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.
Intellectual Property: What do the statistics indicate?
Intellectual Property (IP) is defined as the creation of the mind that includes inventions, patents, designs, any type of art, etc. The primary purpose of establishing intellectual property rights is to foster an environment...Read More
Know your Swiss Corporate Reporting and Due Diligence Obligations
Switzerland has introduced new Corporate Reporting and Due Diligence obligations in connection with conflict minerals and child labour to improve human rights protections around the world. Switzerland is following international trends and regulations for non-financial...Read More
Can Business Intelligence really empower your business?
An indispensable asset to any organisation, Business intelligence (BI) comprises the strategies and technologies that can be used to make on-the-spot decisions that increase revenue, improve productivity, and accelerate growth. This is done through data...Read More
Financial Crime Policies and Procedures: examples of good and poor practice…
The principal catalyst of economic crime (also known as financial crime) is monetary gain. However, economic crime has a devasting effect on individuals and communities. When associated with organised crime and terrorist financing, it threatens...Read More
Why Financial Services Firms Need ISO 37001 ABMS?
When Société Générale, a global financial services institution based in France, agreed to pay a combined total penalty of more than $860 million for an alleged bribery and corruption scheme, it served as a warning...Read More
Top 10 Bribery & Corruption Stories of 2020
Even with much of the world under partial lockdown during the COVID-19 pandemic, there’s been no shortage of bribery and corruption cases through the first half of 2020. Each of these stories makes it clear...Read More
The Role of a Fraud Investigator
Fraud investigators are the front line of establishing the facts of suspected fraud or other unethical business behavior. A fraud investigator’s skillset and wide knowledge of fraud laws, evidence gathering and interviewing make them the...Read More
FTC guide for small business to avoid Scams
Federal Trade Commission (FTC) has released a guide for small business. Scams & Your Small Business guide is part of FTC’s efforts to help small business owners to avoid scams. If you are a small...Read More
Banking industry squad prevents £20m of fraud
Banking industry squad disrupted 23 Organized Criminal Groups (OCGs) preventing £20 million of fraud. The specialist police unit (DCPCU) is funded by the finance and banking industry in a dedicated effort to stop fraud. Commonly known as the banking industry squad,...Read More
7 Traits of a Resilient Leader
Every successful leader has encountered a challenging scenario at some point in their career. The unprecedented COVID-19 pandemic, however, has forced leaders to face unforeseen new challenges. With the pandemic’s colossal impact on operations, workforces,...Read More
Fraud Advisory Panel deep dives into the HBOS scandal
On 30 January 2017, following a four-month trial, former HBOS employees Scourfield and Mark Dobson involved in HBOS scandal were convicted of fraud and corruption involving a scheme that cost the bank £245m. Scourfield pleaded guilty to...Read More
Ethical code of conduct: What should be covered?
Business leaders are usually quick to communicate their expectations to employees, especially when it comes to financial goals or tasks that they want to be accomplished. However, what is often lacking is a clear, concise...Read More
1 in 3 Furloughed UK Employees Pressured to Work
The COVID-19 pandemic has been a major crisis for businesses and employees around the world. To make matters worse, some unscrupulous employers in the UK have abused the Coronavirus Job Retention Scheme by engaging in...Read More
6 challenges for compliance officers in 2020
The job of a compliance officer can be a difficult one. Organisations from large corporations down to small government agencies rely on their compliance officers to keep them within ethical and legal boundaries. They also...Read More
3 ways to protect your Company’s Reputation
In today’s connected business world, there are very few secrets. United Airlines, for example, recently learned the hard way that one ugly incident can go viral and spread around the world in a matter of...Read More
Top 4 Red flags during a Merger & Acquisition
The business world is often transitional, and the landscape changes as entities grow or industries change – and the players involved have to change with it. Mergers and acquisitions are examples of these “transitional times,”...Read More
Any successful ethics and compliance strategy needs 5 key ingredients …
Once upon a time, the idea of business ethics was more of an abstract or philosophical notion that seemed more suited for discussion in a university lecture or at a business conference. Today, however, organisations...Read More
EXPLORE OTHER INDUSTRIES
Food & Beverage
The Food & Beverage Industry is the fastest-moving industry in regards to changes. Consumer tastes, preferences, packaging, manufacturing, storage, and transportation are constantly changing, challenging the industry. It has been years since the news of...Read More
The automotive industry is the world's largest economic sector by revenue. And the uncertainty and risk in this global industry are never-ending. It faces uncertain times as the specter of a trade war between countries...Read More
IT & Telecommunications
IT (Internet technology) and telecommunications industry providers are the engines that help power commerce on a global scale. This massive industry includes companies that provide the infrastructure for communication across multiple countries and continents, including...Read More
Pharmaceutical & Healthcare
Fraud involving pharmaceutical companies and healthcare providers constitutes a major source of economic waste affecting countries around the world. In spite of increased awareness of the problem and the application of sophisticated anti-fraud mechanisms, individual actors and...Read More
Oil, Gas & Energy
The oil, gas & energy industry is a massive portion of the world’s economy, dealing mainly in petroleum – including upstream (exploration, development, and production of crude oil or natural gas) and downstream (oil tankers,...Read More