At Themis, we believe strongly in AI as a force for good in the fight against financial crime. However, AI is not just a catalyst for positive change; it is also becoming a powerful force multiplier for financial crime itself. The same technologies that can detect criminal activity and streamline compliance can, in the wrong hands, automate complex fraud schemes, lower the barriers to entry to illicit finance, and scale criminal activity like never before. As an anti-financial crime technology company, it would be remiss of us not to examine how the threat landscape is evolving today, as AI reshapes the rules of the game.
Last month, Anthropic published a report detailing how a Chinese state-sponsored group used the company’s Claude Code tool to execute a complex, large-scale cyber-espionage operation. The criminals used the tool to target 30 organisations, including major technology companies and government agencies, and managed to successfully infiltrate a select few.
By posing as employees from a reputable cybersecurity firm looking to perform defensive tests, the criminals were able to manipulate Claude into participating in their attacks, bypassing safety measures. While Claude ultimately detected the malicious activity, this clever social engineering allowed the attackers to operate under the radar long enough to launch their campaign. The operation consisted of various stages, including using Claude for target selection and vulnerability identification, and the criminal group was able to successfully collect and extract sensitive data.
What makes this incident especially significant is not simply the scope of the campaign, but how it was executed. According to Anthropic, the group automated an estimated 80–90% of the operation using autonomous AI “agents” — systems capable of running for long periods, chaining together complex tasks, and operating with only intermittent human oversight. This represents a fundamental shift in how attacks can be orchestrated, reducing the need for direct human intervention and dramatically increasing both speed and scale.
The Anthropic case demonstrates just how rapidly AI-enabled crime is evolving. AI-driven threats are accelerating, powered by capabilities that didn't exist a few years ago. AI can now act as a direct criminal agent, automating complex, multi-stage operations that were once labour-intensive, lowering barriers for illicit activities online and amplifying the impact of even small teams of attackers. While this particular incident falls mostly into the “cyberattack” camp, it mirrors the same AI-driven patterns increasingly being applied to automate fraud, money laundering, and other financial crimes.
The attack on Claude Code exemplifies the convergence we’ve been tracking at Themis: the blurring of lines between cybercrime and financial crime, and the growing role of AI as a threat multiplier. In our latest report, Anatomy of a Digital Threat, we explore how AI is enabling more sophisticated money laundering, fraud, and other forms of financial and cyber-crimes, offering insights into how organisations can adapt and defend against these rapidly evolving threats.
Here are some of our key findings.
Money laundering and fraud can now come packaged as ‘as-a-service’ toolkits, better known as MLaaS and FaaS, respectively. Criminals can now deploy fully automated, scalable laundering and fraud tactics as turnkey solutions, giving anyone from seasoned operators to new players the ability to launder funds and carry out fraud schemes.
In one case, a 21-year-old named Ollie Holman was jailed in the UK for selling over 1,000 different phishing kits containing fraudulent webpages designed to dupe victims into filling in their personal financial information. These kits have been linked to over £100m worth of fraud. His kits targeted financial institutions and other large organisations, including charities, in 24 countries. He distributed these phishing pages via the encrypted messaging service Telegram, where he offered his advice and technical support.
According to the United Nations Office on Drugs and Crime (UNODC), these toolkits are on the rise, with criminal networks developing illicit marketplaces to sell them, alongside stolen data, AI-driven hacking tools, and other cybercrime services. Worryingly, the consumer-oriented design of these services, which explicitly aim to give new cyber capabilities to non-technical financial criminals, greatly increases the ease of entry into financial crime activity - a deeply concerning trend in the context of rapidly increasing digital fluency.
AI is allowing criminal networks to scale laundering operations in ways that simply weren’t possible before. Synthetic identities created by AI and fleets of bots can set up and run fraudulent accounts autonomously, quietly moving funds through the financial system without drawing the attention of traditional controls. This technique, referred to as “synthetic mulling,” is increasingly becoming a tool of choice for professional money launderers, fraudsters, and sanction evaders alike.
