The UKFIU Podcast

UK Financial Intelligence Unit
  • 5.0 (13)
  • BUSINESS
The UKFIU Podcast

The UK Financial Intelligence Unit (UKFIU), housed within the National Crime Agency, has national responsibility for receiving, analysing and disseminating financial intelligence submitted through the Suspicious Activity Reports (SARs) regime. SARs alert law enforcement to potential instances of money laundering and terrorist financing and are a vital source of intelligence, not only on economic crime but on a wider range of criminal activity. These educational podcasts are part of the UKFIU’s new digital presence delivering a smarter approach to fighting crime, in line with UKFIU priorities of reducing harm, protecting the integrity of the UK economy and ensuring that there are no safe spaces for economic crime or terrorism financing.

  1. 9 JUL

    Episode 19 - Legal Sector: Challenges and Opportunities

    In this episode our panel of legal experts discuss key considerations and challenges facing legal professionals when it comes to anti-money laundering (AML) and suspicious activity reporting. The legal sector covers everything from large global firms down to sole practitioners and our panellists discuss key money laundering threats, risk areas and the indicators which firms and sole practitioners should be looking for. For the subtitled version of this episode go to: https://youtu.be/FztrHRW0-7U   SRA – Solicitor’s Regulation Authority MLRO- Money Laundering Reporting Officer AML – Anti-money laundering WTW – Willis Towers Watson FCA – Financial Conduct Authority CDD – Customer Due Diligence OFSI – Office of Financial Sanctions Implementation   Further information can be found here: https://sra.org.uk/aml https://sra.org/sanctions https://www.lawscot.org.uk/members/regulation-and-compliance/financial-compliance/anti-money-laundering/ https://www.lawscot.org.uk/news-and-events/law-society-news/aml-thematic-review-of-suspicious-activity-reports/ https://lawsociety.org.uk/topics/anti-money-laundering/ https://wtwco.com/en-gb

    34 min

  2. 8 MAR

    Episode 18: Impacts of the Illegal Wildlife Trade – Part 2

    In part two of our Illegal Wildlife Trade (IWT) episode, our panellists discuss the impact on economies, biodiversity and legitimate wildlife trade. They also talk about predicate crimes associated with IWT and the importance of international co-operation, such as that garnered during Project Anton, in tackling it. Information regarding the Statement of Principles, announced by the Prince of Wales at the United for Wildlife Global Summit in November, can be found here: https://unitedforwildlife.org/news/international-statement-of-principles-announced For the subtitled version of this episode go to: https://youtu.be/aLQzDjlxApg

    21 min

  3. 4 MAR

    Episode 17: Impacts of the Illegal Wildlife Trade – Part 1

    In part one of our episode on the Illegal Wildlife Trade (IWT), we are joined by panellists from Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC) and the UK’s National Wildlife Crime unit (NWCU). Our panellists discuss the roles of their organisations and outline the differing threats between their respective countries, but highlight the similar typologies used by serious organised crime groups. Reporters can access key messages and information on IWT related SARs using the following link: https://fintrac-canafe.canada.ca/intel/operation/oai-wildlife-eng For the subtitled version of this episode go to: https://youtu.be/TRM4kvKaypQ?si=C6USuBOOJ-bbTCPz

    19 min

  4. 24 JAN

    Episode 16: Accountancy Sector

    In this episode, panellists from accountancy sector supervisory bodies discuss Anti-Money Laundering (AML) compliance within the sector. This includes specific cases where a firm may have AML concerns during Know Your Customer (KYC) and Suspicious Activity Report (SAR) practices. The panellists use their extensive knowledge to provide their perspectives on the sector as a whole and specifics relating to their areas of focus, from large accountancy firms to individual bookkeepers. There is also information on opportunities for firms to approach the UKFIU’s Reporter Engagement Team (RET) to improve internal understanding of SARs submission. For the subtitled version of this episode go to: https://youtu.be/D0xYmNQsylA Panellists: Tim Pinkney, Director of Professional Standards, Institute of Financial Accountants (IFA) [formerly Head of Practice Standards] Michelle Giddings, Head of AML and Operations, Professional Standards, Institute of Chartered Accountants in England and Wales (ICAEW) Jody Newman, Head of Compliance and Professional Standards, Institute of Accountants and Bookkeepers (IAB) Acronyms used in this podcast: PBS: Professional Body Supervisors AASG: Accountancy AML Supervisors Group Regs: Regulations POCA: Proceeds of Crime Act (2002) KYC: Know Your Customer CDD: Customer Due Diligence   Time Stamps 00:40 Introduction 01:34 Tim (IFA) intro 02:30 Michelle (ICAEW) intro 03:54 Jody (IAB) intro 05:17 key money laundering threats and red flags 10:32 SAR submission numbers in the accountancy sector 15:27 When turning away a client due to AML or KYC concerns 17:55 Biggest challenges firms face with AML compliance and SARs 23:37 Firm opportunities to engage with the UKFIU. 24:34 Final key messages 27:48 Outro

    29 min

  5. 05/10/2023

    Episode 15: Money Mules

    In this episode, panellists from the National Crime Agency (NCA) and National Economic Crime Centre (NECC) discuss the issue of money mules, including key indicators of money muling, types of money mules and strategies used to recruit potential money mules. For the subtitled version of this episode go to: https://youtu.be/bTSKvCIYq90 Acronyms used in this podcast: SARs: Suspicious Activity Reports Time Stamps: 00:11 Introduction 01:09 Money muling explanation 02:27 Money mule account explanation 04:19 How big a problem is money muling and how much is laundered via this? 06:28 Types of money mule account holders 09:31 How are money mules recruited? 11:08 The demographics of money mules 12:49 The difficulty in disrupting money muling 15:13 Key money mule indicators for SAR reporters to watch out for 18:34 Closing statement

