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Insight
CPI 2021: Looking beyond a high score
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.....More
E-book: Is ESG the Key to a More Sustainable, Profitable Business?
This e-book explores the fundamentals of ESG and how an organisation can demonstrate and improve their credentials. The e-book takes you through the path to ESG maturity and shares steps to make your ESG performance measurable in a reliable, repeatable way, as well as highlighting the many ways ESG data can drive process and cost efficiencies.
UN International Day of Education – the changing face of learning
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
A 2022 Compliance Wish List
This article recaps some of the developments we would like to see in the compliance world in the upcoming year
What it takes to work in sanctions compliance – Part 2
This article is the second in our series on sanctions: What it takes to work in sanctions compliance....More
Pandora Papers - How to identify ultimate beneficial owners
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.
Top 5 e-books that our members have enjoyed in 2021
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
3 major talking points from 2021 for the compliance industry
With 2021 quickly drawing to a close, now seems an apposite time to reflect on the last 12 months
EU Whistle-blowing regulations: the right questions to ask in and outside Europe
The deadline for Member States, to transpose the EU Whistleblower Protection Directive into national laws, is 17th Dec 2021....More
SARs reporting in the service sector
Why is the number of SARs being raised in the service sector so low when compared to credit institutions, like banks?
Old crimes, new methods
Times and technology may change, but the fundamental means by which criminals attempt to launder money and carry out their nefarious acts are still rooted in the same criminal process – commit a crime, evade capture and benefit from the proceeds.....More
Why study with ICA?
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?
Compliance must carve out role in company ESG efforts
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
Why I loved being an MLRO
Being an MLRO can be tough, but it is also exciting and fulfilling with many opportunities for personal and professional development
Compliance must be a force for good
Ethics and purpose should underpin every effort to meet the challenge of climate change, writes James Thomas....More
What it takes to work in sanctions compliance
Sanctions impact almost every aspect of our lives, and is one of the few topics with real, day-to-day significance
The journey toward integrated risk management
Discover four practical steps to realising the gains of IRM....More
Putting the ‘G’ into GRC
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.
Suex sanctions: the compliance implications
Deepa Chandrasekhar considers the significance of the recent OFAC decision to sanction cryptocurrency exchange Suex....More
Ethics Masterclass: A Plantation Adventure
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.
Counterfeiting, Covid and Conscience
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
A milestone case in Singapore: Failing to perform KYC/CDD & false statements
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.
Nord Stream 2: A study in sanctions complexity
The political fallout has been described as ‘the biggest diplomatic crisis in transatlantic relations since the Iraq War....More
Why compliance needs to talk about sustainability
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.
Whistle-blowing: Good apples, bad apples and behavioural science
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
What every compliance professional needs to know
Why every compliance professional needs to know how to protect customers’ monies and assets – and why they should encourage others to do the same.
6 ways to mitigate a bad day at the office
Throughout this mini-series, we have explored how compliance faces unprecedented challenges and exciting new opportunities in our rapidly changing, digitising world.....More
5 tips to help you file more effective SARs
What could you be doing to file more effective suspicious activity reports (SARs)?
Are companies ready to trust artificial intelligence?
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
Effective AML training: four questions to answer
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.
Has human trafficking grown during the pandemic?
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
The importance of transaction monitoring – and the cost of getting it wrong
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.
The qualities demanded of a GRC professional
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
Who will be suited to compliance roles in the 2020s?
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.
How firms can protect vulnerable customers
Recent research from the FCA revealed that, by October 2020, 27.7 million adults (53%) possessed some characteristics of vulnerability....More
Roundtable highlights: best practice in risk assessment
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.
5 reasons why your employer should sponsor you to do an ICA qualification
Many employers all over the world recognise the value of ICA qualifications in increasing the confidence and ability of their staff....More
Are compliance officers good board material?
Outside of our profession, a common frame of reference for compliance is the historical context of enforcing rules and regulations
5 reasons to sponsor an employee’s ICA qualification
Here are five reasons that funding a course for your employee can be a wise investment....More
Financial Crime: A Global Perspective
A fascinating collection of global industry insights on current and emerging trends, challenges and opportunities in 2021 and beyond
Can you really help stop wildlife trafficking?
