Issue 22
January 2025
Welcome to the MBA's News Digest!
Dear readers,
Enjoying modern cross-border banking?
Historical records demonstrate, the establishment of the first banks in the Renaissance period, laid the foundation, for its evolution.
In Mauritius, the first bank started operations in 1813, while the Bank of Mauritius, and the Mauritius Bankers Association, were established in 1966, and 1967, respectively.
The World Economic Forum explores the complexity of the cybersecurity landscape, while The Paypers delves into the transformative impact of Open Banking, and Open Finance, on the global financial services industry.
Best wishes,
The MBA team
Criminal sentenced to five years in prison for stealing almost £1 million by impersonating bank staff
10 January 2025
‘Raja would contact customers, purporting to be a banking employee investigating fraudulent activity on their accounts. He would then trick customers into inputting their bank details into a fake website, and once he had these details, he would steal their money. Raja would disperse this stolen money into mule accounts. He would then transfer money from the mule accounts to a cryptocurrency wallet that he owned and then transfer money from his cryptocurrency wallet to his personal bank account. Following his arrest, police were able to obtain 117 handsets and SIM card packs belonging to Raja, as well as details of the widespread fraud he committed on his personal phone. These details included banking details of individuals and businesses, as well as comments on how to approach them when tricking them into sending him money.’
FinCEN Convenes Virtual Summit of Financial Intelligence Units to Combat Nature Crimes in the Amazon Region
17 January 2025
‘FinCEN has published resources to help stakeholders identify and combat environmental crimes and associated illicit financial activity. In 2021, FinCEN published FinCEN Notice FIN-2021-NTC4, which provides financial institutions with specific Suspicious Activity Report filing instructions and highlights illicit financial activity related to several types of environmental crimes such as wildlife trafficking and illegal logging, fishing, or mining. FinCEN also issued a Financial Threat Analysis report in 2021 on illicit finance related to wildlife trafficking, and has convened FinCEN Exchange events on environmental crimes and related financial activity. Transnational criminal activity, including wildlife trafficking, is among FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism National Priorities.’
Cash industry environmental “wins”
16 January 2025
‘Lloyds Banking Group has removed Plastic Bank Note Envelopes (PBNEs) from their branch work. Loomis has reduced the size of many of their bags, moved to 30 per cent recycled plastic for stationery items and implemented closed loop recycling, ensuring that all waste is reused or recycled into new products. NatWest moved to standard cash order values for branches, reducing both the amount of effort required to pack/check and the need for plastic overwrapping. All plastic used is now comprised of between 30 and 60 per cent recycled content and paper envelopes are being used for branch deposits. Santander debit and credit cards are made from recycled plastic and there are deposit boxes in branches for the public to recycle expired cards. These are shredded securely then the plastic is reused.’
Vietnam’s ABBANK launches new business digital banking platform
16 January 2025
‘The Vietnamese bank’s new platform promises to provide business owners with enterprise-grade technology, offering a platform for business growth and financial management. Key features for the launch phase include customizable account numbers, quick bill payments for utilities, international money transfers, and a dashboard that provides an easy overview of assets, interest rate updates, and recent transaction information. Advanced features are under development in parallel for the optimal customer experience. The new platform launch follows a three-month migration, during which ABBANK transitioned 100% of its existing business banking clients to the new platform without disruption.’
Criminals sentenced for stealing over £100,000 by tricking customers into handing over bank details
20 January 2025
‘Between 2019 and 2024, brothers Zaki Daudo, 34 and Hanzalah Daudo, 46, worked together to fraudulently obtain access to banking customer accounts, by impersonating bank staff and tricking bank customers into handing over information such as security details and one-time-passcodes. The pair would use the stolen banking information to make online purchases. Through the police’s investigation, led by Detective Sergeant Chloe Fairclough, the DCPCU were able to obtain evidence of the fraud, including details of over 65,000 unique bank card numbers on Zaki Daudo’s phone, as well as over 29,000 sets of banking data from Hanazlah Daudo’s laptop.’
Global Cybersecurity Outlook
13 January 2025
‘The World Economic Forum’s Global Cybersecurity Outlook 2025, written in collaboration with Accenture, examines the cybersecurity trends that will affect economies and societies in the year to come. The report explores major findings and puts a spotlight on the complexity of the cybersecurity landscape, which is intensified by geopolitical tensions, emerging technologies, supply chain interdependencies and cybercrime sophistication.’
Cross-border banking transactions: investigate the volume and value of international banking transactions and remittances
14 January 2025
‘The practice of cross-border banking transactions dates back to ancient trade routes, where merchants exchanged goods across borders using physical currencies or barter systems. Over time, with the introduction of standardized currencies and banking institutions, these transactions evolved into more sophisticated operations involving paper-based payments like letters of credit. According to historical records, the establishment of the first banks in the Renaissance period laid the foundation for modern cross-border banking.’
The Paypers publishes the Open Finance Report 2024
15 January 2025
‘The eighth edition of The Paypers’ Open Finance Report 2024 delves into the transformative impact of Open Banking and Open Finance on the global financial services industry. This comprehensive analysis not only highlights the unprecedented potential of these innovations, but also provides a detailed examination of the key trends, challenges, and opportunities shaping the future of financial services. Featuring insights from leading industry figures and an extensive global mapping of key players, the report serves as a vital resource for understanding the evolving landscape of financial technology.’
Progress update: The digital pound and the payments landscape
14 January 2025
‘The design, operation and supervision of retail payment systems must support confidence in the one-for-one exchange between central bank money and private money – whether commercial bank money or stablecoins. Put another way, all different forms of money must be exchangeable with each other at par value and at all times. Any new retail payment systems, whether using commercial bank money or stablecoins, must be interoperable with Real-Time Gross Settlement (RTGS) as the UK’s core payments and settlement infrastructure, so that settlement can ultimately take place in central bank money and so support the singleness of money.’
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