15th Annual FIBA AML Conference – March 2015 – Hyatt Regency Miami

The 15th Annual FIBA AML Conference on 5th – 6th March 2015 at the Hyatt Regency Miami and the main headline is: Staying Alive:  How to Survive the Regulatory Storm

Join over 1,400 AML professionals from over 50 countries in Miami for a one-of-a- kind, world class confluence of innovation and learning.


What’s New in the AML Landscape?

Highlights of this fascinating conference are:

    • What’s New in the AML Landscape? Senior compliance executives and risk managers from the financial services industry together with regulators discuss current issues and emerging trends in the fight against money laundering and terrorist financing.
    • De-Risking: The Erosion of the Risk Based Approach – The onslaught of new regulations, increased regulatory scruitiny and enforcement actions has led financial institutions to exit certain business lines, geographies and clients.  Has the risk-based approach been abandoned and replaced by the “moralization of banking”?
    • AML Global Exchange – The international AML landscape continues to present challenges as money laundering schemes, trade-based money laundering, capital flight, tax evasion and sanctions programs evolve and mutate.   How are governments and regulators keeping up with developing economic, political and technological events?
    • U.S. Foreign Corrupt Practices Act (FCPA)/Anti-Bribery and Corruption – Global anti-bribery and corruption compliance standards are growing more complex.  Banks and their customers operating in Latin America face enhanced anti-bribery and corruption compliance scrutiny from U.S. law enforcement, U.S. business partners and, increasingly, from local regulators.
    • Virtual Currencies – The Payment System of the Future or the Latest High-Tech Method of Money Laundering? Virtual Currencieshave been hailed as a more efficient and less costly method of payment to rival those currently offered by the financial services industry. The Mt. Gox and Silk Road cases have raised the spectre of their use for fraud, money laundering and other criminal activity. The panel will discuss their benefits, risks and future prospects.
    • Sanctions Compliance – In the aftermath of many high profile cases involving financial institutions this panel will discuss how penalties are applied and what are mitigating and aggravating factors for financial institutions including: How to minimize risks of sanctions violations; When should you block a transaction, terminate a relationship or look back to review previously processed transactions;
    • And much, much more…

For more details go to the FIBA Anti Money Laundering Compliance Conference website at: www.fibaaml.com


ACFE UK Chapter Annual Fraud Conference 2014

The Association of Certified Fraud Examiners (ACFE) UK Chapter will be holding their 4th Annual Fraud Conference in London on October 1st.

The theme for this hugely popular event will be “The future of fighting fraud.”

You will hear from a diverse range of speakers, from the Financial Services, Law Enforcement, Academia, Litigators, Prosecutors and industry experts; delegates will enjoy a varied and relevant agenda.

Commander Stephen Head, City of London Police, will commence proceedings by speaking on “Law Enforcements response to Organised Crime”.

The keynote speakers, Alison Levitt QC and Sir Keir Starmer KCB QC – a former DPP and Head of CPS – need little introduction, both having enjoyed high profile roles within our criminal justice system in recent years. Their topic will be “Dual responsibility for corporate criminal enforcement: the new reality?” Here they will be exploring the extent to which lawmakers in the UK and US have adopted a model of dual responsibility for enforcing the criminal law, under which corporate bodies are tasked with prevention, investigation and reporting duties.



Carisbrooke Hall, Victory Services Club
63-79 Seymour Street, London W2 2HF
United Kingdom

Agenda – Wednesday, 1 October, 2014

    • Welcome and opening. President of UK Chapter, Jim Oakes.
    • Law enforcement’s response to organised crime. Stephen Head, Crime Commander City of London Police.
    • The future of Fraud an Academic perspective. Professor Michael Levi, Cardiff University NCA Strategy to combat Cyber Crime. Steve Frodsham, Head of the National Crime Agency’s Central Intelligence Hub.
    • Banks innovation towards Fraud Reduction. Greg Regan, Director of Group Fraud Risk Barclays Bank.
    • In the future will mobile payments replace card payments? Mark Johnson, Founder of The Risk Management Group TRMG.
    • Tom Burton, Director Cyber Team KPMG. Tom will explore how, by integrating cyber security into the counter fraud plan, we will be able to avoid handing all of the advantage to the malicious.
    • Technology Fraud and Future. Dr. Stephen Hill, Director Data & Absolute Partnership Intelligence.
    • Dual responsibility for corporate criminal enforcement: the new reality? Alison Levitt QC and Sir Keir Starmer KCB, QC – Mishcon de Reya. Keir Starmer (former Director of Public Prosecutions and Head of the Crown Prosecution Service 2008-2013) and Alison Levitt will explore the extent to which lawmakers in the UK and US have now adopted a model of dual responsibility for enforcing the criminal law under which corporate bodies are tasked with prevention, investigation and reporting duties.

