Insight

2020 will be uncertain and unpredictable. Here’s what compliance can do

Facebook’s tough few years symbolises the danger of underestimating risk. Compliance professionals can learn from the company’s mistakes to protect their own firms in an unpredictable environment in 2020.....More

Do you know where your corruption risks lie?

One of the tools used to understand corruption risk is the Corruptions Perceptions Index (CPI), published on an annual basis by Transparency International, who work globally in leading the fight against corruption. The 2018 CPI, published in early 2019, ranked 180 countries in terms of how corrupt their public services are perceived to be, on a scale of 1 (highly corrupt) to 100 (very clean).

Regulatory Enforcement Actions in 2019

In what has become something of a festive tradition at ICA, we’ve collated the biggest of these fines issued by both OFAC and the FCA this year to see what lessons can be learnt for 2020.....More

Tis the season of the giving and receiving of gifts

Offers of gifts or hospitality can be legitimate business practices, allowing relationships to be enhanced and built; but a line exists between appropriate business practice and illegal activity.

Inside the Mind of the Chief Compliance Officer

The compliance career path has never been a straight line. It’s not like medicine, for example, where you know early on you’re going to be spending a lot of time and money learning to become a doctor. And once you become one, you spend the rest of your working days practising medicine.....More

ICO draft guidance helps UK firms clarify AI choices

The UK’s data regulator, the Information Commissioner’s Office (ICO), has issued guidance to help organisations explain their use of — and reliance on — artificial intelligence (AI) in decision making and how such technology might impact the public.

Six steps to improve your customer due diligence

CDD is a key part of any firm’s anti money laundering and counter financing of terrorism (AML/CFT) framework. With this in mind, this blog looks at six steps that the reader can take to help improve their CDD.....More

Future proofing the compliance professional

Technology is set to have an impact on the way in which compliance professionals work. In a future defined by VUCA, what can compliance professionals do to ensure that they have the skills to prepare for the changes?

The skills crucial to combating terrorist financing

A proven and effective method of preventing terrorism is disrupting the financial networks used to fund it. This has been known to organisations, regulators and governments for some time now.....More

Dun & Bradstreet E-Book: Third-Party Risk Management

Download your free copy of Dun & Bradstreet's latest e-book ‘Busting The Myths That Make Third-Party Risk Management More Painful’ published in association with ICA

“Fail to prepare, prepare to fail” - Interview tips

Before attending an interview, go through the job description in more detail. This will give you an understanding of what the hiring manager is looking for.....More

OFSI: the story so far

A brief comparison of the key outputs from the Office of Financial Sanctions Implementation's (OFSI) annual reports

How the art market helps fund terrorism

Art and antiquities looting was ISIS’s second highest source of income at the terror group’s height. Unique and rare objects from the world’s oldest civilisations were flogged to Europe and North America to raise funds for its activities. The regulatory response from the EU and the art industry has been swift – but is it enough?....More

The compliance response to the SRA’s updated regulations

Compliance professionals employed in SRA-authorised law firms should be busy preparing to support their colleagues to make a safe and appropriate transition.

Will AI replace compliance professionals?

Artificial intelligence (AI) is today being adopted across all sectors which will require us to adapt and obtain new skills. People will continue to be needed, but the types of jobs that they do will change.....More

United Arab Emirates: the rapid pace of regulatory change

It is often said that the only constant in life is change, and that certainly rings true for the current regulatory climate. The global nature of financial crime means that all regulators, and firms operating in the regulated sector, must be quick to respond to threats.

Virtual Banking is coming - are you ready?

Malcolm Wright, Chief Compliance Officer, Diginex, and keynote speaker at ICA’s 2nd APAC Conference, discusses the latest trends and challenges in virtual banking and how it’s impacting the skills and competencies of compliance professionals.....More

Financial crime: a 360-degree view (Podcast)

Broadgate Search sat down with Pekka Dare, Director of Training Education and Development at ICA, to uncover various case studies in the financial sector.