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
How global compliance works at the local level
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.
Take part in ICA's sanctions risk survey
Share your input into a short survey about your organisation’s approach to sanctions control....More
Can a compliance team change a culture?
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.
BIG Compliance Festival 2021 - Highlights
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
Why curiosity is important for compliance professionals
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.
Combating terrorist financing: Coordination and the ‘human element’
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
Sanctions are constantly changing. Here’s what firms can do.
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.
You’ve got your ICA qualification - what happens now?
The key steps you can take to maximise the potential for professional success that your ICA qualification offers.....More
Is compliance staying the same in a rapidly changing digital world?
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
ICA's Monthly News Chat: episode 1
We are pleased to announce the launch of ICA’s Monthly News Chat, a brief and informative video series, providing a rundown of key topics trending that month.....More
Bonuses and bias: the risks of variable pay for compliance professionals
When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions
Anti-corruption developments in 2020: China, India make strides
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
Keeping pace with the latest AI trends
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
Identity Fraud Report 2020
In this report, Onfido analyses data from its roster of global clients to understand where current and future risk lies....More
Compliance training – the real value and benefit to the modern compliance professional
What is the real value and benefit of training to the modern compliance professional?
[Video] All you need to know about 6AMLD
In this video, James Wood-Rickett, Course Director, Global Lead - Anti Money Laundering, ICA, considers the key changes of 6AMLD.....More
UK sanctions – under new management
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.
Breaking barriers: Advancing diversity and inclusion in the compliance world
As a global organisation, we understand that diversity and inclusion is different around the world - the challenges faced by different groups vary significantly.....More
Compliance, bias and illogical decision-making
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.
The role of HR in driving diversity and inclusion
What is the role of the HR function in driving D&I, and the importance of compliance management in overseeing changes in organisational behaviour and practices?....More
COVID-19, cryptocurrencies and fraud
James Thomas considers fraud risks associated with cryptocurrencies in the context of COVID-19
A year to remember
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
The complicated relationship between sanctions and the UK transition period
As the UK leaves the EU there are some areas of legislation that will diverge from one another, sanctions is one of these. The UK adheres to both UN and EU legislation and once it leaves the EU framework it will be responsible for it’s own fate. With the transition period coming to an end, this piece will look at how the UK is preparing to strike its own path and the complexities involved in future relationships with the EU and other countries.
The growing demand for investigations skills
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.....More
The new moral urgency of the UN’s corruption rhetoric
Absorbing bribery and corruption statistics provided by the UN is, even during gentler times, a sobering experience. This year’s figures were as bold and quietly unsettling as ever, in a neat symmetry of the year itself. But the accompanying comments by UN Secretary-General did offer something new.
[E-book] Life insurance: Mitigating the money laundering risks
This e-book will reveal how money launderers target life insurance to their advantage, and how professionals working within the sector can prevent and detect it, bringing benefits to your organisation and the wider society.....More
Will an ICA qualification get me a job?
If you’re investing in an ICA qualification, you will want to ensure that you are getting a positive return on your investment. Here’s a quick look at some of the ways in which an ICA qualification can help you reach this goal.
[E-book] Machine learning for governance
How security, risk management, compliance, and audit professionals can start using this evolving technology in everyday activities....More
[E-book] Training with impact – using immersive scenarios in your financial crime training
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 is complicated – but it’s not going away
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
BIG Compliance Festival 2020 – Part 2 highlights
A summary of part two of the Big Compliance Festival with highlights and key points from the sessions.
Working together to stop money laundering
FATF President, Dr Marcus Pleyer, shared a vision for the future of AML at ICA’s BIG Compliance Festival....More
Is human trafficking financial services’ blind spot?
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.
Ask a CCO: Compliance’s role in D&I efforts
We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.....More
What compliance can do to advance diversity and inclusion efforts
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.
Back to the drawing board on transaction monitoring
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
Top 10 reasons to be an MLRO
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.
3 tips on how to design financial crime training with impact
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
Managing modern data sources to drive compliance
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.
[E-book] Better practices for compliance management
This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance....More
10 reasons why you should be a compliance officer
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.
