Ahead of the imminent launch of a new virtual classroom workshop, we are taking a look at transaction monitoring: what it is, what risks to look out for and how we can learn from examples of poor monitoring activity.....More
This Insight article focuses on the impact social media has had on the way fraudsters target their victims.
This Insight article focuses on the factors that compliance professionals must consider when implementing risk assessment technology.
Behind its white trucks and the orange and purple of its iconic logo, FedEx Corp. has built its enterprise on an absolute commitment to ethics, integrity, and reliability. This principle is the bedrock of its long-term success in environmental, social, and governance (ESG) performance.....More
Understanding who the owners of a company are is a key tool in fighting financial crime and potential sanctions evasion.
The value of the global art market has reached $67.4 billion so it is unsurprising that criminals have targeted it. Through understanding it’s vulnerabilities and what legislation is in place, compliance officers can help to prevent potential money laundering from happening.....More
Correspondent banking serves a vital function within the global economy. However, if correspondent banking relationships are not managed properly, they can present considerable risks from an anti-financial crime perspective. This article will review a recent ICA Webinar that discussed some of these challenges and how to make these relationships a success.
As governments continue to issue sanctions in response to Russia’s invasion of Ukraine, many firms are looking to limit their sanctions exposure. Our Russia sanctions FAQs consider the ways in which this can be achieved, as well as addressing some of the more complex demands placed on firms with Russian exposure.....More
Transaction Monitoring is an area that is constantly in the spotlight. The challenge for a financial institution is to get the balance right of monitoring the accounts of those individuals who are up to no good, but without impacting on the transaction flow of those who are innocent.
With growing concerns over greenwashing, regulators are placing greater scrutiny on organisations’ claims about their green credentials.
HSBC received a hefty fine by the FCA and their decision notice highlighted three areas with deficiencies related to systems and controls. This article will explore the decision notice and look at what lessons other firms can glean to help their own risk-based approaches.
As the terrible conflict in Ukraine intensifies, sanctions are making global headlines. This public and media interest has brought with it fresh challenges for those trying to keep pace with the complex measures imposed by governments on entities linked to the Russian state. In response, an ICA webinar on 9 March sought to bring some clarity to the new sanctions landscape.....More
The regulation of virtual assets will be high on the agenda at ICA Live: MENA, with a current and a former regulator driving the conversation.
Identifying red flags in any form of transaction monitoring of customer activity is a key part of spotting and stopping criminal activity. This is crucial in trying to prevent the illegal trade of wildlife and this piece will highlight some of these red flags and discuss the important of good quality reporting when they are identified.....More
Holly Thomas-Wrightson helps us to understand the complexities of source of funds and source of wealth.
Illegal wildlife trafficking has been described as a low-risk, high-reward crime that is thought to be worth a huge £17 billion a year. It’s widely accepted that this is an awful, illegal industry but there is still some debate and struggle with how to prevent it. By identifying key touch points across the supply chain and targeting those that seek to profit from it there is the potential to save millions of animals across the world. This approach, combined with increased legislation and support from regulators could be the difference between this illegal industry thriving or ceasing to exist.....More
Environmental, social and governance (ESG) is a broad topic formed of diverse and often fascinating issues. We are therefore pleased to present this unmissable collection of perspectives on ESG from compliance professionals all over the world
Illegal wildlife trafficking has grown in its severity and occurrence in recent years. This article looks at how this has happened and the importance of building a solid criminal case against those that carry it out. Changing the behaviour of the consumer is a significant factor in the overall effort against the illegal wildlife trade and this article plays a large part in helping readings to understand the importance of this.....More
Romance fraud is a crime that often avoids the headlines when compared to tax or credit card fraud, but it is on the rise and can leave victims with not just a loss of money but can also be a big hit to their self-esteem, if not very emotionally damaging. This piece will look at how it happens, how people can protect themselves and also what to do if you or someone you know has been a victim.
Achieving ‘net zero’ emissions has become a huge priority for everyone as the urgency of the climate crises grows year on year. Tackling this is a serious challenge and at the recent COP26 summit, plans were announced to make the UK ‘the world’s first net-zero aligned financial centre’. This piece will look at how banks can plot their way along this journey and increase their confidence at hitting these important targets.....More
The release of Transparency International's Corruption Perceptions Index (CPI) is always a significant event in the financial crime compliance calendar, compiling as it does a ranking of perceived corruption across countries around the globe. This year's index will make interesting, if dispiriting, reading for compliance professionals, and this piece argues of the need to look beyond the CPI to inform their own judgements based on curiosity and looking beyond the obvious.
