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‘Unacceptable customer harm risks’ warns FCA

The FCA issues warning to payment firms; AFP establishes new task force to combat money laundering; takedown of an infamous crypto laundromat.

Napier AI
March 24, 2023

The FCA highlights risks of customer harm to payment firms; Australia strikes back on sophisticated money laundering criminals by launching a new task force; and global authorities shut down an infamous cryptocurrency mixer.

Read more on these stories below:  

FCA’s ‘Dear CEO’ letter warns payment firms of ‘unacceptable risk of harm’

The recently published ‘Dear CEO’ letter from the Financial Conduct Authority (FCA) focuses on safeguards for customer funds and calls on financial institutions to introduce sufficiently robust controls to protect financial system integrity. The letter outlines best practices for prudent risk management and wind-down planning to tackle money laundering, sanctions, and fraud concerns.  

Read more here  

AFP launches taskforce to target organised crime in Australia

The Australian Federal Police (AFP) has launched Taskforce Avaras, a multi-agency unit targeting criminals who launder billions of dollars annually through the country's financial system and property market at “an alarming scale.” The taskforce will deploy AUSTRAC, the Australian Criminal Intelligence Commission and the Australian Border Force.  

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Darkweb's major crypto laundering platform shut down in multi-national sting

Authorities from Germany, the US, Belgium, Poland, and Switzerland, with support from Europol, take down ChipMixer, a cryptocurrency mixer used by cybercriminals for money laundering. The unlicensed platform specialised in anonymising cryptocurrency trails and facilitated laundering of approximately 152,000 Bitcoins worth around $2.73 billion in crypto assets.  

Read more here  

Photo by Andrea De Santis on Unsplash

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