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Sanctions series: An in-depth look at the role of a sanctions compliance professional....More
Equity culture must be fully understood and embedded in the workplace, and that should start at the top
Are you interested in taking that first step into a compliance career, but aren’t sure where to start?....More
There are downsides to every new technology, and artificial intelligence and machine learning are no exception. Experts discussed the importance for compliance professionals to understand the risks of such tools at Compliance Week’s virtual Cyber Risk & Data Privacy Summit.
UK TV viewers sat in front of the box over Christmas may have inadvertently learned a corporate ethics lesson....More
2022 was a turbulent time in the world of cryptocurrency
How should risk and compliance professionals behave when boards knowingly break rules?....More
Delving into the key findings from Transparency International’s 2022 Corruption Perceptions Index (CPI).
A look at some of the pertinent opportunities and threats that are emerging as the year gets underway....More
There are extensive learnings for firms across all sectors and for all customer types. This checklist highlights the key issues identified in the Final Notice.
If you’re hoping to kickstart a successful career in compliance, it’s worth exploring the fundamentals....More
Whilst apprenticeships have in one guise or another been in existence for many years, the implementation of the Apprenticeship Levy by the UK government in April 2017 immeasurably changed the landscape of professional training.
An essential element of compliance is looking to the future to assess potential risks and opportunities, and there is no better time to do this than at the beginning of a new year. What follows is a summary of some of the key risk and compliance-related topics to reflect upon for 2023.....More
After navigating a year of high-volume sanctions, labour shortages, economic turmoil, daunting policy proposals, and remote/in-person work tension, compliance departments deserve an added helping of praise.
Analysing past AML failures can help firms shore up their own money laundering controls, writes Jake Plenderleith....More
As we wind down for the year, and start looking forward to the festive season, we're pleased to present the top 4 e-books our members have enjoyed in 2022. They're free to download, so do make sure you grab your copy!
In early December, we hosted a webinar on the challenges faced by organisations in light of the huge changes in the sanctions landscape in 2022.....More
Dr Ingrida Kerusauskaite and Rory Donaldson explain why business integrity and anti-corruption are core components of ESG
Know your customer (KYC) controls, including customer due diligence (CDD), remain fundamental steps in identifying a customer’s identity, and assessing their inherent level of risk....More
The measurement and reporting of greenhouse gas (GHG) emissions within supply chains (so-called ‘Scope 3’ emissions) is a fundamental component of plans to address climate change
To learn more about the history of U.K. whistleblowing, an overview of what the Bill aims to address, and tips on best practices for whistleblowing programmes, download the NAVEX U.K. Whistleblowing e-book today.....More
Ensuring regulatory independence is the surest means of protecting customers from becoming fraud victims.....More
With COP27 underway in Sharm El Sheikh, the topic has returned to the fore again. Climate scientists are piling criticism on entities they feel are ‘green hushing’ their way through environmental responsibility.
At the heart of every robust and effective GRC framework is a code of conduct....More
The Financial Action Task Force (FATF), alongside the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG), assessed South Africa’s AML/CFT regime during an onsite visit in November 2019
In September, ICA and Broadgate joined forces to host a panel discussion on diversity and inclusion in London....More
Collaboration is increasingly viewed as an essential tool in the global fight against financial crime
ICA’s latest report ‘Virtual Assets: Managing the Regulatory and Financial Crime Compliance Risks’ provides a range of expert insight and analysis on virtual assets....More
Where is the sweet spot on understanding the UBO of the entities your firm does business with?
Increasing global regulation is putting the legal sector’s relationship with money laundering under the spotlight....More
Studying for a professional qualification is a significant commitment – but it’s also a tried and tested way of advancing your career
We caught up with Merisha Stevenson, Head of Quality, Risk and Audit, ICA, to find out what makes her tick and why becoming an auditor is a more attractive, rewarding career path than you might think.....More
A revealing look at the impact of sanctions imposed upon Russian entities 6 months into the war in Ukraine.
In April 2022, the UK’s FCA published a thematic review, highlighting a range of financial crime issues that required remediation.....More
The cost of living has rocketed – which means firms must prepare for a rise in fraud
This Insight article explores the importance of adaptability as a soft skill for compliance professionals, focusing on the different types of adaptability skills, the reasons why adaptability is so important for compliance professionals and the ways in which to improve upon your adaptability.....More
This series on culture change will demonstrate how studying human behaviour can help alleviate some of the challenges of our profession, helping you, your colleagues and your firm.
30th July is the United Nations World Day Against Trafficking in Persons, this article will look at what compliance professionals can do to help prevent this awful activity from happening....More
Download this e-book to learn the way forward of bridging the current knowledge gap and how to equip compliance teams with the automation tools they need to be fully prepared.
Arrogance is an unpleasant trait to deal with in our career. It is, however, everywhere. Learning how and when to face it will be a long-term useful skill.....More
Words matter, as risk and compliance professionals it is vital that this is understood and acted upon. A misunderstanding can lead to a costly mistake so by understanding the nuances of language you can be better placed to communicate well with colleagues and stakeholders.
Criminals are always early adopters of new technology; it is up to compliance to ensure they do not gain a foothold in the metaverse.....More
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.
This Insight article focuses on the impact social media has had on the way fraudsters target their victims.....More
This insight article looks at the importance of maintenance and record-keeping as part of an effective GRC programme.
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.
With growing concerns over greenwashing, regulators are placing greater scrutiny on organisations’ claims about their green credentials.....More
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.
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.....More
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.
Holly Thomas-Wrightson helps us to understand the complexities of source of funds and source of wealth.....More
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 recaps some of the developments we would like to see in the compliance world in the upcoming year....More
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
Why is the number of SARs being raised in the service sector so low when compared to credit institutions, like banks?....More
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.
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?....More
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
Being an MLRO can be tough, but it is also exciting and fulfilling with many opportunities for personal and professional development....More
Ethics and purpose should underpin every effort to meet the challenge of climate change, writes James Thomas
Sanctions impact almost every aspect of our lives, and is one of the few topics with real, day-to-day significance....More
Discover four practical steps to realising the gains of IRM
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.....More
Deepa Chandrasekhar considers the significance of the recent OFAC decision to sanction cryptocurrency exchange Suex
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.....More
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.
Why every compliance professional needs to know how to protect customers’ monies and assets – and why they should encourage others to do the same.....More
Throughout this mini-series, we have explored how compliance faces unprecedented challenges and exciting new opportunities in our rapidly changing, digitising world.
What could you be doing to file more effective suspicious activity reports (SARs)?....More
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.
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.....More
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