Another item on the ACFCS newsletter on 21st September comes from CNBC and says that bank financial crime compliance teams and first line staff can help combat the rising challenge of fraudsters taking advantage of customers’ faith – by asking more questions of individuals stating they are an investor focusing on religious groups, or if they see a customer start pulling out their funds for a supposedly blessed get-rich-quick scheme. Law enforcement officials call them “affinity frauds” — targeting victims through a common bond, most often religion.  It mentions the case of Ephren Taylor, who fleeced some $16 million from members of church flocks in 43 states by preaching so-called “prosperity gospel”.   The FBI has said that it is investigating $2 billion worth of affinity fraud in Utah alone, where an estimated 60% of the population belongs to the Mormon church.–Danske-loses-leader-in-laundering-scandal-is-compliance-failing-and-more.htm


Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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