Elevate your Compliance with Intelect Group, our monthly round up of news items particularly relevant to AML regulated/registered businesses.
We strive to help keep you safe, secure, and on the right side of the law.
Cyber Security
Hewlett Packard cyber attack
Hewlett Packard Enterprise (HPE) have suffered a cyber attack. Reports suggest that their cloud-based email environment was infiltrated and data from a “small percentage” of mailboxes was accessed.
The disclosures have come to light following a regulatory filing.
The suspected attackers are suspected to be the APT29 (aka Midnight Blizzard, Cozy Bear), a group linked to Russia’s Foreign Intelligence Service (SVR). The breach in May 2023 and is connected to another incident.
Nation state attacks continue to increase in terms of volume and sophistication. This breach took several weeks to identify, and you are left to wonder how much information has been accessed during this time.
Due Diligence
AML and the property sector
The prospects of Money Laundering in the property sector are highlighted in a national assessment of Malta’s financial crime risks made by a committee that includes the police and the Financial Intelligence Analysis Unit (FIAU).
They concluded that the volume of money laundering taking place through the property market could be “significant”.
Once again weaknesses in AML process by professionals involved in the property market, are believed to be related to a lack of due diligence and scrutiny.
Regulatory
Huge fine for gaming operator
The UK Gambling Commission (UKGC) has fined gaming operator Gamesys £6 million after the investigation revealed failures in social responsibility and Anti-Money Laundering breaches between November 2021 and July 2022.
AML failures included conducting inadequate Due Diligence and an over reliance on third-party information, specifically internet research, or the customer’s verbal assurances for several customers.
Internet research is exactly that, when conducted Customer Due Diligence Investigative techniques need to be utilised to discover the types of information that exist beyond page one of Google. We have assisted numerous organisations and companies over the years to improve this important function.
Want to know more? Contact us to arrange a bespoke training course for your staff.
