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    5 December 2016

    Financial regulation in the US: an uncertain future?

    The President-elect of the United States is a man on more familiar ground on Wall Street than in Washington DC, and yet Donald Trump will surely be focusing his attention on the banks when he moves into the White House in January.....More

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    28 November 2016

    No Double Dutch in sight! Corporate Governance and Anti-Bribery Standards in the Netherlands

    The Netherlands has a long history of navigating the world and trading with other countries. Trade creates wealth and is a vehicle to spread new knowledge and best practices. But trade also raises tremendous risks, especially in regions outside Western Europe and the United States.....More

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    21 November 2016

    Gibraltar and Brexit – Rock and a Hard Place?

    Brexit has been a huge story all year, and will continue to be so throughout 2017 as Article 50 is triggered. Living and working here in the UK, I’m constantly bombarded with opinions telling me what the potential impact of leaving the EU could have on me and my family’s future. But what about the UK overseas territories? Gibraltar, for example, which, from memory, was the first region to declare their results from the EU referendum on June 23rd - voted an overwhelming 96% for the ‘Remain’ side. What are the implications of the overall result for this unique part of the UK?....More

    Words by Jason Morris

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    11 November 2016

    Cyprus’s economic crisis: why effective GRC is essential

    Numerous reasons have been cited for Cyprus’s economic collapse, but one of the most enduring has been the charge of weak corporate governance in Cypriot banks. The demise of the now defunct Laiki Bank, previously the second biggest bank on the island, is indicative of the weak Governance, Risk and Compliance (GRC) framework that existed across Cypriot financial and governmental institutions.....More

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    3 November 2016

    Greece: Could effective GRC have prevented the economic crisis?

    Governance, Risk Management and Compliance (GRC) have been shown to be interconnected concepts. Applied effectively in a business, they can reduce costs, cut inefficiency and improve communication throughout an organisation; GRC can help ensure a businesses’ goals and objectives are better defined, the company structure improved and regulations properly adhered to. Indeed, strong GRC lays the foundations for potential company growth.....More

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    1 November 2016

    Ireland concerned Brexit will damage anti money laundering efforts

    Britain’s referendum on withdrawal from the European Union sent convulsions across Europe, and the uncertainty that the decision to leave triggered across the continent is felt nowhere more keenly than in Ireland. The Irish National Risk Assessment on Money Laundering (ML) and Terrorist Financing (TF) makes this explicitly clear; Brexit makes up a third of the ML/TF risk-enhancing factors for the Irish state.....More

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    26 October 2016

    Technology: the future of tackling insurance fraud in Ireland?

    The insurance market is a dynamic sector offering increasingly sophisticated products to its customers and providing competition to other parts of the financial services industry. The insurance sector’s growth is particularly noticeable with some jurisdictions reporting a doubling of premiums in the last decade.....More

    Words by Holly Whitehead

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    25 October 2016

    Sweden: A World Leader for Transparency

    Sweden was the first country in the world to introduce freedom of the press as a constitutional right in 1766. This long tradition included the principle of freedom of information, giving both the general public and the mass media access to public records.....More

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    13 October 2016

    Do you really know your customer?

    Do you know your customer? Do you? Really? If someone asked you to “sum up the financial crime risks posed by the relationship”, would you be able to do it?....More

    Words by Dave Robson

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    4 October 2016

    Our top seven Switzerland blogs on money laundering, terrorist financing and beneficial ownership

    A round-up of our insight about money laundering, terrorist financing and beneficial ownership in Switzerland.....More

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    27 September 2016

    Beneficial ownership: A new era of openness? (United Arab Emirates)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive (4MLD), and the central registers of beneficial owners that it will introduce.....More

    Words by Holly Whitehead

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    21 September 2016

    Fraud in Switzerland - an update on high profile fraud related stories

    We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

    Words by Mary Munford

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    8 September 2016

    Fraud in Germany: the financial crime that needs a 21st century fraud response plan

    We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

    Words by Mary Munford

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    1 September 2016

    Fraud in the Netherlands: the financial crime that needs a 21st century fraud response plan

    We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

    Words by Mary Munford

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    1 September 2016

    Fraud in France: the financial crime that needs a 21st century fraud response plan

    We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More

    Words by Mary Munford

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    25 August 2016

    Germany: Trusting Third Parties

    German companies have developed a complex supply chain integrated by thousands of third parties, subsidiaries and agents worldwide. As the strategic importance – and Compliance risks - of third parties increases, companies have to mitigate business risks while building trust in their partners.....More