For further details see: http://kycmap.com/ACFE_UKChapter_AnnualFraudConferenceBrochure_2014.pdf

Booking Details at: http://www.acfeuk.co.uk/

Ukraine Crisis: Russian Officials Targeted by Sanctions

The US and EU have imposed an array of sanctions on Russian individuals and businesses in response to the annexation of Crimea and the crisis in eastern Ukraine. The deaths of 298 people on board a Malaysia Airlines plane destroyed over eastern Ukraine has added to pressure for wider EU action.

The US published lists of individuals and companies hit by travel bans and asset freezes on 19 March20 March28 April, 16 July and 29 July. The EU’s lists were issued on 17 March23 March29 April, 12 May, and 30 July

Some of those targeted are close to Russian President Vladimir Putin. Here are some of the most prominent figures:Russian President Vladimir Putin Sanctions

For more information see: http://www.bbc.co.uk/news/world-europe-26672800

Putin’s ‘inner circle’

Gennady Timchenko (US sanctions)

founder of Gunvor, one of the world’s largest independent commodity trading companies involved in the oil and energy markets, he is also president of the SKA hockey club in St Petersburg. The US Treasury said Mr Putin had investments in Gunvor and may have access to company funds, an allegation rejected by the company.

Several companies linked to Mr Timchenko are included in the US sanctions

  • Novatek, Russia’s second biggest gas producer, in which Mr Timchenko owns a 23.5% stake. The sanctions could hit the company’s attempts to build a liquid natural gas plant, which depend on raising foreign investment
  • Volga Group, an investment strategy company owned by Mr Timchenko, with stakes in energy and infrastructure
  • Stroytransgaz Group, a construction holding company that he controls.

Arkady Rotenberg and Boris Rotenberg (US sanctions)

Arkady Rotenberg has long-standing ties to Mr Putin personally. They were members of the same St Petersburg judo club when younger. Younger brother Boris has interests in ice hockey, together with Gennady Timchenko. The US Treasury says the Rotenberg brothers have provided “support to Putin’s pet projects” by receiving and executing approximately $7bn of contracts for the Sochi Olympic Games and state-controlled energy giant Gazprom, through which their personal wealth has increased by $2.5bn. The brothers own SMP bank, which was hit hard by US sanctions in March.

Igor Sechin (US sanctions)

The head of Russia’s leading integrated oil and gas company Rosneft has shown utter loyalty to Mr Putin, according to US officials. He served as the presidential deputy chief of staff until 2008 – when Dmitry Medvedev temporarily succeeded Mr Putin. Mr Sechin is seen as a powerful figure operating largely behind the scenes. He is also believed to share “economic interests” with Mr Putin.

Rosneft itself was added to the US sanctions list in July, with limits placed on its access to US capital markets. It is one-fifth owned by British oil giant BP. Failure to attract foreign financing could affect the company’s oil-field development plans in Siberia, analysts believe.

Vyacheslav Volodin (EU and US sanctions)

First deputy chief of the Kremlin staff since late 2011, Vyacheslav Volodin is one of President Putin’s closest advisers. He is thought to have played a key role first in Russia’s decision to move into Crimea, before overseeing the annexed Ukrainian region’s political integration as part of Russia.

Yuri Kovalchuk (US sanctions)

The largest single shareholder of Bank Rossiya, Mr Kovalchuk is one of Russia’s 100 richest men. He is also the personal banker for senior officials of the Russian Federation, including Mr Putin, according to the US Treasury. He is a close adviser to the president and has been referred to as one of his “cashiers”.

Bank Rossiya (US sanctions)

The 17th largest bank in Russia, with assets of approximately $10bn. The US Treasury describes it as “the personal bank” for senior Russian officials. Its shareholders include members of the inner circle associated with the mysterious Ozero Dacha Co-operative, a housing community on the shore of Lake Komsomolsk founded in 1996, whose original eight members have become extraordinarily rich under Mr Putin’s rule. Many of these members are on the sanctions list.