Vulnerable Customers: The new hot topic

‘Vulnerable Customers’ is not a topic you can avoid if you are a compliance professional in the retail sector. While the UK may be leading in the implementation of new requirements, many other jurisdictions are incorporating or considering the principles involved. These principles are pretty much incontrovertible and so there is inevitable pressure and momentum behind development of this area.....More

Starting a career in compliance - Part 2

Here at ICA, we are home to an array of rich and diverse compliance backgrounds and, as such, everyone has a story to tell. ICA’s R&D managers and tutors relay their stories, sharing valuable insight regarding careers in compliance. Whether you are a senior compliance officer or someone looking to enter the sector, this will be an interesting and beneficial read.

How to make the most of your ICA qualification

Upon completion of an ICA qualification, you may find yourself wondering what comes next and how you can make the most of your new qualification. Here we discuss the nine key steps to maximise the potential for professional success that your ICA qualification offers.....More

Starting a career in compliance - Part 1

There’s a whole world of professional paths out there. Yet a lot of kids seem to dream of the same options: ‘when I grow up I want to be a vet, doctor, firefighter, police officer’. These are all admirable options, but not many say ‘I want to work in compliance’. Not yet, anyway.

Virtual Currencies – four key updates in 2019

Move over Bitcoin and Blockchain – there’s a new raft of terminology to come to terms with in the form of virtual assets, crypto-derivatives and Libra. Adding to the mix the recent announcement on virtual assets from the Financial Action Task Force (FATF), it’s been a busy few weeks for anyone keeping an eye on the virtual world. In this Insight piece we will be looking at four key updates from recent weeks.....More

Blockchain: an introduction

Blockchain is capturing the imagination of the financial services for its potential to reduce risk and decrease costs. It’s easy to consider blockchain as a unicorn – elusive, never seen and no one seems to quite know its capabilities. Blockchain is a type of distributed ledger technology (DLT), but what exactly is blockchain and DLT? And how can they be used by mainstream companies?

Are you accidentally funding terrorism?

Hands up if you’ve ever bought a fake pair of sunglasses or fake handbag? Or if you know someone that has? Maybe a friend of a friend has sold you a copy of a film on DVD?....More

A new study reveals whistleblowing arrangements in UK and European companies

Fresh legislative initiatives and large scandals are thrusting whistleblowing on to the corporate agenda. However, how companies approach internal whistleblowing arrangements varies significantly across Europe. This is according to the Whistleblowing Report 2019 published by the University of Applied Sciences HTW Chur in Switzerland and EQS Group.

How new technologies help prevent money laundering

$2 trillion – that’s the amount of illicit funds estimated to be laundered through financial institutions annually. Worse, financial crime appears to be increasing (see the latest from Insight for the reasons behind the rise). In response, Europol estimate that banks globally are spending $260 billion each year in financial crime defences to combat the issue.....More

Is financial crime on the increase?

At the recent City Week International Financial Services Forum in London, one of the panel sessions focused on the evolution of financial crime, and a statistic highlighted during the session struck a chord with me.

Human trafficking – how technology and collaboration can help combat the issue

Human trafficking is one of the fastest growing and most widespread criminal activities in the world.....More

Correspondent banking – why it's important to understand the risks

Money laundering scandals have been all over the news recently, with banks such as Danske and Swedbank

Irish stockbroker enforcement action: What were the issues and why do they matter?

On 8 May 2019, the Central Bank of Ireland found Campbell O’Connor & Company, a private client stockbrokers....More

Why collaboration is vital to combat money laundering

Great strides forward have been made in the general awareness

Learning at Work Week 2019

Knowledge has a beginning but no end....More

[Infographic] 6 tips to help you on your study journey

'An investment in knowledge pays the best interest' - Benjamin Franklin

Monetary Authority of Singapore launches debut enforcement report

The Monetary Authority of Singapore details enforcement actions and key initiatives as it launches debut enforcement report.....More

Compliance culture – What is the challenge?

Compliance culture, especially in financial services, is a really important element that can impact on the wider cultural challenges that a firm could face.

Anti-corruption compliance programmes have never been more important

Take a moment to look beyond the turbulence of current affairs and traverse the terrain of a global anti-corruption trends monitor. What you will see, may surprise you.....More

Standard Chartered $1.1 billion enforcement action: what lessons can we learn?

It was announced that Standard Chartered has agreed to pay more than $1 billion to US regulators and the UK’s Financial Conduct Authority (FCA). What lessons can we learn from this?