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    25 August 2016

    Germany: Trusting Third Parties

    German companies have developed a complex supply chain integrated by thousands of third parties, subsidiaries and agents worldwide . As the strategic importance – and Compliance risks - of third parties increases, companies have to mitigate business risks while building trust in their partners.....More

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    23 August 2016

    Warning to banks in Hong Kong

    The Monetary Authority of Singapore launched a dedicated anti money laundering (AML) department on 1 August, and this triggered my interest in reading more about AML-related developments in Asia Pacific. I came across an article from May this year which talked about how regulators in Hong Kong, for example the Hong Kong Monetary Authority (HKMA), are cracking down on trade based money laundering (TBML).....More

    Words by Holly Whitehead

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    8 August 2016

    Corruption: perception and reality in Ireland

    Corruption can be defined as ‘Dishonest or fraudulent conduct by those in power’ and usually falls into three main categories: grand corruption, petty corruption and political corruption, which the anti-corruption campaign organisation Transparency International defines more specifically.....More

    Words by Holly Whitehead

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    2 August 2016

    Infographic: ICA Open Day - 13 September 2016

    Still wondering whether to come to the ICA Open Day (or one of the local sessions)? Then have a look at our infographic for a few compelling reasons to register your place this year.......More

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    28 July 2016

    Switzerland: Tone from the Top of the Alps

    A high percentage of Switzerland's surface is covered by the Alps. The melting of glaciers, located at the top of the mountains, generates flows of clean – and essential - water for a wide range of ecosystems downstream. This natural geological phenomenon helps us to illustrate the importance of the commitment from the Board of Directors and Senior Management to implement compliance across all hierarchical levels in Swiss companies.....More

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    26 July 2016

    The FCA Anti-money laundering annual report 2015/16: progress – and challenges

    The UK’s Financial Conduct Authority (FCA) has published a small library of reports this month, including its Anti-money laundering annual report 2015/16, which provides some interesting insights into its work, and some themes emerging from this, over the last year.....More

    Words by Mary Munford

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    21 July 2016

    The FCA Annual Report: taking a closer look

    Here in the UK, after weeks of blanket media coverage around Brexit, a change of Prime Minister and the legal complexities involved in the Labour leadership election, we could be forgiven for wanting a change of subject matter. So the Financial Conduct Authority’s (FCA) Annual Report for 2015/16 could provide a welcome respite for financial services professionals, though it’s not exactly what you might call light reading.....More

    Words by Mary Munford

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    18 July 2016

    Football, mobile phones and money laundering

    Bright ideas are the lifeblood of any business or organisation. The same applies to money launderers, who always seem to be coming up with new techniques of their own, or abusing entirely legitimate systems and technologies, in order to stay a step ahead of law enforcement and other authorities.....More

    Words by Mary Munford

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    12 July 2016

    Corruption: perception and reality in the Netherlands

    Corruption can be defined as ‘Dishonest or fraudulent conduct by those in power’ and usually falls into three main categories: grand corruption, petty corruption and political corruption, which the anti-corruption campaign organisation Transparency International defines more specifically.....More

    Words by Mary Munford

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    6 July 2016

    Life after the referendum: terrorist financing high on FATF agenda

    Here in the UK, there’s not much on our news agenda apart from the EU referendum outcome and the resulting fall-out, so significant developments elsewhere in the world since 23 June have perhaps been slipping under our radar.....More

    Words by Mary Munford

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    4 July 2016

    Focus on France: Football, Tennis, Cycling, Corruption…?

    It’s all focus on France at the moment. A few weeks ago it was widespread strike action which was grabbing the world headlines as protests against reform of the French labour code caused significant disruption across the country. And now, with the 2016 European Football Championships progressing towards its conclusion, the Tour de France will be hot on its heels showcasing the beauty and variety of the French way of life.....More

    Words by David Morris

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    4 July 2016

    Pleins phares sur la France : Football, Tennis, Cyclisme… et Corruption ?

    Tous les yeux sont tournés vers la France ces derniers temps. Il y a de cela quelques semaines, les grèves générales suite à la proposition de réforme de la Loi Travail ont perturbé le pays et fait les gros titres. Aujourd’hui, la fin de l’Euro de football approche et c’est le Tour de France qui prendra bientôt le relai et exposera la « manière de vivre à la française » aux yeux de tous.....More

    Words by David Morris

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    28 June 2016

    Panama in the spotlight: making progress on money laundering?