These synthetic “Frankenstein” identities exploit stolen and faked personal information. One study from last year found at least three million synthetic identities in circulation in the UK; identities which pose a challenge to many traditional money laundering and fraud defence tools because of their blend of ‘real’ and fabricated data. Often employing deepfake technology, these synthetic identities can create sophisticated money laundering networks which can be used, for example, by sanctioned individuals to access the global financial system without triggering red flags.
Earlier this year, Dubai's Criminal Court successfully dismantled and prosecuted an international criminal organisation that employed a deepfake network to facilitate money laundering and cyber fraud. The network had unlawfully transferred over AED 69.5 million across multiple jurisdictions via a scheme involving individuals and corporate entities operating across several countries. The organisation used advanced voice-cloning technology to impersonate senior executives and authorise fraudulent fund transfers, alongside a sophisticated laundering infrastructure leveraging legitimate companies and shell entities, forged documentation and layering techniques to obscure the origin of illicit funds.
This case demonstrates the growing convergence between emerging technologies and traditional financial crime methodologies. The use of deepfake technology to circumvent authentication controls demonstrates how AI capabilities have already yielded operational value in financial crime activity, facilitating a money laundering structure that followed long-familiar patterns of layering and obfuscation through complex corporate networks but was able to scale with ease.
The expansion of AI has reshaped the crypto-scam ecosystem, making fraud both more scalable and more believable. A study by the blockchain analytics firm Elliptic found that AI-generated deepfakes and social engineering scams caused over $4.6 billion in crypto losses in 2024. Traditionally, crypto scams relied on poorly written phishing emails and manually run social-engineering schemes; today, AI systems can produce more sophisticated messages that can automatically adapt to victims’ responses in real time. This lets scammers launch campaigns against thousands of individuals simultaneously, with dramatically improved success rates.
A particularly troubling development is the use of AI-generated content to lend false legitimacy to fake investment platforms, Ponzi-style “staking” schemes, and fraudulent token launches. On social media, generative-AI bots can manage entire networks of fabricated personas that promote bogus crypto projects, “pump” coins through coordinated hype, or lure users into malware-infected links and fake exchanges. Because AI can sustain consistent behaviour across many accounts, these botnets appear more authentic and are harder for platforms to detect.
One notorious group called the “CryptoCore” used deepfake scams to defraud crypto holders, touting fake investment opportunities supposedly linked to famous individuals such as Elon Musk and Larry Fink. The group reportedly spread their videos on social media platforms, including hacking social media accounts with large followings to display their promotions.
Regulators and exchanges are responding, but the speed of AI development poses ongoing challenges. Efforts now focus on better identity verification, anomaly-detection algorithms tuned for AI-generated patterns, and educational campaigns that teach users to recognise increasingly sophisticated fraud techniques. As AI tools become even more accessible, the arms race between scammers and defenders is likely to intensify. Public awareness and robust verification practices will be critical to reducing the impact of AI-powered crypto fraud in the years ahead.
In the fast-moving digital frontier, AI-driven threats can strike at any moment, making vigilance against financial crime essential. Both public and private sectors have critical roles to play in detecting, preventing, and mitigating these sophisticated threats. Businesses can take concrete steps to protect themselves and their clients. To help organisations navigate this complex challenge, our new whitepaper provides actionable guidance, highlighting key red flags to monitor and offering a best practice framework for strengthening anti-financial crime and cybersecurity measures. Check out our whitepaper here: An Anatomy of a Digital Threat.
Stay on top of the ever-changing financial crime landscape by accessing the latest information on emerging criminal techniques and the risks associated with carrying out business with particular industries or in particular jurisdictions.
.png)
The UAE’s 2025 AML/CFT law marks a major regulatory shift, replacing the 2018 framework with stricter compliance, stronger enforcement and greater accountability. With expanded scope, dual oversight and higher penalties, businesses must strengthen AML controls ahead of the 2026 FATF evaluation.
AI is transforming financial crime as much as compliance. The same tools used to detect risk are now automating fraud, laundering and cybercrime at scale. From AI-driven phishing to synthetic identities, our latest report explores how threats are evolving and how organisations can respond.
Scam call centres now operate like tech startups, using outsourced labour, data-driven tactics and AI to scale fraud globally. Their professional structure makes them hard to shut down, driving huge financial losses and severe emotional harm to victims worldwide.
