Magazine article American Banker

NationsBank Co-Sponsoring London Confab on Fraud

Magazine article American Banker

NationsBank Co-Sponsoring London Confab on Fraud

Article excerpt

In what could be construed as a case of strange international bedfellows, NationsBank Corp. is joining two other banks to sponsor a symposium in London on fraud.

The Nov. 6-8 meeting on the prevention of financial fraud will be co sponsored by Banco Santander of Spain and the Royal Bank of Scotland.

Those two banks own shares in each other and have a close strategic alliance. Banco Santander is also the largest shareholder of First Fidelity Bancorp. of New Jersey and, when the latter merges with First Union Corp., will become the biggest shareholder in NationsBank's North Carolina-based archrival.

But the goal of the fraud symposium transcends competitive issues.

Brendan Hewson, NationsBank's manager of international investigations, said the objective is to promote new global standards for improving cross border regulation.

"Incidents of international financial fraud are more frequent and more sophisticated than ever before," said Mr. Hewson, a former detective in Scotland Yard's fraud unit.

"It is a growing problem in developed and emerging markets alike," he said. "We want symposium participants to leave with a deeper understanding of the problem and a heightened awareness of how to address it."

The event, to be held at the Queen Elizabeth 2d Conference Centre in London, is expected to attract about 200 senior banking and governmental officials from around the world.

Some 50 speakers from 20 countries will address topics such as organized crime, money laundering, counterfeiting, capital flight, international banking practices, and the role of technology in fraud detection. …

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