Plenitude Consulting

Join Us for an Exclusive Webinar on AI in Financial Crime and Fraud Prevention! Artificial Intelligence (AI) is transforming industries worldwide, and the financial sector is no exception. From enhancing customer identification and due diligence to automating investigations, AI has introduced unprecedented efficiency and innovation in the fight against financial crime and fraud. But with this innovation comes new challenges. Complex AI models, unlike traditional rule-based systems, can be opaque, making it difficult for firms to understand and explain decisions—a critical requirement to meet regulatory expectations from the FCA and the recently published EU AI Act. 🔍 What We'll Cover: • The evolving AI regulatory landscape in Europe and the UK • The importance of 'explainability' and conformity assessments in AI models and systems • Practical approaches to achieving regulatory compliance • Best practices for implementing robust AI governance for transparency, accountability, and ethical use 🗓️ When: 11 September 2024 at 1600 BST 🗣️ Hear from Our Expert Speakers: • Alan Paterson | Founder and CEO, Plenitude Consulting • Munir Merchant | Head of Tech and Data, Plenitude • Dr Janet Bastiman | Chief Data Scientist, Napier AI • Carsten Maple | Professor of Cyber Systems Engineering, University of Warwick/The Alan Turing Institute • Lukas Szpruch | Programme Director for Finance and Economics, The University of Edinburgh/Alan Turing Institute Don’t miss this opportunity to gain valuable insights into the intersection of AI and financial crime prevention. 👉 Register Here: https://lnkd.in/eVNsUSA5 #webinar #AI #fraud #financialcrime

Join Us for an Exclusive Webinar on AI in Financial Crime and Fraud Prevention! Artificial Intelligence (AI) is transforming industries worldwide, and the financial sector is no exception. From enhancing customer identification and due diligence to automating investigations, AI has introduced unprecedented efficiency and innovation in the fight against financial crime and fraud. But with this innovation comes new challenges. Complex AI models, unlike traditional rule-based systems, can be opaque, making it difficult for firms to understand and explain decisions—a critical requirement to meet regulatory expectations from the FCA and the recently published EU AI Act. 🔍 What We'll Cover: • The evolving AI regulatory landscape in Europe and the UK • The importance of 'explainability' and conformity assessments in AI models and systems • Practical approaches to achieving regulatory compliance • Best practices for implementing robust AI governance for transparency, accountability, and ethical use 🗓️ When: 11 September 2024 at 1600 BST 🗣️ Hear from Our Expert Speakers: • Alan Paterson | Founder and CEO, Plenitude Consulting • Munir Merchant | Head of Tech and Data, Plenitude • Dr Janet Bastiman | Chief Data Scientist, Napier AI • Carsten Maple | Professor of Cyber Systems Engineering, University of Warwick/The Alan Turing Institute • Lukas Szpruch | Programme Director for Finance and Economics, The University of Edinburgh/Alan Turing Institute Don’t miss this opportunity to gain valuable insights into the intersection of AI and financial crime prevention. 👉 Register Here: https://lnkd.in/eVNsUSA5 #webinar #AI #fraud #financialcrime

Cifas released its latest fraud intelligence report for the first half of 2024. The report presents fraud risk data collected by Cifas with intelligence provided by members, partners, and law enforcement. Key findings include:  ➡️ Cases of identity fraud the most commonly reported; ➡️ 214,882 fraud cases were filed to the Cifas National Fraud Database #NFD between January and June 2024, an increase of 15% from the same period in 2023;  ➡️ 325 instances of internal fraud were reported; and  ➡️ Firms have reported the ongoing social engineering of vulnerable consumers struggling with the cost-of-living crisis to allow access to their accounts and authorise the payment of funds into fake investment schemes. Firms can review the latest Cifas findings as part of remaining up-to-date with the latest UK fraud risks and how to combat them. ✅ Learn more about Plenitude’s Fraud Practice and how we are helping clients combat fraud whilst reducing losses and operational costs: https://lnkd.in/e_UCKYWW Read the full report: https://lnkd.in/eSddDPbv

The Public Sector Fraud Authority #PSFA published new Guidance on developing public sector responses to Bribery and Corruption Information is provided on the following ABC measures public sector firms can implement:   ➡️ Policies and Procedures;  ➡️ Risk Assessment; ➡️ Control Improvement Plan; and ➡️ Counter Bribery and Corruption Strategy #CBCS Public sector firms and practitioners should review the latest PSFA Guidance as part of their ABC framework implementation and review processes ✅ Learn more about Plenitude’s Anti-Bribery and Corruption expertise and how we can help your firm implement effective ABC frameworks: https://lnkd.in/eHf5Ry5k Read the full guidance: https://lnkd.in/e_qyihNS

The deadline for Payment Service Providers #PSPs to register with Pay.UK in advance of the implementation of the #APP Reimbursement Rule is tomorrow, 20th August. All UK in scope-PSPs for the forthcoming APP reimbursement rules are first required to register with Pay.UK, the recognised standards body for the UK interbank payment systems which will be implementing the APP reimbursement requirement. 🗓️ The reimbursement rule for fraudulent transactions made through FPS comes into force on 7th October 2024. From 7th October, in-scope PSPs will be required to reimburse victims within five working days, and receiving PSPs will be required to share the cost of the fraud loss with the sending PSP. ✅ Learn more about Plenitude’s Fraud Practice and how we are helping clients prepare for forthcoming regulatory changes while reducing fraud losses and operational costs: https://lnkd.in/e_UCKYWW Read the full update: https://lnkd.in/e_9dfycC

The UK Financial Intelligence Unit (UKFIU) published the August #SARs Reporter Booklet. The booklet is designed to aid firms with reporting obligations by sharing reporting examples and best practice guidance. The report provides case studies for firms on the requirements surrounding the submission of a Defence Against Money Laundering #DAML in instances of suspected fraud and money laundering. Firms can view the UKFIU booklet to aid them in fulfilling their reporting requirements Learn more: https://lnkd.in/eSXGcGAf

The Financial Conduct Authority #FCA published its latest firm authorisation metrics. The data covers April to June 2024 and notably now also includes registration applications submitted by crypto asset firms under the MLRs 2017. ➡️ The FCA determined 98% of applications within the applicable statutory deadline; and  ➡️ 1012 authorisation applications were submitted for money laundering registration during the time period. 💡 Plenitude’s Digital Assets Practice can help your firm navigate the UK licensing and registration process. Visit our website for more information https://lnkd.in/eDutppq7 Learn more: https://lnkd.in/e93hr_ei

We're #hiring a new Anti Financial Crime Manager - Payments Screening Systems in London Area, United Kingdom. Apply today or share this post with your network.

The Solicitors Regulation Authority #SRA updated its Sanctions Guidance The following changes were made: ➡️ Controls for all firms: New information on how firms may inadvertently become involved in a Sanctions regime; ➡️ Red flags for attempted circumvention: Updated red flags to include self-reporting responsibilities and the need to screen staff during onboarding; ➡️ Reporting requirements: New information on firms’ reporting requirements; and  ➡️ Licensing: Further information on staying compliant with licence responsibilities. All SRA-regulated firms, solicitors, registered European lawyers and registered foreign lawyers are expected to review the SRA Guidance and take any appropriate action in ensuring compliance with their Financial Sanctions requirements. Learn more: https://lnkd.in/eK-uJwwh