Elevate your Compliance with Intelect Group. Our monthly round up of news items which are of particular relevance to those businesses regulated for the purposes of Anti-Money Laundering.
We prevent bad things happening to good people and their businesses.
Cyber Security
NHS data breach
NHS England has confirmed that data obtained via a ransomware attack has been published online by a cyber crime group believed to be connected to Russia.
The attack on Synnovis the pathology services provider took place on the 3rd of June and is believed to have been carried out by the Russian group Qilin. It has led to disruptions across the NHS including cancelled appointments and operations.
Apparently around 400GB of data, including sensitive information such as patient names, dates of birth, NHS numbers and the results of blood tests have been shared on the Dark web and Telegram.
A reminder to all that the threat from cyber attacks continues.
Financial Crime
Keeping it in the family
Organised Crime Groups are always keen to ensure the security of their operations and will often make use of family members to achieve their aims.
A recent conviction in Wales illustrates how two brothers employed their parents to launder money made through the sale of cocaine.
Thomas Davies and Jack Davies headed up the gang which saw multiple kilograms of cocaine being driven to South Wales by couriers with a company called Valley Self Storage set up specifically to launder money.
In addition, they had built their own drugs factory set up in a garage which was rented by the brothers.
Typologies such as this are always useful to understand when assessing business structures and the individuals that are involved.
Regulatory
AMLA and more
The European Union has unveiled a package of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures.
Formally adopted by the European Parliament in May it establishes a new EU wide Anti-Money Laundering Authority (AMLA) and stricter regulations aimed at enhancing transparency and accountability.
It should come as no surprise for those that work in the industry that the measures include,
- ENHANCED CUSTOMER DUE DILIGENCE
- INCREASED TRANSPARENCY
- REGULATION OF VIRTUAL ASSETS
- ALIGNING WITH INTERNATIONAL STANDARDS
The regulations are expected to be implemented by September 2024.
