New definition of ‘enablers’ in Britain, Singapore’s game-changer PPPs platform and Bank of America’s Luxembourg MLRO decision

THE RAISON D’ETRE for FCC and good compliance in institutions became ever clearer this week with the TD Bank takeover disaster and the lessons learned from SVB and Signature Banks. Separately, in a special essay for AML Intelligence Dr Katie Benson from the School of Social Sciences, University of Manchester has written an insightful piece on the UK's second Economic Crime Plan and how it has broadened the definition of ‘enablers.’

In what appears a world away from US and EU oversight, authorities in Singapore have given the go-ahead to the sharing of information between six major banks to prevent Fincrime.

The Cosmic platform goes operational late next year and is set to be a game-changer when it comes to PPPs in the sector. Can Europe and the UK follow suit? – and can the EU itself follow suit without UK influence, all major questions to be asked as the P3 debate gets well and truly underway in the bloc.

Now here’s your mid-week news digest:

SINGAPORE VOTES IN FAVOUR FOR 'COSMIC': The centralised digital platform is set to be a game-changer for the Asian financial centre, supporters say, describing it as "ground-breaking." The changes to the law passed on Tuesday allow banks to share information when they detect suspicious transactions that meet a stipulated threshold. Cosmic – short for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases – will encompass the local regulator, MAS and six banks. Find the story here: Singapore lawmakers green light ground-breaking ‘Cosmic’ fincrime data-sharing platform between six banks, regulator

TARGETING THE 'ENABLERS' OF ECONOMIC CRIME: Dr Katie Benson from the School of Social Sciences, University of Manchester on the UK's second Economic Crime Plan (ECP2). The plan aims to reinforce the government’s priorities in relation to economic crime in or affecting the UK and sets out a series of actions for the coming three years intended to achieve its three key outcomes. Read the full piece here: ‘Enablers’ broadened to anyone who provides services that allow financial crime, corruption, kleptocracy or sanctions evasion under UK’s new Economic Crime Plan 

**MESSAGE FROM ‘European Anti-Financial Crime Summit 2023.’ three more big names for the conference in Dublin on May 23. The latest additions to the line-up are:

• Marc Fungard, Global Head of FC, Stripe
• Mark Bishop, Head of Intelligence Operations, National Crime Agency (NCA), UK
• Aaron Elliot-Gross, Head of FinCrime, Revolut 

It’s set to be the stand-out AFC event of the year. Have you booked your place yet? You can do so here: European Anti-Financial Crime Summit 

Dont Forget. As a subscriber to the AML Intelligence newsletter, you are eligible for a 30% discount when you apply this discount code;  EAFCS30OFF.

CRYPTO GUYS WANT ONE RULE: A "fire hose" of different regulatory approaches to crypto-assets lack the global consensus needed to attract established investors that would create a mature market, a conference was told on Wednesday. The European Union has finalised the world's first comprehensive rules for crypto-asset markets, known as MiCA, but others like Britain and the United States are further behind. Apart from compliance with rules to stop money laundering and terrorist financing, crypto firms are largely unregulated in many parts of the world. Find the story here: Crypto firms call for global consensus instead of “fire hose” of rules

BANK OF AMERICA GOES EU IN LUXEMBOURG: BANK of America is hiring a dedicated MLRO for its newly created Luxembourg branch. The US has recruited a handful of other support staff in functions such as compliance, risk and legal, to support the Luxembourg branch. Former BNP Paribas banker Benoit Nevouet is the manager of a newly created Luxembourg branch as the U.S. lender seeks to grow its business in Europe. Read the full story here: Bank of America hiring MLRO for its newly created Luxembourg branch

UK SURVEY IDENTIFIES ONLINE FRAUD EPIDEMIC: ONE in five UK companies fell victim to fraud between 2018 and 2020, a government survey revealed. The Home Office survey examined fraud incidents experienced by companies in seven business sectors covering 20% of all industries in the three years to 2020. The poll was conducted in 2020, but published last Wednesday, the day the Home Office announced a new fraud strategy. Find the story here: One in five UK businesses victims of fraud, says government survey

SANTOS CHARGED WITH ML IN THE US: US Representative George Santos was arrested on Wednesday on federal charges of fraud, money laundering and theft of public funds in the latest hit to the newly elected Republican, who has resisted calls to resign for lying about his resume. The 13-count indictment, unsealed on Wednesday, charges Santos, 34, with defrauding prospective political supporters by laundering funds to pay for his personal expenses and illegally receiving unemployment benefits while he was employed. He is also accused of making false statements to the House of Representatives about his assets, income and liabilities. Find the story here: Embattled US Rep George Santos arrested on money laundering, fraud charges

OUSTED PAKISTAN PM IMRAN KHAN ARRESTED: Pakistan's anti-corruption agency arrested former Prime Minister Imran Khan at Islamabad High Court on Tuesday, in a dramatic move that threatens fresh turmoil in the nuclear-armed country as his party called for nationwide protests. Footage of the arrest showed dozens of paramilitary troops in riot-control gear surrounding Khan and leading him into a black van by his arm. Read the story here: Ousted Pakistan PM Imran Khan arrested, prompting call for ‘shut down’ protests

☝️ We have special offers for Individual and Corporate Members. Your Chief Compliance Officer, Department Head, or Chief Librarian can contact us about our Enterprise Membership for your organisation. Please reach out to James Treacy at jtreacy@amlintelligence.com for further information.

Join the world’s fastest-growing FinCrime community and become an AML Intelligence member.

Subscribe now

Have a great Friday 👋

Alisha and the team at AMlintelligence.