Meet an ICA member: Micaela Madureira

“Just because you do not work in a multinational organisation does not mean that ICA is not suitable for you. I would say it is exactly the opposite. If you belong to a smaller organisation, it is likely you frequently miss the opportunity to....More

6 tips to help you on your study journey

You have enrolled onto your new ICA training course, printed your training manual, and are now eager to start studying and learning immediately. This is how to get more out of your study journey in 6 easy steps

What are the 6 benefits of studying for an ICA qualification?

Whether you’re new to the industry or taking the next step in your career, it’s important to choose the best compliance training possible. We have put together the top benefits of studying for an ICA qualification & advancing your career.....More

Understanding complex company structures – solving the puzzle

When it comes to customer due diligence (CDD) - what challenges do AML professionals in financial institutions face?

How many languages does a financial crime professional need to speak?

Virtual currencies, cybercrime and Trumponomics, to name just a few, present interesting dilemmas: to what extent should we be conversant in these areas in order to fully understand the financial crime risks associated with them?....More

10 year challenge – Middle East and North Africa

Ten years ago, the Middle East was a different place to the one that we see today. You only have to look at a picture of the Dubai skyline in 2008 and compare it to the current one to appreciate the aesthetic changes that have taken place. But it has not only changed aesthetically: the regulatory progress in the region’s financial sector has been equally discernable.

5 ways to help establish a fraud-averse environment

When correctly motivated, employees remain honest and become the most effective frontline defence against the fraudster. Employees become motivated when they believe that:....More

Which ICA qualification is right for me?

This is the question we get asked the most. With ICA Briefing Sessions in full swing at the moment, it seemed like it was worth addressing. So what do we tell you? Essentially, there are two main pieces of advice we normally focuse on when discussing ICA qualifications

[Infographic] Skills and Attributes of a Compliance Officer

Have you ever wondered which skills and attributes are useful when working in anti money laundering (AML)? If you currently work in AML, have you considered how your own skills measure up? Here’s a quick look at some of the skills and attributes that a compliance professional may need....More

Corruption Perceptions Index – do movements in the middle also reflect the regulatory environment?

The new Transparency International Corruption Perceptions Index (CPI) has been released and you can see the results here. The Index is used in many financial crime models and is a highly regarded tool for geographic risk insight.

The UK’s anti money laundering regime – A time for celebration?

Mutual evaluations from the Financial Action Task Force (FATF) are big news within the anti money laundering (AML) community; its peer reviews provide insight into the AML framework of a country, the key risks that it faces and how those risks are managed.....More

Skills and Attributes of an AML Professional - Infographic

Have you ever wondered which skills and attributes are useful when working in anti money laundering (AML)? If you currently work in AML, have you considered how your own skills measure up? Here’s a quick look at some of the skills and attributes that an AML professional may need

10 ways to instil a culture of compliance

Despite significant investment in compliance, we still see incidents where things go wrong. In many cases the root cause is the wrong culture and values. How do you drive the right culture across your organisation? How do you ensure everyone is accountable for compliance matters? Below we provide some tips to help support a successful compliance ‘change programme’.....More

South America: can a continent conquer corruption in 2019?

US politics inevitably tends to attract greater scrutiny than anywhere else in the Americas. Regrettably, this often obscures that which is unfolding in the southern half of the continent, where very interesting – often odd, sometimes distressing – events are taking place. Last year was a case in point.

Top 5 fines of 2018: Lessons Learned from Enforcement Action

As Father Christmas prepares his list of who has been naughty or nice, I thought it would be interesting to take look at enforcement action in 2018 from around the world and consider some New Year’s resolutions that compliance professionals may want to make in 2019.....More

Navigating the bribery risk this Christmas

Christmas – the season of gifts and giving. Nobody needs reminding that we already hurtling our way full speed towards the Big Day, but for businesses it is the time of year when a useful reminder on the dangers of bribery is required.

Meet an ICA member: Sheila Patel

I am a Senior Compliance professional with extensive skills, knowledge and expertise of the regulatory landscape and systems and controls, gained through 17+ years’ experience within the financial services industry.....More

Meet an ICA Member: Paul Byrne

I’m Paul Byrne, MICA and Compliance Manager at RA International in Dubai. I’m also an ICA alumni having studied the ICA International Diploma in Compliance and graduating with a Merit. I’ve been a member of the ICA since 15 September 2015.