Since 2001, ICA has been committed to increasing the knowledge and skills of regulatory and financial crime compliance professionals around the world. On this special day, we are marking the UN International Day of Education with a look at how we have successfully tailored our deliverables to harness developments in technology and continue to give our students an outstanding learner experience.....More
This article recaps some of the developments we would like to see in the compliance world in the upcoming year
This article is the second in our series on sanctions: What it takes to work in sanctions compliance....More
The Pandora Papers were another massive story in 2021 as a group of journalists released a paper that highlighted the issue of UBOs. This have us a chance to reflect on the European regulatory landscape and best practice examples for financial institutions to enhance their systems and controls for preventing financial crime.
Cybersecurity, financial crime compliance trends, integrated risk management and governance, risk and compliance were among the key topics that attracted our members' interest in 2021....More
With 2021 quickly drawing to a close, now seems an apposite time to reflect on the last 12 months
The deadline for Member States, to transpose the EU Whistleblower Protection Directive into national laws, is 17th Dec 2021....More
Why is the number of SARs being raised in the service sector so low when compared to credit institutions, like banks?
Have you decided it’s time to progress your career and that a professional qualification is the perfect way to enhance your knowledge and skills?
Respondents to Compliance Week's “Inside the Mind of the CCO” survey agree compliance should play a key part as businesses determine their ESG strategy—either through primary oversight or meaningful participation....More
Being an MLRO can be tough, but it is also exciting and fulfilling with many opportunities for personal and professional development
Sanctions impact almost every aspect of our lives, and is one of the few topics with real, day-to-day significance
Governance plays a significant role in determining how a business’ objectives are set and achieved, how risk is monitored and addressed, and how performance is optimised.
In this four-part series, Dr. Kara Tan Bhala will guide you each week through a case study taken from her book, Ethics in Finance: Case Studies of a Woman’s Life on Wall Street.
Are you inadvertently contributing to criminality? As we acclimatise to the ‘new normal’, we examine how the global pandemic has helped facilitate unprecedented growth in the UK’s counterfeit market and how compliance professionals utilise their skills to combat it.....More
Proper due diligence work is very important; so important, that it is vital it isn’t undermined in practice by banking and finance professionals, nor by the firms in which they work.
Recently, we conducted a poll of ICA members and the wider compliance community on sustainability and the role compliance has in addressing it. The results were not only revealing, but pointed to a potential new direction for compliance as its responsibilities expand.
This blog series will explore sensitive questions around whistleblowing. It will consider the social and individual processes that surround deviant corporate behaviour and why these are strong barriers to ‘speaking up’. It will also ask how we can bring those barriers down. A field operation plan for whistle-blowers will also be built, sharing techniques that individuals can adopt to assist them in the face of corporate misdemeanours.....More
Why every compliance professional needs to know how to protect customers’ monies and assets – and why they should encourage others to do the same.
What could you be doing to file more effective suspicious activity reports (SARs)?
A recent roundtable, sponsored by Wolters Kluwer and organised by ICA, looked at the importance of balancing machine learning (ML) and artificial intelligence (AI) with human intelligence and intervention.....More
Ensuring your employees are adequately trained in anti money laundering (AML) is a crucial component of managing financial crime risk. Not only is it vital to protect your firm, but its often required by regulations.
Many aspects of life over the last year have stagnated as a result of the COVID-19 pandemic, with the virus grinding whole countries and economies to a halt. However, one thing that defied the slowdown – depressingly – was the number of human trafficking victims.....More
In this week’s #ICAInsight, Teodora Harrop considers what can be learnt from recent enforcement action and provides best practice examples from which firms can learn.
An effective GRC practitioner must face problems rather than avoid them, hold to principles when it is easier to dodge them and challenge commonly accepted beliefs when needed. What psychological research tells us is that these qualities do not come naturally to us as humans.....More
We are already seeing signs that the 2020s will be vastly different from the 2010s and unrecognisable in many ways from, say, the 1980s. Back then, a ‘job for life’ was a reality and a career within a single profession or trade, perhaps even with the same employer was common place. These days, rather than seek a job for life, Generation Z are more likely to question how they can leverage their value now and start their own business or, at least, a side hustle. This article will explore these differences and look at how compliance could be reimagined in the future and who is best suited for a role within this burgeoning industry.
A recent roundtable on best practice for risk assessment, sponsored by OneTrust and organised by ICA, uncovered some fascinating insight from those on the front line of compliance.