How the art industry can adapt to the challenges of 5MLD
The most recent changes to the art market are significant. January 2020 saw the transposition of the EU Fifth Money Laundering Directive (5MLD) into UK law. After extensive consultation, and with HMRC as the regulator, art market participants (AMPs) face considerably more onerous anti money laundering (AML) requirements.....More
UK sanctions: A brave new dawn?
The Brexit referendum has impacted on many different areas and this Insight piece looks at what the UK is doing in respect of sanctions. It starts with a recap on what sanctions are and then follows with an assessment of how things will be done differently, starting with the first set of sanctions issued unilaterally in July 2020
Diversity and Inclusion in the Compliance World – ‘Celebration of People’ Survey
Workforce Diversity and Inclusion (D&I) is proven to have a positive impact on a company’s performance, bottom line and innovation. As one study suggests, firms that have more diverse management teams have 19% higher revenue due to innovation. Compliance is no exception and is only strengthened by D&I.....More
Which ICA qualification is right for me?
This is the question we get asked the most. Although you can find out more by signing up to one of our free online Briefing Sessions, the guidance below will help to get you started.
The future of AML frameworks – PPPs to the rescue?
Are current anti money laundering (AML) efforts sufficient to fight the evolving financial crime threat? Are they effective? What improvements can be made to AML frameworks? This is the first in a series of articles in which we will be asking profound questions of current AML practice, and presenting the case for a major rethink of AML regimes.....More
How COVID-19 brought out the best in society, the worst in criminals and an increase in identity the ...
A crisis will bring out the best and worst of society and the current COVID-19 pandemic is no different. A crisis like this challenges us all to consider our actions and how we respond, this article looks at the positive ways that people have responded but also how criminals have sought to take advantage of it, in particular with the rise in identify theft.
Implications of Europe’s top court recent ruling on EU-US Privacy Shield
The US Data Privacy Shield was in place to protect personal data of EU citizens when transferred out of the EU to the US. The CJEU’s conclusion that the Shield does not provide “essentially equivalent” protection of personal data to that under GDPR and EU law has potentially serious implications, some of which we explore in this analysis.....More
BIGCompFest2020 | Part one highlights
ICA's BIG Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals in 2020.
Twitter cyberattack should be a wake-up call for firms
The hack of around 130 high-profile Twitter accounts reveals that nobody is immune from cybercrime. Here’s what you can do to protect your firm’s cyber defences.....More
Commerzbank’s FCA fine demonstrates danger of AML lapses
A comment on the fine imposed by the FCA on Commerzbank, and a discussion of the wider implications.
The changing world of anti money laundering
Current thinking around anti money laundering (AML) is flawed and is in desperate need of a rethink. The fundamental nature of money laundering, and how we combat it, needs examining.....More
AI is here and compliance needs to respond
Automation and artificial intelligence (AI) are set to pose a unique challenge to the future workplace, including the compliance profession. How should compliance respond to such innovation?
Emerging TBML risks and how to manage them
COVID-19 represents a special challenge for all organisations. As well as exacerbating existing concerns, it has ushered in a slew of new ones. If these issues are to be successfully addressed, firms need to understand new and existing risks that pose a threat to business.....More
Shining a light upon our AML failings
The answer to being more effective at stopping money launderers is to challenge the value of processes that are clearly failing. Financial crime expert Martin Woods explains.
6 reasons why professional qualifications are the best way to learn
In today’s world there are many routes to consider when looking at further learning. However, professional qualifications offer unique benefits that give them an edge over the alternatives. Below we look at some of these benefits, and how ICA offer a fresh approach to further education.....More
Managing the increased focus on non-financial misconduct
In this article we will look to define non-financial misconduct and highlight why it is of increasing importance to firms and other organisations across most industry sectors and jurisdictions.
[Infographic] The Big Compliance Festival 2020 highlights (Day one and two)
Key highlights and quotes from the Big Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals this year.....More
Change is needed - can compliance help show the way? A message from the ICA senior leadership team
It is incumbent on us as part of the compliance community to speak up about the troubling racial violence occurring in the United States and around the world.
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