.png)
The holiday season drives generosity and year-end giving, but also a surge in charity fraud. In 2024, UK consumers lost over £1.2m to fake charity scams, while charities lose £1.65bn annually. This article explores how these scams work, warning signs, and how to protect yourself.
The illegal wildlife trade generates over US$48 billion annually, driving species extinction, biodiversity loss and ecosystem collapse. As global enforcement intensifies, tackling IWT remains a critical challenge for environmental and financial crime prevention.
As UK spending surges for Black Friday and Christmas, online scams spike. Fraudsters use fake websites, counterfeit products and AI-enhanced tactics to steal money and personal data. Shoppers must stay vigilant.
Identity fraud now extends far beyond data breaches and cloned credit cards. It includes scams that harvest personal information through fake job ads, fabricated profiles that meet onboarding checks, and AI-generated impersonation capable of fooling biometric security.
US Department of the Treasury lifted OFAC sanctions on Belavia on 4 Nov, easing curbs on Belarus’s state airline. Amid EU bans and Boeing route restrictions, analysts warn of higher sanctions evasion and parallel imports risks via Russia. Explore impacts on compliance, due diligence and trade.
“Pig butchering” is a fast-growing cryptocurrency scam where fraudsters build trusted and sometimes romantic relationships to lure victims into fake investment schemes, ultimately stealing large sums of money.
This blog examines the evolving threat of the global illicit drug trade in the Persian Gulf, highlighting four key trends we’re closely monitoring.
Cobalt powers modern technology and electric vehicles but is tied to exploitation, corruption, and environmental harm. This article unpacks global cobalt supply chains, from DRC mines to battery factories, and shows how Themis helps businesses identify and manage related ESG risks.
The U.S. has just tightened its grip on global trade: a new BIS “affiliates rule” now pulls thousands of companies worldwide under U.S. export controls. If ownership links are hidden, you could still be exposed—discover why this game-changing rule is reshaping compliance everywhere.
We’ve handpicked a selection of standout books our team discovered over the summer—perfect picks to kick off the “back-to-school" season. These compelling reads offer deep insight into financial crimes, the systemic vulnerabilities they exploit, and their far-reaching consequences.
AI is fast becoming a high-ROI tool in financial crime and compliance. From cutting costs and boosting efficiency to enhancing resilience, strategic AI investments are helping CFOs do more with less - transforming risk management and unlocking new value across the financial sector.
The UK’s latest National Risk Assessment (NRA) reveals how money laundering and terrorist financing are evolving—and how the UK is fighting back. A vital guide for AML policy, it arms businesses with intelligence to spot risks and stay protected.
.png)
Many clients have heard of the OFAC 50 Percent Rule but aren’t sure how it affects them. It’s far-reaching, with hidden sanctions risks. This post explains the rule, why it demands deeper due diligence, and steps to identify and mitigate those risks.
In June, the EU removed the UAE from its list of high-risk jurisdictions from an AML perspective, signaling growing international confidence in the country’s financial crime oversight.
New updates to the Land Conversion and Financial Crime Risk Assessment link environmental harm to financial crime. Cattle rustling in Nigeria and Cameroon is now red-rated, with added risks on carbon credit fraud, child labour, mining corruption, and gold smuggling.
An overview of modern slavery, distinguishing between human trafficking, smuggling, and forced labor. It highlights the global prevalence of exploitation and the importance of understanding these definitions to combat such crimes.
Dubai’s $160B foreign-owned real estate market faces money laundering risks. The UAE now requires reporting of property deals over AED 55K via REAR. Criminals like Daniel Kinahan have exploited property to hide illicit funds, underscoring the need for strict compliance.
Examines how digital platforms and cryptocurrencies facilitate human trafficking, allowing traffickers to operate anonymously and at scale, posing challenges for law enforcement.
Investigates how sanctions intersect with trade-based financial crimes in Hong Kong, highlighting the complexities businesses face in navigating regulatory compliance.
Financial crimes cause more than economic harm—they hit mental health too. UK data shows 60% of fraud victims face distress; Ghana research links corruption to anxiety and depression. This blog calls for tackling both psychological and financial impacts.