Many employers all over the world recognise the value of ICA qualifications in increasing the confidence and ability of their staff....More
Outside of our profession, a common frame of reference for compliance is the historical context of enforcing rules and regulations
Here are five reasons that funding a course for your employee can be a wise investment....More
A fascinating collection of global industry insights on current and emerging trends, challenges and opportunities in 2021 and beyond
Wildlife trafficking is a big issue. We’re not just talking about endangered animals from Africa being poached and sold on the black market. There are many other ways that wildlife trafficking can be a part of your life, without you even realising it.....More
This insight article will consider what global compliance looks like at a local level. It will also examine how different regions understand and adapt definitions of compliance to their own purposes, and the consequences of this for businesses.
Compliance teams need to think and act more holistically, strategically and embrace innovation – to ‘design in’ rather than ‘bolt on.’ It’s vital they play their part in unlocking synergy and adopt a mindset that values reflection.
The 2021 edition of the BIG Compliance Festival, the biggest event for compliance professionals globally, attracted over 650 participants from 82 countries worldwide. Attendees enjoyed an array of insightful presentations on a variety of topics. Below we present a summary of some of the event’s highlights and key takeaways from the discussions that took place.....More
Curiosity is not often seen as an attractive trait: as the saying goes ‘curiosity killed the cat’. But for compliance professionals, I would argue that it is a key skill we need to improve both personally and professionally, and in order to protect our firms from risk.
The nexus between transnational organised crime and terrorist financing is a contentious, ongoing topic of debate. The extent of their connection is disputed, but what is accepted is that the motivation and ideology of a terrorist differs fundamentally from that of organised criminal groups.....More
Over the last five years, there has been a significant shift in the sanctions world, from traditional jurisdictional and list-based sanctions to those that are more nuanced and thematic.
The key steps you can take to maximise the potential for professional success that your ICA qualification offers.....More
In a rapidly changing digital world, thinking around compliance needs reframing. The question today is whether compliance can keep up in world moving faster than any had thought possible
When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions
A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.....More
What challenges and opportunities does artificial intelligence present and how can risk and compliance practitioners best respond to these? James Thomas reports on recent ICA Roundtable events
What is the real value and benefit of training to the modern compliance professional?
The UK has completed the process of leaving the European Union. This article is a follow up to a previous piece where the complicated relationship between sanctions and the UK’s transition from the EU was assessed. Here we will look at the reality of post-transition UK sanctions and the new sanctions landscape in the UK.
As a global organisation, we understand that diversity and inclusion is different around the world - the challenges faced by different groups vary significantly.....More
Most people understand and accept that human decision-making is tainted by bias. But what is less well-understood is how these human biases can creep into technology intended to streamline, improve or make fairer decisions made by machines.
James Thomas considers fraud risks associated with cryptocurrencies in the context of COVID-19
2020 has been a year that most of us would gladly forget. Nevertheless, as we look towards 2021, it is worth considering the lessons learned over the last 12 months, assessing the evolving landscape, and (where possible) drawing on any positives that have come to light. This article considers some of the main features of fraud in 2020 and highlights potential trends for the coming year.....More
As the compliance world continues to evolve and the number of internal investigations increases, the skillsets needed by compliance staff are changing. This article discusses some of the reasons behind the growth in investigations, how compliance skills are evolving as a response, and the rising importance of technology-based investigation knowledge.
This e-book considers 5 questions that can help when designing immersive scenarios for your team, from understanding the audience to creating scenarios that full realistic and resonate with learners.
Cryptocurrency has burst front and center onto the world stage, and we all need to better understand it and the technology behind it. This article will illustrate some of the challenges, even mysteries, of cryptocurrency and highlight the importance of everyone in compliance staying on top of it all.....More
A summary of part two of the Big Compliance Festival with highlights and key points from the sessions.
It is generally acknowledged that great strides forward have been made over the last decade in the fight against money laundering and financial crime. Few, however, would claim that there remains little to be done. But a remarkable new report by BAE Systems demonstrates just how far we have to go.
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.
In the wake of the FinCEN Files leaks, Martin Woods examines whether monitoring text rather than numbers in transactions could serve as a solution to our greater anti-money laundering woes.....More
As a small child, how many of us dreamt of becoming a money laundering reporting officer? None, that’s how many. So, what makes the role of the MLRO today an attractive one? Here are the top ten reasons to take up the life of an MLRO.
To change perceptions on training, a culture shift is needed to demonstrate to employees that training can not only be engaging but actually useful, enhancing their ability to carry out their role. How do you get employees to embrace training and, more importantly, use the knowledge and skills from this training in their daily roles?....More
As remote work suddenly became commonplace during COVID-19, an existing information challenge was greatly magnified: how to record online data sources that are difficult to monitor and manage.
This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance....More
Becoming a compliance officer has many advantages. From job security, to developing highly transferable skills, having a career path from entry-level to the board, being the customer’s champion and the organisation’s ethical heart, we provide 10 reasons why should you be a compliance officer.