Elevate your Compliance and Security 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
Some interesting cyber crime statistics
Cyber crime is increasing with the advances in technology. According to these figures, small to medium businesses are prime targets. Here are some headlines from a recent study;
- 6% of SMBs faced attacks in the last year.
- 45% of SMBs reported having a low number of ineffective preventive measures against cyber attacks.
- Phishing is the most common attack (57%).
- Financial firms are heavily targeted.
- AI (Artificial Intelligence) aids attackers in constructing believable phishing attacks.
- Reputational damage is a top concern.
Comment – want to better understand your cyber crime exposure? Head over to www.investigationengine.com create an account and you have access to the following. AML Health Check, Cyber Security Risk Assessment and Fraud Risk Assessment.
Organised Crime
Arrests for supply of fake documents
Poland and Europol have dismantled a crime group that forged over 12,000 documents, including passports and ID cards.
The group, comprising Ukrainians and Belarusians, operated mainly in Poland and Ukraine.
They advertised fake documents on social media, charging €1,500 each.
Law enforcement seized €250,000 and arrested 42 suspects.
Comment – ensure your Due Diligence procedures include a thorough document check.
Regulatory
Iran to remain on blacklist
The Financial Action Task Force (FATF) has voted to keep Iran on its blacklist due to terror financing.
Countermeasures are reinstated; with continued financial restrictions applying.
Iran has failed to meet AML/CFT standards despite warnings. It also didn’t ratify key conventions against terrorist financing.
Financial institutions must intensify scrutiny of Iranian transactions. The US welcomes FATF’s reaffirmation of countermeasures. Iran now faces increased financial isolation and an economic crisis.
Comment – remember that juridictional issues are incredibly important in relation as to whether Enhanced Due Diligence is a requirement.