Vnesheconombank (VEB) and Gazprombank

US citizens are barred from providing financing to Russia’s two state-controlled banks, limiting their access to US capital markets. VEB – Russia’s state economic development bank – is responsible for providing investment and support for projects at home and abroad, to “boost the competitive edge of Russia’s economy”. Gazprombank is the financial arm of state-run gas giant Gazprom but, along with VEB, is one of Russia’s biggest lenders. Inclusion on the sanctions list could hamper its attempt to refinance a $1.2bn loan later this year.

Kalashnikov Concern

One of eight defence firms whose assets have been blocked by US sanctions, Kalashnikov Concern is targeted for its production of military weapons including assault rifles, grenade launchers and aircraft cannons.


Government officials

Sergei Ivanov (US sanctions)

Believed to be a close personal friend of Mr Putin, he has been chief of staff of the Presidential Executive Office since 2011. The two men are the same age, come from St Petersburg and worked in intelligence before entering politics. In the late 1990s, when Mr Putin was director of the Federal Security Service (FSB), Mr Ivanov served as his deputy. Mr Ivanov was defence minister from 2001 to 2007, and then became first deputy prime minister and secretary of the Security Council.

Vladimir Yakunin (US sanctions)

A friend of Mr Putin’s for many years, he was a member of the president’s long-standing St Petersburg network from the 1990s and a member of the Dacha Co-operative (see Bank Rossiya). He was appointed chairman of Russian Railways in 2005. Mr Yakunin regularly consults with Mr Putin on issues regarding the state-owned company and accompanies him on many domestic and international visits, according to the US Treasury. He was also in charge of major construction projects for the Sochi Winter Olympics.

Vladimir Kozhin (US sanctions)

As head of administration under President Putin since 2000, Mr Kozhin is responsible for overseeing a staff of 60,000; more than 100 state enterprises and institutions, including the Kremlin and other government buildings; and some 4,000 vehicles.

Viktor Ivanov (US sanctions)

The former KGB officer and deputy director of the FSB is a close ally of Mr Putin who served as his chief of staff at the St Petersburg Mayor’s Office. Mr Ivanov is currently the director of the Federal Drug Control Service and a member of the Security Council of the Russian Federation. He also served as deputy chief of the Administration of the Russian Federation from 2000 to 2004, and assistant to the president from 2004 to 2008.

Sergei Naryshkin (US and EU sanctions)

The speaker of the lower house of parliament, the State Duma. Russian media and foreign analysts say that, like Vladimir Putin, he once served in the Soviet KGB, although he has never confirmed this.

Vladislav Surkov (US and EU sanctions)

Currently a presidential aide, he is regarded as the mastermind of Mr Putin’s successive election victories through his controversial strategy of “managed democracy”. He became known as the “grey cardinal” for his behind-the-scenes influence particularly in Mr Putin’s first presidential term of office from 2000-2008.

Dmitry Rogozin (US and EU sanctions)

An outspoken deputy prime minister and former Russian ambassador to Nato in Brussels. He shrugged off the sanctions with a tweet that said: “All these sanctions aren’t worth a grain of sand of the Crimean land that returned to Russia.”

Sergei Glazyev (US and EU sanctions)

Widely regarded as Mr Putin’s chief adviser on Ukraine, he talked openly of intervening militarily a month before Russian troops moved into Crimea.

Sergei Mironov (US sanctions)

leading MP, he has played a key role in the Crimea crisis.

Dmitry Kozak (US sanctions)

Has served as deputy prime minister since 2008, and is seen as a long-time ally of Mr Putin’s. They worked together in St Petersburg’s city administration in the 1990s, and Mr Kozak later followed his boss to Moscow. In 2004, he headed Mr Putin’s election campaign. He also served as the presidential representative in the volatile North Caucasus region – a sign of personal trust by Mr Putin.

Sergei Chemezov (US sanctions)

The director of the Rostec high-technologies state corporation, Mr Chemezov has known Mr Putin since the 1980s when they lived in the same apartment complex in East Germany. For years, Mr Chemezov headed the powerful state company dealing with arms exports – Rosoboronexport.

Public figures

Dmitry Kiselyov (EU sanctions)

A controversial state TV anchor who recently became head of the state news agency Russia Today. He is well-known for his anti-Western and homophobic diatribes, as well as his extremely hostile attitude to the protests in Kiev that led to the ousting of President Viktor Yanukovych.