    There’s a saying about there being no such thing as bad publicity, though anyone who has been on the receiving end of negative media reports would probably not agree. Panama has attracted global attention as a result of the April 2016 publication by the International Consortium of Investigative Journalists of the Panama Papers.......More

    Words by Mary Munford

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    14 June 2016

    Reporting Suspicions of Money Laundering and Terrorist Financing: Spotlight on the Netherlands

    At the International Compliance Association, we regularly find ourselves discussing money laundering and related issues. The reporting of suspicious transactions is a topic that often crops up and we’ve recently done some work around different reporting regimes around the world, how figures from different countries compare, whether national challenges are similar and if there are similarities in the entities submitting the highest number of reports. As a result, I took a closer look at the Netherlands.....More

    Words by Mary Munford

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    10 June 2016

    Tone from the top: back in the spotlight

    Ethics is high on corporate agendas these days. The financial crisis of almost a decade ago has had far-reaching implications, not least in encouraging the leaders of companies in all sectors to take a long, hard look at how their organisations do business and whether they are doing it in the right way.....More

    Words by Mary Munford

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    31 May 2016

    Anti-Corruption Conference raises corruption awareness and there’s no room for complacency

    The UK-led Anti-Corruption Summit held in London earlier this month attracted some significant publicity, much of which focused on David Cameron’s inadvertent remark that Nigeria and Afghanistan were ‘fantastically corrupt’.....More

    Words by Viri Chauhan

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    26 May 2016

    Beneficial ownership: A new era of openness? (The Netherlands)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept that seems guaranteed to attract a great deal of international interest over the coming months and years, not least because of the European Union’s Fourth Anti-Money Laundering Directive (4th AMLD) and the central registers of beneficial owners that it will introduce.....More

    Words by Mary Munford

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    26 May 2016

    Beneficial ownership: A new era of openness? (Sweden)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept that seems guaranteed to attract a great deal of international interest over the coming months and years, not least because of the European Union’s Fourth Anti-Money Laundering Directive (4th AMLD) and the central registers of beneficial owners that it will introduce.....More

    Words by Simone Jones

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    26 May 2016

    Beneficial ownership: A new era of openness? (Gibraltar)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

    Words by Jason Morris

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    25 May 2016

    Comentario sobre la Circular de la Fiscalia General del Estado 1/2016

    No habiendo todavía jurisprudencia consolidada sobre la cuestión de la responsabilidad de personas jurídicas, la circular 1/2016 de la Fiscalía General del Estado, a pesar de no tener carácter imperativo puesto que los fiscales ejercerán sus evaluaciones caso por caso, representa un hito en cuanto concierne a la interpretación del marco normativo.....More

    Words by Michele La Neve

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    13 May 2016

    Interpreting ICA Assignment Feedback

    Ping. Here’s the email – the mark for your ICA Advanced Certificate or Diploma assignment is now available. Gulp. Time to access the ICA website. Let’s look at the two main scenarios that tend to unfold.......More

    Words by Dave Robson

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    10 May 2016

    Panama Papers: Offshore Leaks Database

    The international Consortium of Investigative Journalists has now released an Offshore Leaks Database, further lifting the secrecy from thousands of offshore entities from its Panama Papers investigation and its 2013 Offshore Leaks expose. Here's some of what it reveals.......More

    Words by Mary Munford

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    9 May 2016

    Leicester City FC – A benchmark of good culture?

    I, along with almost everyone in the country (save, perhaps, for a small section of North London), have probably been celebrating Leicester City’s Premier League success alongside the good people of Leicester. It’s one of those events that come around every now and again, which allows us all to jump on board the ‘feel-good express.’....More

    Words by Jason Morris

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    6 May 2016

    All change on cash? Tackling money laundering through cash transaction limits in Switzerland

    A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

    Words by Simone Jones

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    6 May 2016

    All change on cash? Tackling money laundering through cash transaction limits in Germany

    A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

    Words by Jason Morris

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    6 May 2016

    All change on cash? Tackling money laundering through cash transaction limits in France

