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Insight

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.....More

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.

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.....More

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.

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.....More

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?

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.....More

[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

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.....More

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.

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....More

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.

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.....More

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.

How COVID-19 brought out the best in society, the worst in criminals and an increase in identity theft


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.....More

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.

BIGCompFest2020 | Part one highlights


ICA's BIG Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals in 2020.....More

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.

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.....More

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.

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?....More

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.

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.....More

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.

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.....More

[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.

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.....More

10 insider tips for writing an ICA assignment


Starting a new qualification is an exciting time: new experiences, the prospect of acquiring knowledge and developing your skills. However, it can bring its own challenges, even outside of the unusual circumstances we find ourselves in currently. Receiving an assignment may see that initial excitement quickly becoming anxiety and concern.

Football Rewind: the 4-3-3 lines of defence


The last few weeks would have seen the completion of the English Premier League season, followed by Euro 2020 hosted in a range of European cities. That was, until the world shifted.....More

[EBOOK] Five ways to create effective, engaging virtual learning


COVID-19 elevated virtual learning from a useful option to a crucial function, enabling employees to continue learning in challenging circumstances. Now more than ever it requires virtual learning to be effective, with a clear structure and definitive outcomes. But it needs more than these for it to flourish, and leave a lasting impression on learners.

5 ways to protect yourself from cyberattacks during COVID-19


With governments around the world having intervened to curtail non-essential travel and social gathering to minimise the spread of COVID-19, more of us than ever are now working from home.....More

A generation on the brink


Iona Bain explains how COVID-19 will shape young people’s financial lives, and considers measures necessary to save a ‘lost generation’

COVID-19 fraud: The forgotten fraud risk


Job loss, financial difficulties, health concerns and change of personal circumstances are some of the by-products of the current pandemic affecting the public.....More

A case study on why ABC compliance is so important


Anti-bribery and corruption (ABC) is a high priority for compliance professionals in all businesses, indeed all areas of life. We have witnessed the “Feds Indict Footballing Aristocracy” within the investigation of the institutional bribery and corruption practices routinely applied by FIFA.

4 ways to enhance your fraud risk management programme in a changing landscape


Crises rarely announce themselves in advance, and the COVID-19 pandemic is no exception. Criminals, always unscrupulous, have seized the opportunity presented to them by the pandemic to exploit new technologies and existing products and services to carry out their illicit activities.....More

Shifting sands: The Changing Landscape in Compliance Training


Today, more than ever before, compliance professionals must contend with myriad challenges including rapid digitisation, technological disruption, fast-moving regulatory change, and new forms of risk. As a result, their capabilities are coming under increased scrutiny, with many asking the question: how does the skillset of the modern compliance professional need to evolve for the function to be successful?

5 tips when moving from the second line of defence to the first line


The three lines of defence model is an important way of managing risk within a business. If you're working in the second line and have recently moved to the first line, you could find this a daunting experience.....More

4 ways to maximise your virtual learning experience


Moving to virtual learning can be daunting but it can also be an exciting new way to learn. As workshops and seminars move online, we have highlighted 4 ways that you can maximise your virtual learning experience.

Analysis: Cyber-attacks spike in Italy linked to coronavirus


Italy, a region in quarantine, is experiencing a spike in attempted cyber-attacks to capture the login credentials of employees working remotely during the coronavirus pandemic. But not all the attacks have been successful, and that’s where the lessons lie.....More

5 tips for working at home


5 tips for being more productive and getting the most out of working from home

[EBOOK] Capturing the Red Flag - Nine Questions to Help Evaluate Suspicious Activity


Identifying suspicious activity is both a regulatory requirement and a business imperative. However, it can be an extremely resource intensive, and consequently expensive, exercise. A system that is both effective and efficient can therefore bring significant regulatory and cost benefits.....More

[ICA Podcast Series] How to cope during challenging times?


Anyone with Compliance responsibilities will know you need a wide range of interpersonal skills to be resilient, successful and effective. The secret is to improve your emotional intelligence. Two sample podcasts are available here and provide small bursts of practical advice of relevance in the current climate.

How brain science helps us to understand key influences on ethical behaviour [Podcast]


ICA's regular webinar series presenter and author of the ICA Specialist Certificate in Anti-Corruption, Penny Milner-Smyth, is the featured guest on the Great Women in Compliance (GWIC) podcast.....More

3 weaknesses that led to Malaysia’s 1MDB scandal


1MDB, the financial scandal linked to prominent figures in Malaysia, is under investigation in a number of countries, and those alleged to have committed crimes are slowly being brought to justice.

Women in compliance


On International Women’s Day, we caught up with Angelia Lee, Sandra Horma and Alice Chen, who were on a 'women in compliance' panel at the 2nd Annual APAC Conference last year. They share their great insights, experiences and advice for other women in the compliance industry.....More

4 ways to increase the effectiveness of sanctions


Sanctions are a really useful tool in global politics, but they aren’t perfect. This insight article explores four ways that sanctions could be improved and made even more effective in their design and implementation.

4 compliance career paths – and why they make a difference


For those considering a career in the world of compliance, or those at an early stage of their compliance career, this blog will explore some of the options open to you, and address any questions you haven’t found the answer to – as well ask questions you haven’t yet considered.....More

After 1MDB, Malaysia steps up its AML/CFT efforts


The cost of financial crime to the global economy is estimated at $1.45 trillion, according to Thompson Reuters report. Eye-watering even as an estimate, the figures are, however, no less alarming when broken down. In the Asia-Pacific region for example, financial crime is thought to cost local economies a combined $166 billion (unsurprising, perhaps, to those who have been following the 1MDB trial).

CDD challenges all in compliance will recognise


Individuals working in compliance may know what they are required to do in respect of CDD – and know how to do it – but may be unsure or confused as to why. Here are four questions that those working in compliance and conducting CDD might be asking themselves on a regular basis.....More

How strong are your CAMELS?


The Basel Committee of the Bank for International Settlements recommends the CAMELS rating system as an early warning mechanism for the assessment of the overall soundness of banks.

The art of listening: How communication cultivates compliance


The role of the compliance officer has changed. Typical compliance responsibilities – interpreting regulations and legislation, creating policies and advising various business areas of their compliance requirements – remain fundamental, but as compliance develops so do the requirements for a compliance officer.....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.

Training? Five things that work


If you work in a large organisation, say a bank, insurance provider or oil and gas company, you are going to be deluged with training. When you join and at regular periods you will experience “death by CBT” (Computer Based Training).....More

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.

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).....More

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.

Tis the season of 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.....More

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.

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.....More

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.

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?....More

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.

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....More

“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.

OFSI: the story so far


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

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?

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.....More

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.

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.....More

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.

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.....More

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.

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.....More

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.

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.....More

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.

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?....More

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?

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.....More

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.

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.....More

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.

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....More

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

Why collaboration is vital to combat money laundering


Great strides forward have been made in the general awareness....More

Learning at Work Week 2019


Knowledge has a beginning but no end

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


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

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.

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.....More

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.

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?....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.

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