This Insight article focuses on the factors that compliance professionals must consider when implementing risk assessment technology.....More
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.
Understanding who the owners of a company are is a key tool in fighting financial crime and potential sanctions evasion.....More
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.
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.....More
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.
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.....More
This Insight article focuses on the recent surge in popularity of NFTs, specifically detailing what NFTs are, the risks associated with them and what the future holds for the technology.
ESG is climbing up the corporate agenda and in this piece, Rhodri Kettle takes a look at some of the reasons why this is the case and then poses some indicators to look out for to assess the acceptance of ESG within your own firms.
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.....More
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.
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.
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.
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....More
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.
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.....More
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.
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
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.
This article is the second in our series on sanctions: What it takes to work in sanctions compliance
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.....More
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
With 2021 quickly drawing to a close, now seems an apposite time to reflect on the last 12 months....More
The deadline for Member States, to transpose the EU Whistleblower Protection Directive into national laws, is 17th Dec 2021
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.
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
Ethics and purpose should underpin every effort to meet the challenge of climate change, writes James Thomas
Discover four practical steps to realising the gains of IRM
Deepa Chandrasekhar considers the significance of the recent OFAC decision to sanction cryptocurrency exchange Suex
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.
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.....More
The political fallout has been described as ‘the biggest diplomatic crisis in transatlantic relations since the Iraq War
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.....More
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.
Throughout this mini-series, we have explored how compliance faces unprecedented challenges and exciting new opportunities in our rapidly changing, digitising world.
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.
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.
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.....More
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.
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.....More
Recent research from the FCA revealed that, by October 2020, 27.7 million adults (53%) possessed some characteristics of vulnerability
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.....More
Many employers all over the world recognise the value of ICA qualifications in increasing the confidence and ability of their staff
Here are five reasons that funding a course for your employee can be a wise investment
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.
Share your input into a short survey about your organisation’s approach to sanctions control
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.
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.....More
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.
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.....More
The key steps you can take to maximise the potential for professional success that your ICA qualification offers.
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....More
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.
When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions....More
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.
In this report, Onfido analyses data from its roster of global clients to understand where current and future risk lies
What is the real value and benefit of training to the modern compliance professional?....More
In this video, James Wood-Rickett, Course Director, Global Lead - Anti Money Laundering, ICA, considers the key changes of 6AMLD.
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.....More
As a global organisation, we understand that diversity and inclusion is different around the world - the challenges faced by different groups vary significantly.
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?
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.
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.....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.
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.....More
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.
How security, risk management, compliance, and audit professionals can start using this evolving technology in everyday activities
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.....More
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.
FATF President, Dr Marcus Pleyer, shared a vision for the future of AML at ICA’s BIG Compliance Festival
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.....More
We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.....More
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.
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?