    A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

    Words by Mary Munford

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    19 April 2016

    Culture still a priority for FCA despite abandoned review

    The year began with the FCA coming under heavy criticism for suspending its thematic review into banking culture. However, the regulator recently reaffirmed in its Business Plan for 2016/17 that firms’ culture and governance is one of the seven priority themes around which it will organize core activities for the coming year.....More

    Words by James Thomas

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    8 April 2016

    From the Panama Papers to people with significant control

    ​The Panama Papers have truly put the cat among the global pigeons. What the rich, powerful and famous from around the world have been secretly getting up to offshore makes fascinating reading and the revelations have already toppled one prime minister.....More

    Words by Mary Munford

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    4 April 2016

    The Panama Papers in numbers

    The International Consortium of Investigative Journalists, German newspaper Suddeuetsche Zeitung and dxozens of other media partners have turned the spotlight on secretive offshore financial holdings of the powerful, rich and famous. The Panama Papers explore 11.5 million documents leaked from Panamian law firm Mossack Fonseca, which denies any wrongdoing.....More

    Words by Mary Munford

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    31 March 2016

    Compliance: votes from the Spanish jury

    Enforcement remains one of the unknown quantities following Spain's long-awaited Compliance reform in mid-2015.....More

    Words by Murray Grainger

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    30 March 2016

    Cumplimiento: los votos del jurado español

    Tras la esperada reforma sobre cumplimiento en España de mediados de 2015, su aplicación sigue siendo una de las grandes incógnitas.....More

    Words by Murray Grainger

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    24 March 2016

    Corruption: is perception reality? (France)

    ‘All power tends to corrupt, and absolute power corrupts absolutely.’ – Lord Acton....More

    Words by Mary Munford

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    24 March 2016

    Corruption – is perception reality? (Germany)

    “All power tends to corrupt, and absolute power corrupts absolutely” – Lord Acton.....More

    Words by Jason Morris

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    24 March 2016

    Corruption – is perception reality? (Switzerland)

    ‘All power tends to corrupt, and absolute power corrupts absolutely.’ – Lord Acton....More

    Words by Simone Jones

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    15 March 2016

    Beneficial ownership: A new era of openness? (Germany)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

    Words by Jason Morris

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    15 March 2016

    Beneficial ownership: A new era of openness? (Switzerland)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive (4MLD), and the central registers of beneficial owners that it will introduce.....More

    Words by Simone Jones

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    15 March 2016

    Beneficial ownership: A new era of openness? (France)

    Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

    Words by Mary Munford

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    15 March 2016

    CPD – groan, do I really have to?

    Come on, admit it, we’ve all thought this at some point. It’s getting towards the end of the year and your Manager or HR team are checking your records. You’re supposed to do 35 hours (or thereabouts). Some can be structured, some unstructured. Does that day spent learning how to make PowerPoints more engaging count? When was it? Oh, if only you’d written it down at the time!....More

    Words by Dave Robson

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    14 March 2016

    Transforming whistleblowing culture for the long term remains a challenge

    Since the Financial Conduct Authority (FCA) replaced the Financial Services Authority there has been a short run, but dramatic, trend in the UK towards greater whistleblowing activity. 2014 saw 1,367 complaints reported to the FCA, an increase of 44% on 2013 and of 142% on 2012. However, in 2015 reported complaints declined by a fifth compared with 2014, according to law firm Pinsent Masons.....More

    Words by James Thomas

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    9 March 2016

    Reporting Suspicions of Money Laundering and Terrorist Financing: Spotlight on France

    We started discussing suspicious transaction reporting regimes around the world, wondering how the UK's figures compared to other countries, whether the challenges were similar and if there were similarities in the entities submitting the highest number of reports. This led to my taking a closer look at what was happening in France.....More

    Words by Mary Munford

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    9 March 2016

    Reporting Suspicions of Money Laundering and Terrorist Financing – A Closer Look at Switzerland

    At the International Compliance Association we find ourselves discussing money laundering issues almost constantly. One of the reasons that I love my job is that I get to discuss the finer points of anti money laundering regulations with other like-minded people.....More

    Words by Simone Jones

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    8 March 2016

    International Women’s Day 2016: What’s it got to do with governance, risk and compliance?

    How equal are women? According to the World Economic Forum (WEF), not very. It released the startling estimate that we will have to wait until 2095 to close the gender gap. The UN has pledged to tackle this and want to achieve gender equality by 2030.....More

    Words by Simone Jones

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    26 February 2016

    Vulnerable Customers and Conduct Risk

    The Telegraph wrote an article this week entitled “Banks ordered to treat vulnerable customers with empathy”, which looked at a problem that exists in banking where vulnerable customers are still being treated poorly.....More

    Words by Jason Morris

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    26 February 2016

    The Senior Managers Regime - what are your priorities?

