Fraud affects 1 in 4 small businesses every year. Last year fraud losses to SMEs were estimated at £18.9 billion. ActionFraud has a number of useful resources to help you protect your business, writes Nucleus compliance consultant Emilia Michalak.
Action Fraud’s support and prevention site provides a number of resources for protecting your business, employees, suppliers and assets. It also shows how you can protect yourself as an individual.
The National Crime Agency, in June this year, published its assessment report on serious and organised crime in the UK.
This 47-page report comprehensively covers various types of crimes committed in the UK including money laundering, economic crime, corruption and criminal use of internet technology. Those chapters are an interesting read for financial services, as they highlight risks that can be used for criminal purposes.
The more interesting points to take from this report are:
Cifa’s Employee Fraudscape report 2015 examines insider fraud, as Emilia Michalak reports.
The Employee Fraudscape report 2015 from Cifa examines the main issues and vulnerabilities organisations need to contend with. These issues range from the vetting of staff to whistleblowing; from identifying what is and what is not fraud to recognising that data is now an attractive target for fraudsters.
This year’s report aims to explain insider fraud - not only in terms of what has happened but why it happens and raises questions about how it can be prevented.
Compliance rules are not to keep the regulators happy. As Emilia Michalak explains, they are about keeping your business safe and much can be learned from the current investigation into FIFA.
Have you ever wondered why regulators make such a fuss around Know Your Customer (KYC) and enhanced due diligence? You’ve known your clients for years, why would you suddenly need to ask them about source of wealth and a corporate structure, just because a financial company holding their assets decides torefresh their due diligence or sample check a client’s background?
Keep yourself aware of the methods fraudsters use to exploit control gaps, says Emilia Michalak. There are ways to protect yourself and your client from financial and reputational loss.Cifas, the UK’s Fraud Prevention Service, has recently published its annual fraud trends report “Fraudscape”.
The report explores the nature and scale of fraud in 2014 and how it compares to the previous year.
Nucleus’ Emilia Michalak provides an update on some of the latest policies around financial crime law.
We've known for a while about stricter anti-money laundering rules proposed in the draft of the Fourth Money Laundering Directive(4MLD). The directive should be formally adopted this year and all EU member countries will have two years to implement it at a national level.