Meet an ICA member: Robert Dagg

I’ve worked in financial services for 30 years across a range of roles in front office and support functions, leading sizeable teams with multiple jurisdiction responsibilities. I joined the ICA two years ago as a Fellow after graduating with a Post Graduate Diploma in Governance, Risk & Compliance. I’m also a member of the ICA Technical Advisory Board.....More

Governance in Japan: Going, going, Ghosn

Carlos Ghosn has his own comic book, The True Story of Carlos Ghosn. It ran as a strip in the manga Big Comic Superior in Japan in 2001, before being published as a book the following year. In a country obsessed with comic books, Ghosn having his own should give you an idea of the reverence in which he is held for reviving the ailing carmaker Nissan after his arrival in 1999.

Meet an ICA member: Robert Dagg

I’ve worked in financial services for 30 years across a range of roles in front office and support functions, leading sizeable teams with multiple jurisdiction responsibilities. I joined the ICA two years ago as a Fellow after graduating with a Post Graduate Diploma in Governance, Risk & Compliance. I’m also a member of the ICA Technical Advisory Board.....More

Guy Fawkes Night: Celebrating counter-terrorism

Guy Fawkes Night celebrates the failure of the Gunpowder Plot to kill King James I at the Palace of Westminster on November 5, 1605. There’s something modern, and therefore something we recognise, in the Gunpower Plot: it featured a small group of fanatics, whose plan was wildly ambitious, violent, and spectacular in its execution

Meet an ICA member: Jonathan Harris-Moss

If I’d been asked earlier in my working life to consider a career in compliance, I might have turned my nose up on the grounds that I was trying to become one of those ‘creative types’, unrestricted by rules. Fast forward several years and here I am in 2018, a fairly new entrant into the governance, risk and compliance (GRC) profession.....More

How much do businesses know about competition law?

The CMA and the ICA are collaborating to ensure that together we can #StopCartels

What I learned during my year as a student

At International Compliance Training we try always to underline the virtues of learning. To show you that we practice what we preach, I want to share my own experience as a student over the last twelve months.....More

Meet an ICA Member: Paul Byrne

I’m Paul Byrne, MICA and Compliance Manager at RA International in Dubai. I’m also an ICA alumni having studied the ICA International Diploma in Compliance and graduating with a Merit. I’ve been a member of the ICA since 15 September 2015.

How to use a football club to launder money

Identify a football club in distress....More

Meet an ICA member: Anastasia Savvateeva

Anastasia Savvateeva is a former compliance officer for the Compliance & Risk Management department with KPMG France, and now Anti-Financial Crime & AML Compliance Officer for Deutsche Bank France. Originally from the Ukraine, she has been living in Paris for 8 years having grew up and studied in Moscow.

[Infographic] FATF Reports in Brief: Human Trafficking Infographic

In August this year, the Financial Action Task Force (FATF) published a new report that aims to raise awareness and provide an updated and more precise understanding of the financial flows related to human trafficking.....More

Who is speaking at the Big Compliance Conversation: Singapore Conference?

Live events, done well, can be unparalleled for learning and professional growth. So who is speaking at the Big Compliance Conversation: Singapore Conference?

A look at the illicit financial flows from wildlife crime and illegal wildlife trade

When asked to consider IWT, many people would think of ivory and tiger skins; but it is so much more than that. IWT can be broadly defined as ‘any action which contravenes current legislation (nationally or internationally) governing the protection of animals and plants’ (NPCC).....More

Mental Health in a Changing World

October 10 is World Mental Health Day. One of the themes this year is ‘mental health in a changing world’.

Meet an ICA member: James Leake

As the Global Head of Financial Crime Risk Screening for AML, counter terrorist financing, PEPs and adverse media at HSBC in London, James Leake knows a thing or two about compliance. Let's meet James and take on board his sage advice.....More

17 insider tips for writing an ICA assignment

The creeping legalisation of cannabis: compliance lessons from the US ”green rush”

Inconsistent laws, political tension and ambiguous banking regulation. What next?....More

5 ways to become a better influencer

As compliance professionals are becoming increasingly integral advisors to the business, to be competent and impactful in your role ‘influencing’ is a must have skill. But where do you start?

