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
Senior police figure suspended
It’s not just the external threats you need to be looking out for.
Another senior figure in Gloucestershire Constabulary has been suspended while an investigation into alleged gross misconduct is undertaken. The investigation centres on the handling, by two individuals, of an allegation of computer misuse and a potential data breach by another member of staff.
We frequently hear of external threats, but security must be holistic, if you are only watching the front door, you can almost guarantee that someone will attack you from behind.
Note – Seniority in an organisation does not mean you can do whatever you want to do with personal data.
Organised Crime
Ice-crime anyone?
Who doesn’t like ice-cream?! Having travelled to Italy twice this year I can say that their Gelato is amazing. However, this tale of ‘Parlours in Palermo’ is worth a read and a reminder that any business can be utilised for money laundering.
The Brioscia brand, which operated two ice cream parlours in Sicily, was popular with residents and foreign visitors, accompanied by rave reviews on travel websites.
The shops were run by Mario Mancuso, but behind the scenes was Michele Micalizzi, who had served time in prison for mafia association. When divorce loomed, a suspicious bankruptcy alerted investigators, who uncovered plans to rebrand whilst hiding their profits.
In August of this year the police arrested six individuals and prosecutions are underway.
Note –Italy’s Central Bank estimate that the annual turnover of the country’s organised crime groups stands at €40 billion, that’s 2% per cent of their national wealth. Just one good reason why we must be on top of our game with anti-money laundering compliance.
Regulatory
Could your business absorb a £140,000 fine?
A fine of £140,000 was levied by the Isle of Man Gambling Supervision Commission in October this year when it discovered that digital office hosting service CyberHorizon had not met the necessary requirements relating to regular customer risk assessment reviews, technology risk assessment implementation, and due diligence.
CyberHorizon was licensed by the GSC between March 5, 2021, and September 25, 2023. In June 2023, the Commission conducted a supervisory investigation of the company which, based on a sample of files, found “prima facie contraventions” of the regulations.
Note – This sort of thing is entirely avoidable and easily preventable by using a system such as Investigation Engine.
