Corylated

• Will Britcard be panacea for reducing fraud?

  In this episode Lindsey Rogerson, founding editor and Elizabeth Lumley, special correspondent, discuss the newly announced plan for a digital ID – or Britcard -- in the UK. Elizabeth highlights the lack of detail in what the government has announced, and they discuss the politicisation of announcement. The conversation then turns to the digital IDs that already exit in the UK as well as the merits of the numerous examples of introductions of digital IDs by governments in countries including India, Singapore, Brazil, the United Arab Emirates and Estonia. Elizabeth and Lindsey then discuss the bank-led digital IDs initiatives in Norway and Sweden and how a digital ID could help financially excluded individuals to be accepted for banking services.Finally, the pair discuss what the advent of digital IDs has meant for the reduction and prevention of financial crime and fraud. Links Plans around BritCard in the UK are unclear and may be redundant - Compliance CorylatedContact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

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• Sterlingov vs the blockchain analytics industry

  In this episode, Rachel Wolcott speaks with Patrick Tan, general counsel at ChainArgos about the controversial use of blockchain analytics in criminal investigations, focusing on the case of Roman Sterlingov, convicted of operating Bitcoin Fog. Patrick discusses the limitations and risks of relying on blockchain tracing heuristics as forensic evidence, the amicus brief ChainArgos filed in Sterlingov’s appeal. Rachel and Patrick also discuss the Bybit hack and Iranian crypto flows and nested exchanges. Rights to replyChainalysis declined to comment on the ChainArgos Amicus Brief.TRM Labs said it did not see a difference between its analysis and ChainArgos’.Links Amicus Brief in Roman Sterlingov’s Appeal, also available via PACER (U.S. federal court document access system)Chainalysis Blog Post Response: “Chainalysis Data Stands Alone: Independently Proven, Accurate, and Reliable”North Korean hackers’ crypto expertise allows them to steal and launder in plain sight Undercover North Korean IT workers may be driving crypto theftsTRM Labs report on Iranian crypto activityChainArgos’ report on Iranian crypto activity Contact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

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• Missing the red flags in UK payments service provider failures

  In this week’s Corylated podcast Rachel and Niece discuss yet another failed UK payment service provider and examine the UK Financial Conduct Authority’s recent track record supervising this market segment. As UK PSPs continue to fail, the FCA would like to speed up authorisations. Niece and Rachel wonder about these plans, as well as the lighter touch crypto regimes developing in the US and UK. Also, Niece tells Rachel about “strong views” aired at the recent US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) crypto roundtable! Links Complaints Commissioner’s report on Firm XFCA statement on Premier FXFCA payments improvement plan not fully implemented, failed firms’ customers £22.5mn out of pocketZiglu’s filings show early regulatory interventionFifth payments firm enters special administration under FCA’s watchUS TradFi criticises ‘innovation exemption’ policiesContact useditorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

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• Getting curious about human trafficking transaction typologies

  In this week’s Corylated podcast Rachel speaks to Neil Giles, president of the TraffikAnalysis Hub at UK charity Stop the Traffik. Neil shares his deep expertise in identifying human trafficking through financial transaction data and using persona-based typologies and survivor-informed intelligence.The conversation explores how financial institutions can detect trafficking patterns, the role of typologies, and why getting curious about this crime can help set someone free. The episode also covers:• The growing market for child sexual exploitation and its financial footprint• Payment service providers and high-risk transactions• The importance of public-private partnerships (PPP) in fighting trafficking• Case studies including Operation Fort and the Modern Slavery Intelligence Network• Why financial institutions should act now without waiting for regulatorsWarning: difficult subject matter.LinksStop the TraffikHuman trafficking transaction detection needs a bigger financial crime toolkitUK watchdog has no plans to prioritise human traffickingEvolving UK people smuggling policy requires new approach from financial crime teamsCompliance CorylatedCorlyticsContact us: [email protected]

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• Q3 enforcement analysis – MAS steps up as French reject Shein’s cookies

  In this episode Rachel Wolcott and Lindsey Rogerson discuss third quarter enforcement data provided by Corlytics. They begin by reviewing the largest fine of the quarter handed down to fast fashion chain, Shein, by French privacy watchdog Commission nationale de l’informatique et des libertés’ (CNIL). Shein was fined US$175.7 million for multiple breaches of Article 82 of the EU General Data Protection Regulation (GDPR) after an August 2023 investigationproblems with the retailers’ cookies. Rachel then explains the enforcement actions which lie behind a record quarter of fines from the Monetary Authority of Singapore (MAS), before moving on to discuss why anti-money laundering and financial crime are the common theme behind many of Q3’s enforcement decisions. Finally, they discuss the messages coming from US and UK regulators on future enforcement actions as well as the prospects of more AML-related enforcements from United Arab Emirates. Are enforcements there token gestures or a sign of things to come? Links:Q3 enforcement: Singapore fines and bans for AML failings; Shein’s costly cookiesMAS Takes Regulatory Actions against 9 Financial Institutions for AML-Related BreachesCookies placed without consent: SHEIN fined 150 million euros by the CNIL | CNILMonzo fined £21 million for fincrime failures, third challenger bank fine inside a yearWeak bank customer due diligence in spotlight again after Barclays fined £42 millionSettlement Agreement between the U.S. Department of the Treasury's Office of Foreign Assets Control and Interactive Brokers LLC | Office of Foreign Assets ControlTransparency International Russia (in Exile): “Gold and Crossbows: How Russian Mercenaries Enable Dirty Business in Africa”Acting Chairman Pham Announces Successful Completion of Enforcement Sprint Contact us:Editorial@corylated.comwww.compliancecorylated.comwww.corlytics.com

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