    20 min

  6. 10/08/2023

    Episode 14: Risks of money laundering associated with UK Money Service Bureaus and UAE Exchange House Sector

    In this episode, panellists from the National Crime Agency (NCA) and UAE Financial Intelligence Unit (UAEFIU) discuss the nature of MSBs and exchange houses in the UK and UAE, the risks of money laundering associated with both sectors, patterns of criminality, how this type of financial service has changed and why there is still a need for them in an increasingly cashless world. For the subtitled version of this episode go to: https://youtu.be/zSHK63hIugU Acronyms used in this podcast: MSB: Money service bureau or money service business SME: Subject-matter expert SARs: Suspicious Activity Reports AML: Anti-money laundering CFT: Combatting financing of terrorism, or CTF (counter-terrorist financing) STR: Suspicious Transaction Report HOSSP: A report published by the Financial Action Task force (FATF) on ‘the role of Hawala and other similar service providers in money laundering and terrorist financing’ IVTF: Informal value transfer system IBAN: International bank account number EMI: Electronic Money Institutions Time Stamps 00:07 Introduction 00:55 MSB’s explanation 03:05 Hawala explanation 04:12 How does this differ to an exchange house within the UAE? 04:51 What steps have been taken to identify financial crime through suspicious activity reporting in the UK? 06:16 What steps have been taken to identify financial crime through suspicious activity reporting in the UAE? 09:45 What are some of the key areas of concerns regarding these areas of financial services? 11:50 What concerns does the UAE have around Hawala type services? 12:30 Patterns of criminality associated with MSBs in the UK 14:32 Patterns of criminality associated with Exchange Houses in the UAE 19:12 Why is there a need for MSBs or Exchange Houses in an increasingly cashless world? Do the benefits to customers outweigh the challenges to law enforcement or regulators? 22:38 Conclusion

    23 min

  7. 17/05/2023

    Episode 13: Fraud Intensifications

    We continue our series of podcasts focused on fraud. In this podcast we will be looking at fraud intensification. In 2022 the National Economic Crime Centre (NECC)  with assistance from the City of London Police, implemented a period of intensification of activity across law enforcement.  There were a number of objectives of this intensification: to increase public confidence that law enforcement is committed to tackling fraud offending in the UK; to act as a deterrent through the promoting of successful initiatives to arrest or interview under caution suspects of fraud; to seize the proceeds of fraud and repatriate money to victims; and to increase confidence across government in law enforcements commitment to tackling fraud.    To explain this work further, we hear from Oliver Little, the Deputy Head of Operations in the NECC on what is ‘intensification’ in this context and how does it apply to work aimed at combatting fraud.   This is the second podcast of a special series of UKFIU podcasts focused on fraud.   00:00 Introduction 01:41 Explaining fraud intensification 02:55 How much victims lose annually as a result of this criminality 04:19 Who are the partners in this intensifications work and how exactly do you all work together 05:43 What the intensification of fraud activity actually entails and what was the outcome of this intensification period 07:49 How has the anti-fraud message been delivered to the general public 09:24 Intensification work planned for 2023 11:22 Conclusion

    13 min

  8. 27/03/2023

    Episode 12: UK Fraud Communications Toolkit

    Fraud Communications Fraud accounts for over 40% of all crime and recent statistics have shown that 1 in 15 people are a victim of fraud. To facilitate a coordinated response to tackling this, a framework has been developed by key partners, based on insight from across various sectors, to create a streamlined, comprehensive approach.  It is hoped that by having a consistent and comprehensive response to fraud, the public will be empowered to protect themselves and to act appropriately if they are targeted. To explain what this all means, we speak with Jessica Kenny, a Strategic Engagement Manager in the National Crime Agency.   This is the first of a special series of UKFIU podcasts focused on fraud.   00:00 Introduction 01:29 Explaining the fraud communications toolkit 04:40 Core behaviours 08:01 The need for consistent fraud messaging 09:34 Methods of communication 12:46 Who is the toolkit aimed at? 13:50 Promoting behavioural change 16: 50 Conclusion

    18 min
See All (19)

Ratings & Reviews

5
out of 5
13 Ratings

About

The UK Financial Intelligence Unit (UKFIU), housed within the National Crime Agency, has national responsibility for receiving, analysing and disseminating financial intelligence submitted through the Suspicious Activity Reports (SARs) regime. SARs alert law enforcement to potential instances of money laundering and terrorist financing and are a vital source of intelligence, not only on economic crime but on a wider range of criminal activity. These educational podcasts are part of the UKFIU’s new digital presence delivering a smarter approach to fighting crime, in line with UKFIU priorities of reducing harm, protecting the integrity of the UK economy and ensuring that there are no safe spaces for economic crime or terrorism financing.

Information

  • Creator
    UK Financial Intelligence Unit
  • Years Active
    2020 - 2024
  • Episodes
    19
  • Rating
    Clean
  • Copyright
    © UK Financial Intelligence Unit
  • Show Website
    The UKFIU Podcast

You Might Also Like

To listen to explicit episodes, sign in.

Stay up to date with this show

Sign in or sign up to follow shows, save episodes and get the latest updates.
Select a country or region

Africa, Middle East, and India

Asia Pacific

Europe

Latin America and the Caribbean

The United States and Canada