FCC RegUpdate

On November 09, 2023, FATF, in collaboration with the Egmont Group and INTERPOL, called for action against cyber-enabled fraud. The organizations conducted an analysis of evolving landscapes, crime links, and vulnerabilities in new technologies.

To know more, read here https://www.fcctimes.com/2023/11/09/cracking-the-code-global-strategies-to-combat-the-surge-in-cyber-enabled-fraud-and-preserve-digital-trust/

The report emphasizes successful national strategies against cyber-enabled fraud, highlighting the crucial need for enhanced collaboration both domestically and internationally to effectively address the escalating threat. Additionally, it identifies risk indicators and provides useful anti-fraud requirements and controls that can assist public and private sector entities in detecting and preventing cyber-enabled fraud and related money laundering.

Key priority areas for jurisdictions to effectively combat this crime and associated money laundering include:

  • Enhancing coordination within the public and private sectors at the domestic level.
  • Fostering international collaboration through multilateral support.
  • Boosting detection and prevention through increased awareness, vigilance, and streamlined reporting of such crimes.