World Chambers Congress - Istanbul 2007

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<?xml version="1.0" ?><root> <article> <articletitle>Expanded anti-fraud service goes into action</articletitle> <subtitle>London, 18 December 2003</subtitle> <teaser-text>ICC Commercial Crime Services has stepped up its anti-fraud services to banks, investors and other financial institutions by launching the Financial Investigation Bureau (FIB), designed to meet growing threats from this type of crime. </teaser-text> <teaser-image> <img alt="bank_teller.b" src="/uploadedImages/ICC/ICC_Home_Page/bank_teller_b.jpg" /> </teaser-image> <articlebody> <table width="250" align="right" border="0"> <tbody> <tr> <td></td> </tr> <tr> <td></td> </tr> </tbody> </table> ICC Commercial Crime Services has stepped up its anti-fraud services to banks, investors and other financial institutions by launching the Financial Investigation Bureau (FIB), designed to meet growing threats from this type of crime. The FIB, which replaces the highly successful Commercial Crime Bureau (CCB), is designed to deal with the spread and increased sophistication of financial fraud. The bureau will also help its members cope with mounting regulatory requirements in the wake of the 9/11 terrorist assault on New York and Washington. Since the CCB was founded in 1992, it has saved banks and investors billions of dollars and built a database of information on fraudsters that is among the most comprehensive in the world. That database is at the disposal of the new service and its members. Pottengal Mukundan, Director of ICC Commercial Crime Services, said: "The role of CCB has been changing to reflect the new pressures. We decided to redefine its role under a title that more accurately defines what we do for the growing number of new members, many of them outside our traditional banking base." The FIB's structure provides for membership at several different levels to ensure that it is affordable to all organizations that need to protect themselves from both the direct threat of crime and the consequences of non-compliance with the host of regulations introduced since 9/11, dealing with terrorist funding and money laundering. Mr Mukundan added: "We have structured FIB so that it offers a number of new services to meet the needs of financial institutions and investors in a direct private sector response to the globalization of organized crime and the advanced techniques criminals are using." Besides serving banks, FIB will be of particular interest to law and accountancy firms and individual investors, for whom it can : · Verify the bona fides of any proposed financial transaction before funds are paid · Conduct background checks on the parties involved · Investigate the source of financial fraud and money laundering schemes and identify those responsible · Recover assets lost to financial fraud · Provide expert witness testimony in cases of financial fraud for prosecutors, litigators and civil claimaints Core services include : · a confidential database service (FIB holds over 200,000 records on entities connected to suspicious and fraudulent activity over the past 10 years) · analysis of information in the public domain · access to a confidential communications network encompassing members in 75 countries and International Chamber of Commerce representatives in 130 countries · tracking down and closing fraudulent websites. Regular newsletters and confidential bulletins will highlight current trends in financial fraud and provide early warnings to reduce the risk of becoming a victim. These communications are underpinned by conferences and seminars that provide an opportunity to learn from and interact with some of the best qualified and experienced people in the financial services sector. Mr Mukundan said that dramatic increases in money laundering legislation, the introduction of new Financial Action Task Force (FATF) recommendations and the US Patriot Act have all combined to increase the burden on the financial sector and the many auxiliary service providers linked to it. It was now more important than ever for financial institutions and others to demonstrate a high standard of due diligence, taking all suitable steps to identify fraudulent proposals, the CCS Director said. This includes routine checks on the parties involved to remove the risk of their inadvertent involvement in major investment fraud. "With its huge reach and independent approach, FIB provides a single centre of information to check and verify documents that few can match, offering peace of mind at a very reasonable cost for the increasing number of organizations that are now subject to tough new legislative requirements," Mr Mukundan said. In one of its first cases, the FIB received information that a bank, purportedly registered in Ireland, had been involved in generating letters of credit covering electrical goods exported from France to Ghana. Investigations showed that the bank was using an accommodation address and was not registered with the Banking Supervision Unit of the Irish Financial Services Regulatory Authority. The FIB immediately sent out warnings to its member banks. For full details on FIB, email <a href="javascript:openEmailWindow('/emailpage.html?function=1&author=fib_iccat_icc-ccs')">Click here to send a mail.</a>.org.uk"> <a target="blank" href="javascript:openEmailWindow('/emailpage.html?function=1&author=fib_iccat_icc-ccs')">Click here to send a mail.</a>.org.uk </a> or telephone +44 208 591 3000. </articlebody> <small-image> <img alt="" src="/uploadedImages/ICC/ICC_Home_Page/bank_teller_b.jpg" /> </small-image> <small-imagecaption>FIB - a direct private sector response to the globalization of organized crime</small-imagecaption> <big-image></big-image> <big-imagecaption /> <relatedfile></relatedfile> <links> <a href="/ccs/menu_fib_bureau.asp"> Financial Investigation Bureau </a> </links> <author /> <title /> <telephone /> <fax /> <authormail>None</authormail> </article> </root>

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Expanded anti-fraud service goes into actionExpanded anti-fraud service goes into action