Research
Research & Reports
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Weekly Report
October 2026
8 min read
Where the Money Goes After the Scam
Mule accounts, APP fraud and the shift of cost to the receiving side
Authorised push payment (APP) fraud ends where the money lands: in a mule account. Using UK regulator publications (FCA, PSR), an independent review of the UK reimbursement rules, UK Finance and FTC data, and new EU legislation, this report looks at how reimbursement rules moved the cost onto receiving firms, why cash-out concentrates at the second account in short chains of 2 to 5 accounts, and what better multi-hop detection looks like.
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October 2026
10 min read
The Structural Deficits in Financial Crime Investigations
Why so much AML effort recovers so little
AML controls cost a great deal, yet little criminal money is recovered. This report follows the path from transaction monitoring to alert investigation to suspicious activity reports, shows where it breaks down, and sets out relational intelligence and practical next steps for institutions.
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