Corylated

• The NepoPep: Exploring deep connections between Russian elites

  This week we’re bringing an episode featuring Ilia Shumanov, board member at Transparency International Russia in Exile and the co-founder of Arctida, a non-profit focused on challenges facing the Russian arctic. Ilia speaks with Rachel Wolcott, Compliance Corylated’s founding editor about their recent collaboration investigating the son of a Russian Duma deputy and alleged gangster who grew up outside Russia in the US and UK private schools. Boris Borisovich Ivanyuzhenkov is another wealthy, young Russian with elite connections. Despite his father Boris Viktorovich Ivanyuzhenkov being a high-ranking figure in the legendary Podolsk OCG, young Boris has traveled the world playing tennis and is the director of several property businesses in the US and Europe. He also happens to be best friends with Mikhail Fedotov, son of energy tycoon Viktor Fedotov.Ilia and Rachel unpack the case and talk about what it says about the challenges for financial crime investigators and journalists! LinksThe NepoPEP: Alleged Russian gangster’s son’s US property companyThe NepoPep: Sons of Duma deputy and UK Conservative party donor run German property [email protected] Transparency International Russia

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• Golden Youth: How a wealthy Gen-Z Russian came to run a cash-to-crypto money laundering scheme from his Kensington flat

  This week we’re bringing an episode featuring Ilia Shumanov, board member at Transparency International Russia in Exile and the co-founder of Arctida, a non-profit focused on challenges facing the Russian arctic. Ilia speaks with Rachel Wolcott, Compliance Corylated’s founding editor about the ‘Golden Youth’ series of articles examining one of the actors involved in multi-billion-pound crypto laundering scheme. Ilia and Rachel recently collaborated on an investigation into the Semen Kuksov case. Kuksov, a young wealthy Russian, was jailed in 2024 in the UK after pleaded guilty to laundering £12 million through his cash-to-crypto operation. Ilia and Rachel unpack the case and talk about what it says about Russian sanctions evasion and money laundering methods today. Links First article: Golden Youth, the new face of Russian money laundering and sanctions evasion Second article: The privileged, privately educated Russian who ran a cash-to-crypto MLAAS for other wealthy Russians and drug traffickers Third article: Wealthy Gen Z Russian laundered money in luxury properties, claimed ADHD caused offending Metropolitan police: Money laundering gang who exploited Russia-Ukraine war jailed (press release) Crown Prosecution service: Men jailed for laundering more than £12m of criminal cash (press release) Contact: [email protected]

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• Hard Bargain: Working in a regulated sector brings responsibilities

  In this episode, Lindsey and Rachel cover the sentencing of UK art dealer for failing to report suspicion of terrorist financing when dealing with a sanctioned individual. Oghenochuko Ojiri, who was given two and a half years in prison, subscribed to an art market due diligence service, but did not heed its findings.  Mrs Justice Cheema-Grubb told Ojiri during sentencing: “These offences are so severe that only a custodial sentence can be justified. Working in a regulated sector brings responsibilities, but you closed your eyes to what you knew.” Listen in for further insights from the sentencing. Links:Jailed UK art dealer ignored due diligence platformʼs alert on Hezbollah financier Full sentencing remarks on Sky News Courts Compliance Corylated video: Follow the handbags, new reporting rules for high value dealers UK Financial Intelligence Unit’s SARs report 2023/24 Money laundering risks in UK higher education report Contact us: [email protected]

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• Meet the UK FCA’s new enforcement approach, same as the old one

  In this episode Lindsey Rogerson and Rachel Wolcott discuss the UK Financial Conduct Authority’s updated version of its Enforcement Guide. They begin by recapping on the intentions behind proposals to change the “exceptional circumstance” test for disclosing if/when a financial services firm was under investigation. They discuss the entirely foreseeable backlash and justifiable industry concern about naming firms when time for FCA to complete investigations was running at an average of 42 months. The conversation then moves onto consider where the consultation landed on transparency and what if anything has really changed. Rachel also shares some insight on the cost of prosecuting small scale insider dealing cases on the back of a response she received to a request under the Freedom of Information Act 2000. And Lindsey considers whether a House of Lords amendment to the UK Employees Rights might succeed in where PS25/5 failed in encouraging whistleblowers to come forward. Links: FCA spent over £300k on insider dealing duo who made £43k Over 50% of FCA investigations are public FCA policy statement 25/5: Our enforcement guide and greater transparency of enforcement investigations House of Lords Financial Services Regulation Committee report: Naming and Shaming: How not to regulate Recent FCA apologies to Collateral investors, FundingSecure customers, and Basset & Gold minibond investors for slowness in handling complaints about how these firms were authorised and supervised.

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• Vulnerable customers, digital inclusion: An interview with Howard Taylor, a director at PwC’s risk and compliance practice

  UK financial services firms are still falling short when it comes to their vulnerable customers. The Financial Conduct Authority (FCA) explored the issue in its March review, highlighting that the financial services industry is still not doing enough. To unpack the challenge, Niece Prayoonrat, a reporter at Corylated, speaks to Howard Taylor, a director at PwC’s Risk and Compliance Transformation Consulting practice. Howard participated in the FCA’s panel launching its most recent work on vulnerability and has advocated for a needs-led and customer-focused approach to vulnerable customers. He also offers valuable insights as a wheelchair user. In this episode, Niece and Howard discuss how organisations and regulators can better serve those who are sometimes left behind. Howard addresses how product and business teams can design products with vulnerable customers in mind, whether a one-size-fits-all approach might actually be harmful, and the overarching vision from current government workstreams. Links:Banks fail vulnerable customers; most UK adults reluctant to disclose status UK elderly fraud victims lose £4,000 per scam, research says Smart data central to next evolution in banking services Delivering good outcomes for customers in vulnerable circumstances – good practice and areas for improvement (UK Financial Conduct Authority) Contact us [email protected] compliancecorylated.com

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