For more information see: http://www.bbc.co.uk/news/world-europe-26672800

C6 Intelligence Announces Launch of Global 400 Million Identity checker

C6 Intelligence announces the launch of its unique ad hoc compromised Identity checker, “C6 Fraud” by offering it’s customers a 7 day free trial 

Using 10 years of experience in collating data on high risk individuals and companies they have been able to penetrate many dark websites to harvest over 400 Million Compromised identities from all over the globe. Using this data they now offer you the ability to check any identity to verify if it is or has been up for sale.

c6-fraud-intelligence GlobalImage

We are constantly disclosing personal information about ourselves every time we join websites, buy things online and link with friends. Every time we submit our name, address, email, credit card details we increase our chance of being victims of ID fraud.

As criminals become increasingly sophisticated so must our gathering techniques. Other Identity security organisations use spidering technology, which only captures the compromised IDs once they have been used and released onto the worldwide web by the criminals.

C6 Intelligence believe that early detection is key to minimising the exposure and consequences of identity theft.

The new launch of the C6 Intelligence Identity checker will help you to check any identity to verify if it is or has been up for sale.

Benefits of the  C6 Intelligence Identity Checker (“C6 Fraud”)

    • Reduction in Fraud costs
    • Added protection to confirm your new client is who they say they are
    • Additional validation when any suspicious activity occurs on a account such as a change in address or a suspicious IP address
    • Reduction in time spend investigating suspicious activity
    • An investigation tool when fraud has taken place on any account

“50% of all frauds identified during 2013 relate to the impersonation of an innocent victim or the use of completely false identities.”


Why Use C6 intelligence? 

C6 Intelligence Group supplies up to the minute risk intelligence on individuals, companies and geographical locations. Covering PEP’s, Sanctions and Adverse media. We also produce a series of different EDD reports.  Our latest offering “C6 Fraud” is a unique global database of stolen identities, which are actively being traded over the dark web with the sole purpose of defrauding individuals and companies. The data acquired through human intelligence rather than automated processes comprises of emails, passwords, bank account details and other highly sensitive data. We provide this data for the sole purpose of preventing identity theft, minimising losses to both individuals and organisations alike.

Paul Renner is the co-founder of C6 Intelligence Information Systems which is used daily by banks, financial institutions, insurance companies, and regulators to take a risk-based approach to managing fraud, money laundering and staff compliance risks.

For more information see: http://www.c6-intelligence.com/C6Fraud/ProductsAndServices

Money Laundering in Canada 2014 – September 28 -30 Conference

Anti‐Money Laundering / Counter Terrorist Financing Compliance: Bringing Risk to the Forefront

The Money Laundering in Canada 2014 Conference agenda will examine ML/TF risk from a variety of perspectives, including: sector-specific risk typologies; risk measurement practices; both current and new risk management tools and services; testing effectiveness; and regulatory expectations and standards concerning risk programs.

Reporting entities have seen the regulatory compliance expectations in Canada evolve from a generalized application of a reporting, record keeping, and training checklist to a detailed, business-specific regime that is driven by a comprehensive risk assessment program that provides the foundation on which all compliance practices and controls are based.

Canada Money Laundering Conference Sept 28-30 2014

Money Laundering Workshops include the following topics:

    • Customer Monitoring to Manage Risk
    • Identifying and Managing Business Relationships in the MSB Sector
    • Inherent Risk: Introducer/Broker Network Issues
    • Managing Risk Includes Fixing the Compliance Deficiencies
    • Customer Relationships: Not Just a Marketing Focus
    • Record Keeping & Client Identification: Emerging Tools
    • Online Criminal Attacks Against Banking Accounts
    • New CRA Reporting Regulations: What, Why, When & How
    • Current Money Laundering Risks: Real Estate and Precious Metals/Gems
    • HSBC, Money Laundering & Organizational Pathology: A Cautionary Tale for AML Compliance Departments
    • Current Money Laundering Risks: The MSB Sector
    • Effective Risk-Based Suspicious Activity Monitoring
    • Lessons from the Gaming Industry: Managing Risk & Compliance
    • AML Risk Going Forward: Responding to an Ever-Changing Landscape

Who Should Attend?

