Episode 11: Emerging Payments and Banking Firms

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The UKFIU Podcast

UK Financial Intelligence Unit

25 episodes

3 days ago

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.

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Episode 11: Emerging Payments and Banking Firms

The UKFIU Podcast

15 minutes 49 seconds

2 years ago

Episode 11: Emerging Payments and Banking Firms

As the number of choices available to banking customers in the UK has grown to include non-traditional platforms, the pool of institutions that regularly report SARs has expanded and diversified. Terms such as ‘challenger bank’, ‘digital bank’, ‘FinTech’, ‘e-wallet’, ‘e-money’ and ‘cryptocurrency exchange’ are now commonplace within the SARs regime and the terminology used to discuss these reporters can be crucial to understanding the different services that they offer.

In this podcast, we chat with Mike Venn, the Group Head of Risk and Compliance with Modulr to try and get a better understanding of this area.

00:00 Introduction

01:23 Modulr introduction

03:21 Emerging, mobile-based firms

05:44 Clarification of services offered

07:11 Know Your Customer (KYC)

09:45 Identifying suspicious activity

12:05 Interaction with the UKFIU

14:03 Conclusion

Resources mentioned in this podcast

UKFIU pages on the NCA website:

https://nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-illicit-finance/suspicious-activity-reports

https://nationalcrimeagency.gov.uk/what-we-do/crime-threats/money-laundering-and-illicit-finance/ukfiu

SARs In Action magazine issue 18:

https://nationalcrimeagency.gov.uk/who-we-are/publications/625-sars-in-action-december-2022/file