International news and developments - August 2018

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5 best practice tips for training in AML and Compliance

Increased regulatory expectations, rising standards and best practice now makes it clear that rapidly clicking through a computer based training course does not mean people have been given the right skills to tackle the complex issues facing regulated firms today.

Meet an ICA Member: Muhammad Rizwan Khan

Who are our members and what can we learn from them?....More

How to make third-party risk management less painful

Collecting all the information required to manage your compliance programme is not only time consuming but can be costly. So, how exactly do we propose to make this less painful?

Financial crime prevention: cleaning up the world

Over the last decade the general public has woken up to the environmental issues affecting the planet. Concerted global efforts are now in place to reduce harm caused by pollution and to cut back on waste. The cost of cleaning up the damage already inflicted is now a central focus of national governments. Below, we look at the cost of financial crime and the incredible impact its prevention could have.....More

The fundamentals of integrity

Integrity is hard to pin down. We know that some people have it and some people don’t, but in terms of one’s character, true integrity, particularly in adults, is fixed.

More focus required on professional money launderers

The Financial Action Task Force (FATF) has recently produced a report looking at the ways in which individuals and organisations, known as professional money launderers (PMLs), are charging fees or commission for providing a money laundering service to criminals.....More

Is your employer investing in your professional development?

'It is better to know how to learn than to know’ – Dr Seuss.

International news and developments - July 2018

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Systemic failures in the betting and gaming sector

The betting and gaming sector has been the recipient of a number of financial penalties over the last eighteen months for a lack of compliance with statutory and regulatory measures

Getting the measure: the SMCR challenge

David Jackman highlights the challenges associated with efforts to measure whether the SMCR is working....More

Between the lines: The transformation of the AML landscape

The landscape of financial crime risk has been transformed in recent years with ever-increasing lapses in the anti-money laundering (AML) risk controls of global financial institutions.

Pakistan added to FATF Grey List

The FATF’s International Cooperation Review Group (ICRG) identified four key areas of concern in respect of Pakistan; can these be resolved?....More

Are multinationals supporting terrorist financing?

French firm Lafarge, a major producer of cement, construction aggregates and concrete, is the subject of a formal investigation by French authorities over allegations of terrorist financing, violating international sanctions and committing crimes against humanity.

Given ample opportunities, Canara’s inadequate action led to FCA fine

The £896,100 fine recently imposed on Canara Bank by the FCA is a useful example of the thinking behind penalties issued by the UK regulator.....More

International news and developments - June 2018

Is the UK going cashless?

A recent Guardian article has found the cashless approach to be increasingly popular, particularly with businesses in the food and drink sector it seems. Where does that leave pounds, shilling and pence?....More

Your career, your way: 7 ways to find the right professional qualification

In an environment that changes continually, it’s important to have the right toolkit to perform your duties confidently and competently. As a result of this ever-changing environment, qualifications become an essential part of your career trajectory.

The World Cup of Corruption: Part 2

The World Cup has got off to an explosive, entertaining start. We follow up our coverage of each team’s first fixture with Part 2 of our World Cup of Corruption, looking at each nation’s ranking on Transparency International’s 2017 Corruption Perceptions Index. Teams included in Part 2 include Sweden, Senegal, South Korea, Panama, Poland and Japan.....More

How important is company culture?

What is company culture and why does it matter so much?

The World Cup of Corruption: Part 1

Football itself – and in particular FIFA – has been beset by corruption problems over the last decade. In light of this we thought we would consider each fixture of the tournament through the lens of corruption.....More

The skills and attributes of a compliance officer

Have you ever wondered which skills and attributes are useful when working in compliance? If you currently work in compliance, have you considered how your own skills measure up?

Bitcoin and the ongoing money laundering risk

Cryptocurrencies, such as Bitcoin, will continue to challenge the way in which we conduct financial transactions - and ultimately how we tackle the issue of money laundering risk.....More

International news and developments - May 2018

With the US out of the Iran deal, the EU considers ‘Blocking Regulation’

In 2015, an agreement, known as the Joint Comprehensive Plan of Action (JCPOA), was drawn up in which Iran agreed to curtail its nuclear activities in return for the lifting of UN, US and EU sanctions.....More

The changing face of compliance

In this article, Keeley Fitzsimmons, Training & Development Manager at Broadgate Search, provides an insightful overview of what employers are looking for from Compliance teams.