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Articles

There Is More Than One Source

Who knew? Many years ago when I was managing a client remediation project at ABN Amro Bank N.V. in London, we used a data source called One Source. As I recollect, the strength of the data was for corporate entities in Asia and it was used in conjunction with a number of other sources purchased for the project. ...

March 2022 Martin Woods

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Is Fraud Out Of Control?

Where have all the fraud investigators gone?

Post July 7 2005 there was a significant shift in policing priorities and strategies. Pre 9/11, some parts of the US had an average law enforcement allocation ratio of 70% common crime verse 30% counter terrorism. Post 9/11 many states saw a direct inverse of law enforcement resource allocation. In the UK, as the threats from terrorism grew, so did the allocation of law enforcement resources. All of this meant there would be a reduced allocation somewhere else, that somewhere else included fraud investigations. ...

February 2022 Martin Woods

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Just When You Thought It Could Not Get Better

In a prior article we referenced the game changing approach, the Financial Conduct Authority (FCA) is applying to fraud and the game changes the regulator expects from firms. The article looked at a specific entity name published upon the FCA fraud and scam Warning List to highlight the presence of UK address upon the list. The FCA had added Fixed Rate Finder to the Warning List along with the address the 12 Constance Street, London E16 2DQ. ...

January 2022 Martin Woods

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Warning Warning Warning

Earlier this month the Financial Conduct Authority (FCA) published details of 111 ‘crypto’ businesses operating in the UK and providing regulated financial services without being authorised to do so. Mark Steward, Head of Enforcement and Market Oversight at the FCA said, ...

December 2021 Martin Woods

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In Company And Conversation With Bob Mazur

On Tuesday I was in London, where I had the great privilege of talking with my good friend Bob Mazur (The Infiltrator). It was a small an intimate event, supported by intelligence partners, Kompli-Global, YOTI and Synectics Solutions. Given the need for security and discretion when meeting with Bob, this was an invitation only event, held in the private area of city restaurant. ...

November 2021 Martin Woods

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Is It Time To Trade In Your Old Financial Crime Controls?

On September 9 the Prudential regulatory Authority (PRA) and the Financial Conduct Authority (FCA) sent a joint letter to the CEOs of regulated trade finance businesses and banks engaged in the provision of such services. The regulators call directly for action to be taken and for firms to carry out a financial crime risk assessment. The letter follows the collapse of Greensill Capital and other commodity, supply chain businesses in the UK and overseas. ...

October 2021 Martin Woods

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Where Can He Go From Here?

Earlier this month, the National Crime Agency (NCA) announced the settlement of a case, which resulted in an accountant from Stockport in Cheshire agreeing to forfeit £1.9 million within the terms of a civil recovery order. ...

July 2021 Martin Woods

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What’s Your Game?

On 18th May, Mark Steward, Executive Director of Enforcement & Market Oversight at the Financial Conduct Authority (FCA) gave a speech at the FCA Investigations and Enforcement Summit. The speech was titled – The rise in scams and the threat to the legitimate financial services industry. This followed an acknowledgment from the UK government, which accepted on-line fraud was the fastest growing crime in the UK. Thus, you are far more likely to be mugged on-line than walking down your local high street. ...

June 2021 Martin Woods

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Money Laundering Is A Virus And It Kills

“Stop money laundering, save lives”1

  1. David Lewis, Executive Secretary Financial Action Task Force (FATF) 
...

April 2021 Martin Woods

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