Environmental crime worsens gender inequality, driving violence, trafficking, and hardship for women—especially in regions like the DRC and Peru. Women defenders face abuse, and climate change deepens risks like water scarcity, child marriage, and health threats. Tackling these crimes is key to protecting women’s rights and safety.
AI is transforming financial crime prevention—improving detection, reducing costs, and streamlining compliance. Generative AI and graph networks boost due diligence, while ethical, human-guided use counters criminal misuse. Themis champions tech-human collaboration.
Explores the application of fuzzy logic in Anti-Money Laundering (AML) systems, emphasising its role in improving name-matching accuracy and reducing false positives, thereby enhancing compliance efficiency.
This book focusses on the challenges faced by law enforcement in North West USA and in British Columbia to combat illegal logging, as well as those of the timber-industry communities established since the late 19th century to maintain meaningful and financially viable lives.
The FATF has highlighted the UAE’s progress in fighting financial crime. Its third enhanced follow-up report upgraded three recommendation ratings for the country, marking a step forward in meeting international standards.
Lebanon’s economic collapse, fuelled by debt, corruption, and instability, has led to hyperinflation and greater financial crime risk. In Oct 2024, the FATF grey-listed Lebanon. The country pledges a two-year reform plan to boost transparency and restore investor confidence.
The UK treats profits from legal overseas cannabis businesses as criminal property under the Proceeds of Crime Act. Few cases qualify for exceptions, creating a legal grey area—so anyone handling such funds should proceed cautiously and seek legal advice.
The UK’s 2023–2026 Economic Crime Plan commits £400M to tackle money laundering, kleptocracy, and fraud, with reforms to Companies House, crypto, and sanctions. Progress is clear, but critics urge more urgency and funding. Success depends on public-private collaboration.
Suspicious Activity Reports (SARs) are key to fighting financial crime, with 42% of fraud found via tip-offs. Rising UK SARs and account freezes show their impact. Themis urges strong reporting systems and whistleblower protections to foster transparency.
Corrupt elites still exploit the UK property market via offshore structures and relatives to hide assets. Over 18,000 firms remain non-compliant. With cases of children holding luxury homes, Themis calls for tougher enforcement as new UK and FATF guidance target transparency gaps.
Corruption undermines sustainable development, financial integrity, and DEI. A Themis–Denominator study links lower corruption to higher DEI scores. Marginalised groups, especially women, suffer most. Promoting diversity and transparency is key to fairer societies.
Hindenburg Research accuses India’s Adani Group of fraud, alleging stock manipulation, shell firms, and nepotism—halving Gautam Adani’s net worth and shaking investor confidence. The case highlights how financial crime can roil markets and the need for strong due diligence.
Supply chain failures have linked firms like Inditex and Skechers to forced labour and reputational risk. The EU’s CSDDD will require large companies to address human rights and environmental harms. Themis offers tools to assess suppliers and fight modern slavery.
On World Wildlife Day and CITES’ 50th year, Themis reflects on tackling illegal wildlife trade—the 4th largest financial crime. Laws, AI, forensics, and global cooperation drive change, but shifting demand, like ivory to hippo teeth, shows challenges remain.
Puppy smuggling in the UK has surged post-pandemic, with organised crime exploiting demand and loopholes to import sick or underage dogs. Despite new laws, enforcement gaps remain. Themis urges buyer vigilance—tools like Themis Search can help spot breeder risks
Romance scams rose 30% in 2022, with victims losing £8,234 on average—especially men and those aged 65–74. Scammers use fake profiles and emotional manipulation. Themis urges due diligence in dating; tools like Themis Search can flag risks and help platforms protect users.
Crypto plays roles in both social good and crime—over $50M has aided Ukraine, but bad actors use it to evade sanctions and launder funds, notably via the UAE and Central African Republic. Themis calls for stronger due diligence and compliance to curb misuse.
The Russian invasion of Ukraine has heightened trafficking risks for women and children. Over 2.5M flee, with traffickers exploiting chaos, especially in Moldova, Poland, and Italy. The OSCE urges swift action to warn refugees of false offers and protect them.
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur.
Block quote
Ordered list
Unordered list
Bold text
Emphasis
Superscript
Subscript
