comes up: it helps FCROs and others avoid terminal boredom. One that's appeared in Australia might not be new but it's uncommon enough to be interesting - and it's carefully designed to be difficult to spot as it takes place within the ordinary course of business. For those in "all-crimes" jurisdictions, it's something new to try to watch out for.

In the history of acronyms, we had KYC then KYE.. customer then employee.

There are several matters of grave concern to Banks regulated by the Federal Reserve Board, both domestic and foreign.

A municipal manager, Sindile Tantsi, has been suspended while South Africa's National Prosecutiing Authority investigate allegations of corruption. Meanwhile, his car, a Mercedes Benz has been seized - along with its car-port.

A data breach affecting millions of US taxpayers may result in fraudulent tax returns in this current tax reporting season.

The USA's Internal Revenue Service has issued a notice relating to a spam scam that is prevalent as companies prepare tax information for employees (see US tax authorities warn of increasingly effective phishing spam-scam. It has also issued an explanation of how some fraudsters operate.

Mariyah Chernykh, 26, gives her address as in Ontario, Canada but she is a Russian citizen. She and several others have pleaded guilty to a fraud that ties her and several others to a murderous attack on an in-house seminar being conducted in San Bernardino, California. The case demonstrates that assessment of suspicion should not be based on obvious, close, circumstances and the relevance of Know Your Customer rather than the narrow aspects of so-called Customer Due Diligence.

Yesterday morning, the Vice Chairman of a Samsung Group company (and generally considered the de facto chairman of the Group) arrived at the office of the prosecutor investigating a political scandal that is swamping President PARK Guen-Hye and her associates. The investigation is rippling out across Korea's rich, famous and powerful and, in the case of Samsung, is looking at how apparently "good" money may turn out to have been "bad." Can FCROs identify which is which?

Richard Rufus used to be a soccer player for a team called Charlton Athletic. The Insolvency Service brought a case before the High Court which said that Rufus created a GBP16 million Ponzi scheme. The Insolvency Service said it was one of the worst cases they had ever seen. Rufus claimed to be a born again Christian. Victims tried to avoid being identified at the time of the civil trial which saw Rufus subject to a 15 year bankruptcy order. But now, information has come to light that a 12,000 member church in the UK has lost the best part of GBP4 million.

 

Take a moment to slow down so you can understand the scale of this: the Australian Federal Police have seized a shipment of cocaine that is 1,100 kilos.

Let's put that into perspective: bags of sugar come in 500 or 1,000 gramme packs. Imagine walking home from the supermarket carrying ten big bags.

Now imagine trying to get 110 times that past customs on the way out of a country, then on the way into another and to avoid detection at various way points in between. A diverse and difficult to identity group very nearly managed it.

 

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