    Several months ago we carried an article in our magazine InCompliance about the new Senior Manager and Certification Regime....More

    Words by Sally Scutt

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    19 February 2016

    EBA proposed guidelines on the risk based approach and CDD risk factors

    New EU Guidelines on Risk Factors and Simplified and Enhanced CDD: It’s all about the risk-based approach so get ahead with the ICA.....More

    Words by Roland Guennou

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    10 February 2016

    Financial crime: Views on the news

    LIBOR, conspiracy to defraud, the Bank of England, Barclays, Qatar, dual criminality and some other observations…….....More

    Words by Viri Chauhan

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    28 January 2016

    Corruption in Sport – Lessons Learnt

    2015 proved a busy year for corruption scandals in sport, arrests and resignations of FIFA officials and allegations of cover ups of doping in athletics have shocked many. So maybe 2016 will offer some respite to weary folks? Not so far.....More

    Words by Simone Jones

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    26 January 2016

    Implementation Day presents a shifting sanctions landscape

    “Implementation Day” – the lifting of sanctions following Iran’s compliance with the Joint Comprehensive Plan of Action (JCPOA) – came around more swiftly than some had anticipated at the time that the JCPOA was initially agreed. Anyone not expecting compliance to be achieved so rapidly will be feeling the pressure to get fully up to speed with this new landscape.....More

    Words by James Thomas

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    19 January 2016

    Frequently asked questions about the UK Senior Managers & Certification Regime

    If you work in regulated financial services in the UK, you will have heard about the UK Senior Managers & Certification Regime by now. There’s quite a lot to it, so ICA have summed up some of the key information in some FAQs.....More

    Words by Mayya Konovalova

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    5 January 2016

    Infographic: ICA Open Day - 3 February 2016

    Still wondering whether to come to the ICA Open Day (or one of the roadshows)? Then have a look at our infographic for a few compelling reasons to register your place this year....More

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    17 December 2015

    Cyber security, an ongoing concern for 2016

    With the rising cost of data breaches and the rising volume of attacks, cyber security was one of the highest profile issues facing businesses in 2015. Cyber attacks are currently believed to cost business anywhere between $400-500bn a year and show little sign of abating.....More

    Words by James Thomas

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    9 December 2015

    International Anti-Corruption Day – What can we do?

    Today feels quite significant to me. Not only has it been a week since I took up my role within the Research and Development team at International Compliance Training, but also very importantly, it’s International Anti-Corruption Day.....More

    Words by Simone Jones

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    26 November 2015

    Infographic: Don't Look Won't Find - Transparency International Report Statistics

    Billions of pounds in corrupt funds are pouring into the UK every year. Transparency International - Don't Look Won't Find Weaknesses in the supervision of the UK's anti money laundering rules.....More

    Words by Dave Robson

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    24 November 2015

    US SAR stats turns spotlight on crowdfunding

    If there’s a gap in the market, you can guarantee that some bright spark will fill it. The same ingenuity also thrives in financial crime. The high-tech world we live in is the perfect breeding ground for new types of threat to emerge. As in the classic Whac-A-Mole game, as soon as one threat is knocked on the head, another is almost certain to pop up somewhere else.....More

    Words by Mary Munford

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    16 November 2015

    Education underpins accountability

    The drive for responsibility and accountability continues to gather pace. Christine Lagarde, Managing Director of the International Monetary Fund, has placed the global spotlight firmly on the role of the individual in a 5 November speech to the New York Fed.....More

    Words by Sally Scutt

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    2 November 2015

    TalkTalk hack raises important questions about regulation and data protection

    The details that have emerged since the 21 October cyber attack on TalkTalk raise some serious questions not only for the broadband provider itself but for any business holding sensitive customer information.....More

    Words by James Thomas

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    29 October 2015

    OECD: tax and anti money laundering bodies need to step up joint working

    Joined-up thinking is something it’s hard to argue against. But while it’s a great idea in theory, co-operation, communication and collaboration don’t always materialise on an in-house basis, let alone where different organisations are involved, even if they are pursuing similar aims.....More

    Words by Mary Munford

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    22 September 2015

    Market failure and bad behaviour: where does the individual sit in all of this?

