Corylated

• Fraud, between caveat emptor and accountability

  In this episode Lindsey Rogerson and Rachel Wolcott begin by discussing why the UK is such a hotbed for fraud and go onto consider the recent drop in authorised push payment (APP) fraud in the UK following the introduction of mandatory reimbursement in October 2024. The conversation then moves onto the European Payments Services Directive (PSD3) and how it is being updated in an effort to clampdown on the use of virtual IBANs by fraudsters. The lack of user-friendliness of fraud warning lists issued by European and global regulators is then discussed alongside the Financial Conduct Authority's Register. Rachel and Lindsey highlight instances where the Register has been part of the problem in amplifying the “halo” effect of an FCA authorisation before wrapping up the conversation with a look at how fraud is increasingly perpetrated by international criminal gangs and what the UK’s hotly anticipated UK Fraud Strategy might include. We’re taking a break and will be back in June with more Corylated. In the meantime, please like, subscribe and leave a 5-star review! Thanks for listening! Links: Payment Systems Regulator 2024 APP reimbursement data: APP fraud performance data | Payment Systems Regulator BBC Panorama episode on Blackmore Bond: https://www.bbc.co.uk/programmes/m001b7jh UK could revoke trade and aid in fight against online fraud - Compliance Corylated UK elderly fraud victims lose £4,000 per scam, research says - Compliance Corylated UK lost $33.2bn to frauds and scams in 2024 - most in EU Zelle mentions on Facebook ads ‘correlatedʼ to scams, Meta says   - Compliance Corylated PSR shares early findings from APP fraud repay scheme 

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  42:39
• Disharmony and trade war convergence

  In this episode Rachel Wolcott and Lindsey Rogerson discuss the state of play with various sanctions regimes. Following Russia’s invasion of Ukraine in 2022, the United States, European Union, United Kingdom and others imposed sanctions and Russian sanctions are still the big story as the war passed its third anniversary in February. The return of Donald Trump to the White House caused initial uncertainty, but this month saw the US renew its Russian sanctions package. The discussion looks at how the US, UK and EU have evolved their Russian sanctions, including a close look at two cases in the UK –involving respectively Dmitriii Ovsiannikov and Mikhail Fridman – to gauge how sanctions enforcement is working. The conversation then moves on to consider how sanctions are increasingly being intermingled with tariffs and other trade barriers, examining both the US action against Canada and Mexico over fentanyl trafficking and China’s recent update to its anti-foreign sanctions law. And covers where compliance teams can turn for guidance when navigating the sanctions quagmire. Please take a minute to rate this podcast! Your support is appreciated.Links:Firms failing to grasp domestic payments’ sanctions risk: https://www.compliancecorylated.com/news/firms-failing-to-grasp-domestic-payments-sanctions-risk/Sanctions complexity, tough US trade policy boosts risk for fund managershttps://www.compliancecorylated.com/news/sanctions-complexity-us-trade-policy-risk-fund-managers/Evolving UK people smuggling policy requires new approach from financial crime teamshttps://www.compliancecorylated.com/news/evolving-uk-people-smuggling-policy-requires-new-approach-from-financial-crime-teams/NCA press release on Dmitriii Ovsiannikov https://www.nationalcrimeagency.gov.uk/news/nca-secures-first-convictions-for-breach-of-uk-sanctions#:~:text=Dmitrii%20Ovsiannikov%2C%20the%20former%20Russia,breaching%20the%20UK's%20Russia%20sanctions.OFSI fine of Herbert Smith Freehills https://ofsi.blog.gov.uk/2025/04/04/hsf-moscow-penalty-key-lessons-for-industry/US renews Russia sanctions https://www.govinfo.gov/content/pkg/FR-2025-04-14/pdf/2025-06399.pdf US lifts sanctions on Karina Rotenberg https://www.occrp.org/en/news/us-lifts-sanctions-on-wife-of-russian-oligarch-boris-rotenberg US removes sanctions on Tornado cash https://ofac.treasury.gov/recent-actions/20250402

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  44:31
• They get knocked down, can they get up again?

  In this episode Rachel Wolcott and Lindsey Rogerson discuss the timely arrival of the European Union’s Digital Operational Resilience Act (DORA) and the requirement for UK financial institutions to identify their critical third party suppliers.The Crowdstrike event last summer highlighted the risk of third party suppliers. The need for such DORA/UK work was furthered underscored in letters sent to the UK parliament’s Treasury Committee in February by the country’s nine largest banks. The breakdown of the cause of every bank outage in the last two year is illuminating – issues at third party suppliers accounted for 24 out of a total 120 outages.The discussion then turns to what lessons can be learned by compliance and risk teams and also considers how current geopolitical tensions could make things a whole lot worse.Links:FCA Crowdstrike lessons learned Which? Report on CrowdStrike incident Trump’s National Security Firings Come as He Weakens U.S. Cyberdefenses - The New York TimesUK Cyber security and resilience Bill update UK’s largest banks paid customers £6.2 million after IT outagesRisk managers under-rate third-party vendors’ GenAI use - Compliance CorylatedEU must exempt firms from DORA’s ICT definitions - Compliance CorylatedBanks need active social media response to viral ‘free money’ postshttps://committees.parliament.uk/committee/158/treasury-committee/publications/3/correspondence/https://www.iosco.org/library/pubdocs/pdf/IOSCOPD767.pdf

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  40:23
• Do Over – open banking needs a reset

  In this episode, Lindsey Rogerson is joined by Elizabeth Lumley to discuss what is happening with open banking and open finance in the UK, EU and elsewhere. The UK used to be a global leader in open banking but with even the chief executive of the Financial Conduct Authority (FCA) saying recently that the country is falling behind the likes of Brazil and India we take a look at what can be done to course correct. We discuss what went wrong and what is needed, from government, regulators and incumbent banks to get things moving again and what we could learn from India and Brazil in particular.The discussion then turns to how regulators can better nurture the start-up and be more sympathetic to requests to explain what and how regulation will impact their businesses. And why every start-up needs a good lawyer. LinksOpen banking’s promise has yet to deliverThe Centre for Finance, Innovation and Technology’s blueprint for open financeHM Treasury list of promises from Financial Conduct Authority

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  34:09
• Earth wind and fire – why mitigating climate risk is now a resilience exercise

  In this episode, we take a look at the growing economic risk from physical climate change and the increasing intensity of natural catastrophes as a result of a warming planet. In Europe only around one quarter of damage from natural catastrophes have historically been covered by insurance, in Asia the figure is 13%. And in the US state of California home sales are falling through because potential buyers cannot procure mortgages due to the risk of wildfires.We discuss how the European Insurance and Occupational Pensions Authority (EIOPA) and the European Central Bank (ECB) have been leading the way in calling for greater cooperation from governments and private sector to boost resilience to natural catastrophes.Insurers have been stepping up and we discuss some of the technologies that firms have been adopting to better assist customers, improve resilience, reduce premiums and improve claims. We also take a look at the UK’s Prudential Regulatory Authority’s rejection of measures which have boosted the uptake of insurance-linked securities in Singapore.LinksKeynote speech by Petra Hielkema at the EIOPA Sustainable Finance Conference - EIOPA The Impact of an Extreme Cloud Burst on Edinburgh Castle and How Important were Human Influences | Royal Meteorological SocietyEvents | Royal Meteorological SocietyFlooding Stockbridge, Edinburgh https://www.youtube.com/watch?v=hfq7mXVzJ1E

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  39:00

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