Skip to main content
The UKFIU Podcast

The UKFIU Podcast

By UK Financial Intelligence Unit

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.
Available on
Apple Podcasts Logo
Google Podcasts Logo
Pocket Casts Logo
RadioPublic Logo
Spotify Logo
Currently playing episode

Episode 10: Illegal Wildlife Trade

The UKFIU PodcastFeb 25, 2022

00:00
16:46
Episode 18: Impacts of the Illegal Wildlife Trade – Part 2
Mar 08, 202420:31
Episode 17: Impacts of the Illegal Wildlife Trade – Part 1
Mar 04, 202419:16
Episode 16: Accountancy Sector

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

Jan 24, 202428:47
Episode 15: Money Mules

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

Oct 05, 202320:05
Episode 14: Risks of money laundering associated with UK Money Service Bureaus and UAE Exchange House Sector

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

Aug 10, 202323:12
Episode 13: Fraud Intensifications

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

May 17, 202312:39
Episode 12: UK Fraud Communications Toolkit

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

Mar 27, 202318:04
Episode 11: Emerging Payments and Banking Firms
Feb 23, 202315:50
Episode 10: Illegal Wildlife Trade

Episode 10: Illegal Wildlife Trade

In this edition we speak with the National Wildlife Crime Unit, examining the illegal wildlife trade (IWT) and how red flags can be potentially identified through Suspicious Activity Reports. IWT is a significant business, long reported as being the fourth largest crime in the world, and believed to generate approximately GBP 15 billion a year.

Feb 25, 202216:46
Episode 9: Working internationally

Episode 9: Working internationally

Episode 9 looks at how the UKFIU works with overseas partners, ensuring that intelligence on money laundering and financial crime is effectively shared with international partners and includes John O’Sullivan (UKFIU International manager) and USA ILO Mike Manley as panellists. Topics discussed are:

·  Demystifying some of the UKFIU international terms used in the SARs Annual Reports

·  Intelligence sharing with global partners

·  An explanation of the ILO network

·  Close working between the UK and US

·  How the ILO network works with the UKFIU

·  Why SARs are so important to the ILO work

·  Why sharing financial intelligence internationally is so important

Nov 24, 202122:14
Episode 8: Virtual assets

Episode 8: Virtual assets

In this edition we examine virtual assets – what they are, how they work, complexities faced by law enforcement and the role SARs and reporters can play. We hear from the NECC, the National Police Chiefs’ Council cybercrime programme and the reporting sector, and examine the impact of the fifth money laundering directive regulations on SARs regime stakeholders. Note: value based analysis of cryptocurrency/virtual assets referenced in the podcast was accurate at the time of recording.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=5Jjf9JBWllk&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=8

Jul 22, 202124:52
Episode 7: Fraud - Vulnerable Person SARs

Episode 7: Fraud - Vulnerable Person SARs

Did you know that SARs are a valuable source of financial information for safeguarding potentially vulnerable members of society? Or that the UKFIU identifies and fast-tracks such SARs to police forces who will, in many cases, arrange visits by local officers to offer advice to prevent fraud or further losses? In this podcast we speak to reporters and law enforcement to learn the value of such fast-tracking and hear the measures they’re taking to help safeguard communities to prevent fraud.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=BJk4VvWxKxs&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=7

Jun 21, 202121:34
Episode 6: Graeme Biggar and the NECC

Episode 6: Graeme Biggar and the NECC

In this podcast we chat with Graeme Biggar, Director General of the National Economic Crime Centre (NECC). Graeme discusses: the work and remit of the NECC, particularly with regards to the UKFIU’s position in it; the headline figures from the 2020 SARs Annual Report; plans for the future of the UKFIU and the SARs regime; and how SARs can make a big difference in cutting serious organised crime.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=5d6hl9dbC90&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=6

May 17, 202124:32
Episode 5: Using SARs to tackle County Lines drug supply

Episode 5: Using SARs to tackle County Lines drug supply

County Lines describes gangs and organised criminal networks involved in moving illegal drugs across the UK, using dedicated mobile phone lines, and frequently exploiting children and vulnerable adults to move drugs and money.

In this podcast, we look at how Suspicious Activity Reports are being used to tackle this criminality, the UKFIU's work to identify this threat and the work being undertaken by the National County Lines Coordination Centre to enhance the law enforcement response.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=yrhfdeaH0fY&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=5

Mar 25, 202126:12
Episode 4: UKFIU-led project focuses on the financial flows associated with online child sexual abuse

Episode 4: UKFIU-led project focuses on the financial flows associated with online child sexual abuse

The fourth in the series of UKFIU podcasts focuses on a specific international project led by the UKFIU alongside the financial intelligence units of Australia and the Philippines. This project focused on online child sexual abuse and exploitation and on the financial flows associated with it.

Panelists in the podcast feature representatives from the UKFIU, the Australian and Philippines FIUs and the NCA’s International Liaison Officer network.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=M4PNKnS-9fk&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=4

Dec 11, 202027:18
Episode 3: What makes a good quality SAR?

Episode 3: What makes a good quality SAR?

In this episode we hear from law enforcement agencies and get their views on what, in their opinion, makes a good quality Suspicious Activity Report (SAR).

We get their thoughts on the value of such financial intelligence and what reporters could be doing to help maximum benefit to law enforcement.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=3fxkdP8M6Z0&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=3

Nov 20, 202016:58
Episode 2: How SARs reporters can help combat Modern Slavery and Human Trafficking

Episode 2: How SARs reporters can help combat Modern Slavery and Human Trafficking

The latest UKFIU podcast looks at modern slavery and human trafficking (MSHT) and the importance of SARs information in this. Reporters are in a unique position to help combat this crime.

Panellists from the UKFIU and the NCA Modern Slavery Human Trafficking Unit discuss what assists law enforcement and helps to safeguard victims.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=A_UV7FNuDXg&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy&index=2

Sep 24, 202021:04
Episode 1: SARs Frequently Asked Questions

Episode 1: SARs Frequently Asked Questions

The UKFIU’s first podcast focuses on the SARs Frequently Asked Questions document aimed at helping reporters submit good quality SARs to provide maximum benefit to law enforcement.

For the subtitled version of this episode go to: https://www.youtube.com/watch?v=gwBpOZLADaM&list=PLvYg7_Lx5KSovJ8R2OTP29a_P2ezxR1iy


Jul 27, 202018:59