    People tend to assume a different persona within the workplace, in much the same way as many individuals adopt a completely different set of social standards when they get behind the wheel of a car.....More

    Words by James Thomas

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    14 September 2015

    Threat of “KYCC” highlights need for joined-up approach to financial inclusion and financial integrity

    “There is a risk of setting a ‘know your customer’s customer’ standard for the whole global system,” Anders Borg, former Swedish Finance Minister, has warned.....More

    Words by James Thomas

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    14 August 2015

    The importance of effective and meaningful customer due diligence (CDD)

    The profile of money laundering and terrorist financing risk has seen exponential growth, and the stakes have never been higher.....More

    Words by Dave Robson

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    17 July 2015

    The FIFA Story, Part 2 – Now the dust has settled

    I finished my previous blog by saying that it would be interesting to see how the FIFA case develops - perhaps on reflection a comment on the patently obvious! Now the initial media frenzy has settled down it gives us a chance to review the allegations.....More

    Words by Andrew Clarke

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    15 July 2015

    Compliance Spain: new training needs

    Transparency International’s Global Graft Report reports that "corruption is everywhere in Spain". Their latest Corruption Perception Index has Spain sitting in lowly 37th spot. The Q4 political scandal season didn't even make the print deadline for the 2014 GGR. For example, the Health Minister was sacked in November 2014 after being named as a “profit-seeking participant” in connection with the Gürtel corruption case.....More

    Words by Murray Grainger

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    13 July 2015

    MTOs in the Pacific rising to the de-risking challenge

    Remittance streams from family members living overseas form an essential source of money for many people living in the Pacific region, and a significant proportion of the GDP of many Pacific islands. However, recently these flows of money have come under threat as many global banks have ceased providing banking services for money transfer operators (MTOs) in the region, due to heightened sensitivity to AML and CFT requirements.....More

    Words by James Thomas

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    7 July 2015

    FCA Annual Report: Part 2

    As we know the FCA strategic objective is to make markets work well, and to achieve this they have the operational objectives of: - Protecting consumers - Protecting and enhancing the integrity of the financial systems - Promoting competition in the interests of consumers.....More

    Words by Rhodri Kettle

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    6 July 2015

    FCA Annual Report July 2015

    The FCA has issued a comprehensive review on its progress over the year including how it has achieved its objectives. This is a quick overview of how it assesses its performance in discharging its powers as a regulator. In ICT, we explain to our delegates that the regulator has four main powers:....More

    Words by Rhodri Kettle

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    25 June 2015

    Digitisation, Trust and Regulation

    I attended the BBA conference last week in London, it was a pretty long day but well worth the effort. There’s some exciting changes facing the banking sector over the next few years and many of these were discussed at the event. The three areas highlighted as being the key challenges for the sector include:....More

    Words by Jason Morris

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    17 June 2015

    Standards and individual accountability in FICC markets

    The final report of the Fair and Effective Markets Review (FEMR) was published last week. Commissioned in response to the series of scandals that have blighted the fixed income, currency and commodities (FICC) markets, the Report’s account of the shortcomings that led to such scandals is depressingly familiar; a combination of:....More

    Words by James Thomas

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    12 June 2015

    Mansion House – implications for Compliance?

    Our financial services industry in Britain has, in recent years, been seen as part of the problem – now it must become part of the solution. That was the message from George Osborn MP, Chancellor of the Exchequer, in his 2015 Mansion House speech.....More

    Words by Dave Robson

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    27 May 2015

    The FIFA Story, Part 1

    We awoke this morning to news that several FIFA officials had been arrested for corruption in ‘dawn raids’ at a Zurich hotel. I’m sure that we woke up a little more gently than those officials who had a knock on their hotel room door!....More

    Words by Andrew Clarke

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    20 May 2015

    Compliance: in demand

    It’s been said before, but for those in search of a career that is both challenging and rewarding there has never been a better time to work in compliance. The challenges come in the form of the abundance and complexity of current and forthcoming regulations, increasing scrutiny and greater enforcement activity; the rewards through the growing demand that this has created for skilled compliance professionals.....More

    Words by James Thomas

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    7 May 2015

    South Asia: Reserve Bank of India fines and anti-bribery law amendments

    The Reserve Bank of India, the national banking regulator, has issued INR1.5cr (USD165,276) fines to three public sector banks and issued to cautions to eight more for failure to implement appropriate measures to prevent and detect AML/CTF. The censure comes in the wake of a thematic review of KYC in banks which found a lack of due diligence carried out in public sector banks and a concerning use of intermediaries to open and operate accounts.....More

    Words by Helen O'Gorman

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    6 May 2015

    Terrorism and the UK - Did you realise?

