Day: July 24, 2022

On 21 July, the Wolfsberg Group of leading banks has published a Paper which expands on a key element of the Wolfsberg Group’s views on developing an effective AML/CFT programme (The “Wolfsberg Factors”), which is to engage with the public sector, including law enforcement.  The Paper focuses on successful engagement through Public-Private Partnerships and is intended to be an introduction to the subject for those who may be less familiar with the principles underpinning these arrangements and the pivotal role which national authorities must play.  The Group says that the focus on improving the outcomes of collective investments in fighting financial crime will boost the efforts of law enforcement and will increase the effectiveness of AML/CFT programmes – ultimately benefitting public sector participants, private sector stakeholders, and society at large.

https://www.wolfsberg-principles.com/articles/publication-effectiveness-through-collaboration-paper

https://www.wolfsberg-principles.com/sites/default/files/wb/Wolfsberg%20Effectiveness%20Through%20Collaboration.pdf

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On 24 July, Finextra reported in a blog post that convenient access to easily granted charge repudiations has opened the door to purposeful friendly fraud.  It is claimed that a growing field of users now abuse the chargeback process – a system meant to protect consumers – to sidestep the refund process and engage in “cyber shoplifting”. 

https://www.finextra.com/blogposting/22640/friendly-fire-chargeback-fraud-has-become-a-consumer-weapon

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On 22 July, Stephenson Harwood published an article about prohibitions that came into effect on 21 July which prohibits the direct or indirect provision of the following services to any “person connected with Russia“: accounting services, business and management consulting services, and public relations services.  It notes that the scope of the new UK sanctions is similar but not identical to the EU sanctions adopted in early June. 

https://www.shlegal.com/insights/uk-sanctions-professional-and-business-services-to-russian-clients

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