Fraud is of the utmost concern for finance and professional services organisations. These include banks and financial institutions, real estate lenders, business credit and finance companies, commercial investment corporations, asset-based lenders, debt financing firms, acquisition capital firms, and others. Having safeguarding processes in place is required both from a legal and compliance standpoint and from the position of being a trusted, secure financial institution.
The financial sector includes new Anti-Money Laundering (AML) rules and legislation, and these regulations are strict and increasingly enforced. As such, remaining in compliance through implementing proper prevention controls is a must. Failing to do so can mean a loss of business, trust, and reputation: banking giant Citibank was recently fined $70 million in the U.S. for failing to address shortcomings in its anti-money laundering policies. (Reuters, 2018)
Professional services organisations also face the risk of accounting fraud – with embezzlement being one of the biggest threats. The FCA currently (18/05/2021) has 50 investigations on foot involving unauthorised activity involving 183 suspects. Many of these cases have an overseas jurisdictional challenge. And FCA are using their powers to seek restitutionary outcomes as well as to bring criminal prosecutions where we can. For example, recently FCA succeeded in obtaining compensation orders in the sum of £3.6 million against 4 individuals and a company in favour of 259 investors where the court found there was unauthorised activity and breaches of section 21. And recently also brought a money laundering charge against a defendant whom we allege was involved in laundering almost £1 million from investment scams directed by overseas agents against UK consumers. We have several other cases arising from our work on suspected scams close to charging decisions.
At CRI® Group, our forensic accountants are trained to follow the money not only in the finance & professional services industry but across all sectors. And when it comes to AML services, CRI® Group is uniquely positioned to help organisations stay ahead of the curve with anti-money laundering measures and the processes required to remain fully in compliance with applicable laws and regulations. This provides financial institutions, their business partners, and their clients the confidence of knowing that the organisation, and its reputation, are protected from the negative consequences of money laundering. From Risk Management, Employee Background Screening, Business Intelligence, Due Diligence, Compliance Solutions, and other professional Investigative Research solutions at CRI® Group we can help you! Learn more about our solutions and contact us today.
An Investigative Study Into Causal Factors of the Perpetration of Transnational Financial Crimes
This study will critically consider the catalysts for an economic crime with a view to identifying the motivations that contribute to the perpetration of transnational financial crimes. The study will commence with a brief overview of different forms of transnational crimes – namely, money laundering, bribery and fraud. The focus will then be placed on fraud, particularly corporate fraud – a particularly problematic and controversial form of financial crime. Followed by a comparison between U.K. law and U.S. law on corporate fraud will then be undertaken.
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