About Anti-Money Laundering & Insider Fraud Group

*GROUP ARCHIVE*

Objective

To help recruit political support for and industry participation in the "Fighting Fraud Together" strategy action plans.  To help ensure that the UK and Europe establishes the right level of regulation in co-operation with the industry, and undertakes the actions needed to help prevent the rapid escalation of electronic fiscal malpractice and crime.

Parliamentary Chair: Earl of Erroll
Rapporteur: Dave Wright

Work Programme

  • To engage the banks, regulators and Government(s) in helping to create a roadmap for the financial sector, with consensus among all stakeholders.  The involvement of the banks, stakeholders, media, regulators and the political and social elements is needed to steer this transformation effectively.  Proof of concept of a fraud prevention hub has been demonstrated in collaboration with 6 major banks.
  • Discussions with the Information Commissioner's Office have indicated that the hub can be fully compliant with the Data Protection Act and related legislation.  In trials with banks, using non-identifiable data, the hub detected 50% of known fraudulent transactions, in addition to 9 networks hitherto unknown.
  • To help create a stronger and safer digital economy by the enforcement of effective Anti-Money Laundering regulations and alertness to insider fraud.

The Group will formulate its responses to the EU Commission's consultation on the regulatory environment for platforms, online intermediaries, data and cloud computing and the collaborative economy, including how the consultation should be managed, and which issues might be better covered separately.

Meeting Reports, Publications and Other Relevant Documents

AMLIF Meeting Reports

    AMLIF Group Publications