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FinancialCrimeRiskOfficers.com

The biggest corporate news in South Africa at present is that of State owned Eskom where every epithet relating to being rotten can be applied: one rotten apple spoils the barrel, rotten to the core, fish rots from the head.. but, as South Africa's deputy President under Jacob Zuma and the recently appointed head of the African National Congress (a national political party, not a continent-wide initiative) said in an electrifying speech at Davos yesterday, things have to change.

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The sentencing to three years of those involved in a case involving bank loans to a company that then defaulted gives some indication as to why Vijay Mallya is so reluctant to return to India from his UK hideaway.

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A spotlight is being shone onto the world's aircraft manufacturers. Ever since the UK's then Prime Minister, Tony Blair, personally intervened to stop a serious fraud office investigation into payments allegedly made to persons in Saudi Arabia by BAe, the entire industry, from planes to engines to components, is increasingly subject to question. A recent deal between a former executive in a manufacturer and US prosecutors shows the complexity of arrangements intended to obscure corrupt payments and the need for vigilance by financial institutions.

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14 December 2017

A further 100 alleged contraventions against the Commonwealth Bank of Australia (CBA) have been filed today by AUSTRAC, the Government’s financial intelligence and regulatory body, adding to the current civil penalty proceedings.

It is said that fraud is a cyclical business and that frauds come around every five to seven years. Today, it is common to see frauds coming round every few months. This one combines both with old-fashioned blackmail, internet abuse, insecurity through camera-equipped devices and crypto-currency all in one. Add in a (quite possibly fake) Russian connection and whoever crafted this had his finger on all kinds of buttons. DUE DILIGENCE INFORMATION: BTC account quoted - 16n8TKLoLKZiB2DCaWwpKFnWRPN7EW9EjT

We've received an e-mail from a company with a .ae domain name. It offers us a spectacular opportunity to become a "Certified Fraud Examiner."

There's just one problem: once we started to read the e-mail it was clear that the headline was not true

The final part of this article.

Continued from Part IV of this article

Continued from Part III of this article

Continued from Part II of this article

Part I is here

This paper, by Nigel Morris-Cotterill, was first presented in June 1997 in Milan and first published in the UK that same month.

It deals with internet banking, cyber-currencies, inter-bank regulatory risk and a host of other topics that are seen as trendy today.

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Fraud using technology is not a new occurrence Over the centuries, it has been called by many names - cheating, false accounting, confidence tricks, forgery, impersonation - all are examples of fraud in the widest sense.

Thanks to all the scammers who make is sooooo easy to send their mails to the bin unread.

But we've been digging around in the spam-trap because sometimes we find things that make us smile.

Here's this week's SPAM AWARDS

Following on from the warning on Sunday (see here) Dubai Financial Services Authority has issued a notice relating to a second fraud involving false documents relating to DFSA.

OFAC says "The U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC) today announced a USD344,800 settlement with Richemont North America, Inc., d.b.a. Cartier (Richemont), headquartered in New York, New York, to settle Richemont's potential civil liability for four apparent breaches of the Foreign Narcotics Kingpin Sanctions Regulations, 31 C.F.R. Part 598 (FNKSR). "

Note "apparent" and "potential." The case has lessons for commercial entities, not only financial services businesses, all over the world. It also draws attention to the risks where the USA is out of step with the rest of the world.

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