    • Banks
    • Credit Unions
    • Caisses Populaires
    • Securities & Investment Dealers
    • Mutual Fund Companies
    • Precious Metal/Gem Dealers
    • Credit Card Suppliers
    • Life Insurers
    • Foreign Exchange Dealers
    • Money Service Businesses
    • Law Enforcement
    • Regulatory Officials
    • Real Estate Developers
    • ATM & SVC Providers
    • Lawyers
    • Accountants
    • Real Estate Professionals
    • Financial Planners
    • Casinos & Gaming
    • Trusts & Loans
    • Security Officers

For more details go to: http://www.moneylaundering.ca/public/events/mlincanada/2014/index.php

RELATED ARTICLE: Canada Know Your Customer KYC Rules see: http://kycmap.com/canada-know-your-customer-kyc-rules/

Onfido – The Risks of Not Carrying out Background Checks

Through carrying out background checks, employers have the ability to verify a candidate’s identity, history and suitability for a job role. Checking a candidate’s identity is the most fundamental form of check. This involves simply verifying that a candidate is who they say are; in other words, making sure that they are not using fake documentation to commit identity fraud. Identity checks, along with right to work checks, are crucial no matter what industry the candidate is applying to work in.

At Onfido, these checks are classified into 3 basic categories:


1) Confirm your applicant’s IDENTITY 


Identity Report

Identity Reports are crucial to the background checking process. Unless you know a person is who they say they are, any other information you receive from them (e.g. the results of a criminal record check or their qualifications) cannot be relied upon.

Onfido’s Identity Reports will verify an applicant’s:

    • Address Details
    • Previous Addresses
    • Date of Birth
    • Mortality
    • Passport Number Validity

Right to Work Report

It is a criminal offence to employ a person who does not have the right to work in the UK. The UK Border Agency will fine an employer up to £10,000 if an illegal migrant worker is found working for them.

Onfido’s technology analyses passports to verify that they are not lost, stolen or compromised. Onfido also validates visa documentation to confirm whether or not your applicant has the right to work in the UK.


 2) Confirm your applicant’s HISTORY 


Adverse History Report

For roles that involve a high degree of trust, an adverse financial history (such as a County Court Judgment) is statistically associated with candidates who abuse their position for personal financial gain. These risks apply to low skilled workers who enter a client’s premises (e.g. cleaners), in addition to more typically fiduciary positions such as accountants. Onfido access the Dow Jones watchlist as well as over 60 other global sanctions lists to highlight whether your applicant has any red flags in their history.

The information contained in Onfido’s Adverse History Reports includes:

    • County Court Judgments
    • Court Judgments at Linked Addresses
    • Bankruptcy and Insolvency
    • Individual Voluntary Arrangement
    • Halo Register
    • Sanctions and Politically Exposed Persons
    • Negative Media Checks
    • Current and Previous Directorship Details

Criminal History Report

Disclosure Scotland and Disclosure and Barring Service (DBS) checks, formerly known as CRB checks, are legally required for certain positions (e.g. working with children and vulnerable adults). Failure to comply will not only lead to fines, but can potentially put the safety of the public at risk. In other circumstances, DBS checks are advisable in order to reduce the risk of employee fraud (e.g. if the candidate has a string of past convictions for theft).

Basic Disclosure | Standard Disclosure | Enhanced Disclosure


3) Confirm your applicant’s SUITABILITY 

This includes checking that they have not embellished details about their education and qualifications, or provided fake references in order to try and boost their application. This is more important in high-skill roles where qualifications and references are crucial to the application process.

Education and Qualifications Report

Onfido’s technology confirms that education and qualification certificates are genuine through checking directly with the issuing establishment.

The information contained in Onfido’s Education and Qualifications Reports includes confirmation of:

    • Institution attended
    • Course Title
    • Degree Type
    • Classification
    • Dates attended

Employment and Reference Report

Onfido allows you to create customised reference questionnaires so that you can receive the information you require from an applicant’s referees and previous employers.

The information contained in our Employment and Reference Report includes:

    • Employer verification of applicant’s employment history
    • Employer responses to basic questions about the applicant
    • Referee responses to customised questionnaire
    • 5 year employment timeline with supporting documentation for any gaps over 28 days.

For more information on Onfido’s reports see: https://onfido.co.uk/reports

The following infographic shows the Risks of Not Carrying out Background Checks

Onfido Infographic - Risks of Not Carrying out Background Checks