The latest Suspicious Transaction Report podcast from RUSI discusses the challenges that will face financial institutions in 2020. It considers the recent financial crime news, and then considers the UK’s transposition of the EU’s Fifth Anti-Money Laundering Directive.
https://rusi.org/multimedia/episode-09-new-year-new-challenges
On 15 January, Eversheds Sutherland published an alert which says that 2019 saw an effort by both Congress and various state legislatures to reduce the volume of robocalling and “spoofed” calls. Robocalls are pre-recorded calls placed through automated dialing equipment while spoofed calls falsely appear to come from a particular area code or legitimate place of business to increase the recipient’s chances of answering. The alert provides a general overview of the federal Act and also discusses several notable examples of state laws passed in 2019 aimed at reducing robocalling and spoofing.
https://www.jdsupra.com/legalnews/2019-legislative-roundup-federal-traced-68457/
The Economic Times reported on 15 January that the Revenue Department using its data analytics has discovered a fraud in GST refunds with as many as 1,200 exporters, who have claimed tax refunds but are now untraceable.
https://economictimes.indiatimes.com/news/economy/finance/over-1200-exporters-untraceable-government-saves-rs-350-crore-fake-igst-refund/articleshow/73274446.cms
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