    "The figures for assets frozen are remarkably low..."....More

    Words by Dave Robson

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    29 April 2015

    Banks – between a rock and a hard place?

    Yesterday the Financial Conduct Authority in the UK released a statement of their expectations of Banks’ management of money laundering risk:....More

    Words by Dawn Fisher

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    20 April 2015

    Lobbying: fostering a culture of integrity

    There is a serious shortfall in transparency, integrity and equality of access within the lobbying process across Europe, according to a report released last week by Transparency International. This has created a need to “foster a culture of integrity among companies and organisations seeking to influence public policy,” says TI.....More

    Words by James Thomas

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    13 April 2015

    A Call for Information, but are we asking the right questions?

    In the UK Anti-Corruption Plan, published on 18 December 2014, the Government committed to carrying out a review of the suspicious activity reports (SARs) regime contained in the Proceeds of Crime Act 2002 (PoCA) and the Terrorism Act 2000 by July 2015. The purpose of which is to develop ways of better identifying money laundering and the financing of terrorism, and to prevent the movement and use of the proceeds of crime. The Home Office has, therefore, launched a ‘Call for Information’ in relation to SARs and firms are invited to respond to various questions.....More

    Words by Dawn Fisher

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    31 March 2015

    When enforcing the tone from the top really appears to mean low hanging fruit

    It is with some disquiet and unease that I have been reflecting on the finer points of the recent enforcement action that was published earlier this month by the FCA concerning the affairs of the Bank of Beirut and in particular the personal sanction announced of the Compliance Officer and Internal Auditor, and I felt compelled to put pen to paper.....More

    Words by Lee Byrne

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    25 March 2015

    UK AML/CFT supervision: proportionate and effective?

    The HM Treasury Anti-money laundering and counter terrorist finance supervision report 2013-14, released earlier this week, aims to provide a snapshot of the progress made over the last 12 months by UK AML/CFT supervisors in:....More

    Words by James Thomas

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    24 March 2015

    How much do APAC's regulators earn?

    Regulators’ salaries across Asia Pacific vary enormously:some supervisors earn fortunes and others hit the pay scale at the average to low end.....More

    Words by Helen O'Gorman

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    23 March 2015

    Switzerland to return $380 million to Nigeria in Abacha case

    Swiss prosecutors have announced that $380 million is to be returned to Nigeria as funds linked to the ex-dictator Sani Abacha. General Sani Abacha assumed the leadership of Nigeria in 1993 following a coup d’état. During his five year rule he was estimated to have stolen up to $5billion (TI, 2004).....More

    Words by Andrew Clarke

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    6 March 2015

    Continuing the drive towards professional standards

    The call for greater standards of professionalism within the financial sector has increased in volume in the years following the financial crisis. And no doubt that call will continue to get louder.....More

    Words by James Thomas

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    4 March 2015

    Compliance in Russia

    On 26 February I had the privilege of representing the ICA by attending and speaking at the 4th Annual ICA Conference in Moscow, organised by our Russian partners, International Compliance Services. This year the conference theme was ‘The Era of GRC: Governance, Risk and Compliance – Introducing the Unitary International Compliance Standard’.....More

    Words by Rhodri Kettle

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    27 February 2015

    RBS - What the annual results tell us

    As a neat follow up to Dave Robson’s blog earlier this week (view here), which provided a succinct analysis on two key areas of the HSBC annual report, risk and legal proceedings, here’s my take on the RBS 2014 results released yesterday. Bearing in mind you and I (the UK taxpayer) own almost four-fifths of RBS; it’s an opportune time to find out how they are performing, particularly around risk.....More

    Words by Jason Morris

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    9 February 2015

    Getting regulation right: a universal challenge

    Financial regulation has received so much mainstream attention in the recent past that it’s easy to forget that criticisms of “toothless regulators” or of the “glacial pace of regulatory change” are universal, and that the need for improved regulation and compliance expertise cuts across many sectors of the economy. The most recent example comes from the world of groceries retailing.....More

    Words by James Thomas

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