Hong Kong multinational firm loses $25.6M to deepfake scam, FinCEN proposes new AML rule for real estate, and the UK launches new economic crime unit
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On February 5, the UK Environment Agency announced the launch of an economic crime unit (ECU) to tackle financial offenses in the waste sector. Leveraging existing partnerships with the police and HM Revenue & Customs, the ECU comprises the Asset Denial Team and the Money Laundering Investigations Team. The creation of this new unit underscores the growing emphasis on regulatory and criminal enforcement in the environmental sector, indicating a broader trend toward increased enforcement of ESG-related issues.?
According to Hong Kong police, a multinational company has suffered losses worth millions due to a deepfake video call scam. In the scam, a finance worker was tricked by a scammer posing as the company’s financial officer and agreed to transfer money to 15 designated bank accounts amounting to $200 million Hong Kong dollars (USD$25.6 million). To mitigate the rising threat of deepfake technologies, firms need to keep their cyber defenses, data hygiene, and training programs under continuous review so they’re able to rapidly adapt to the shifting deepfake landscape as effectively as possible. Familiarity with the latest behaviors and any specific forms of deepfakes targeting their sector will be critical.
The Financial Crimes Enforcement Network (FinCEN) has proposed a new rule to prevent and discourage money laundering in the residential real estate sector by increasing transparency. The rule would require certain real estate professionals involved in closing and settlement procedures to report information to FinCEN regarding non-financed transfers of residential real estate to legal entities or trusts. A full overview of the rule’s key elements, including reportable transfers and transferees, can be found here. Firms wishing to comment on the proposed rule have until April 7, 2024, to do so.?
Until next week,
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9 个月Discussed the #deepfake topic with several associates with a considerable amount of scepticism. Implications are obviously troubling (or should be) for #insurers of #computercrime say with financial institutions and I can envisage a complex investigation should a claim be submitted.