Insight : Jason Morris

Why beneficial ownership is crucial in supporting current sanctions

Understanding who the owners of a company are is a key tool in fighting financial crime and potential sanctions evasion.....More

UN International Day of Education – the changing face of learning

Since 2001, ICA has been committed to increasing the knowledge and skills of regulatory and financial crime compliance professionals around the world. On this special day, we are marking the UN International Day of Education with a look at how we have successfully tailored our deliverables to harness developments in technology and continue to give our students an outstanding learner experience.

SARs reporting in the service sector

Why is the number of SARs being raised in the service sector so low when compared to credit institutions, like banks?....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.

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

International news and developments - August 2018

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

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.

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.

International news and developments - June 2018

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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?

How important is company culture?

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

International news and developments - April 2018

EU fifth anti money laundering directive (5MLD)

Here’s an insight into some of the changes put forward in this fifth and latest update.....More

Are we becoming a cashless society?

Biometric technology, contactless cards and online shopping. Is this the beginning of the end for cash?

International news and developments - March 2018

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SMCR Extension – What do I need to know?

You could be forgiven for thinking that the Senior Managers and Certification Regime (SMCR) is old news – been there, done that, move on to the next thing. This could well be the case if you work in the banking sector, but for the rest of the financial services fraternity it is most definitely up there on the ‘things to do’ list.

The RegTech and FinTech Revolution

RegTech is now one of the most talked about innovations in the financial services sector. The added influx of FinTech that has caused the incumbent population of the financial services industry to sit up and take notice. Disruption is a clear and present threat to this community. The revolution is here.....More

International news and developments - February 2018

International news and developments - January 2018

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What is a KYC analyst?

What exactly is required of a KYC analyst? What are the specific duties and responsibilities that make up this key compliance function?

United Kingdom Anti-Corruption Strategy 2017-2022

The UK Government recently published their strategy for addressing the effects of corruption across the UK, which will provide a framework to guide the government’s anti-corruption policies and actions. It also underpins the current government’s strengthened focus on economic crime. We thought we’d take a look at some of the key elements.....More

International news and developments - November 2017

International news and developments - October 2017

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Money Laundering and North Korea

I read an article recently that highlighted how North Korea is using Hong Kong to launder their criminal proceeds. The article described the use of shell companies established in the region that provide the Democratic People’s Republic of Korea (the official name of North Korea) with access to the global financial system. Severe international sanctions are in place to restrict this access to North Korea, so any advantage they can gain is really important for them to maintain the best access they can.

International news & developments - July 2017

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Cronyism and Corruption in South Africa

South Africa is undoubtedly a success story, from its lush wine lands which produce world class wines, diamond mines producing gems sold all over the world, to the Kruger National Park, which is populated by big game and is a huge magnet for tourists. South Africa seems to have it all, so why is its leader getting it so wrong? And what effect could this have on how the country is perceived around the world?

FATF Mutual Evaluation Report – Sweden

Sweden is generally perceived as a safe country with low crime. It ranks near the top of international indices for low corruption and strong rule of law. Tax crimes are the most significant predicate offence for money laundering identified in Sweden’s national risk assessment (NRA). Fraud is also identified as a major and growing concern. Both offences contribute a large part to the proceeds of organised crime in Sweden.....More

De-risking and the U.S. effect

In a recent ICA article, we addressed the issue of de-risking and in particular the effect this is having in the Caribbean. The article referred to the fact that the United States are mostly responsible for the de-risking drive, and I want to highlight some of the indicators of this and also to look at why the U.S. are taking this approach.

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?....More

Gibraltar and Brexit – Rock and a Hard Place?

Brexit has been a huge story all year, and will continue to be so throughout 2017 as Article 50 is triggered. Living and working here in the UK, I’m constantly bombarded with opinions telling me what the potential impact of leaving the EU could have on me and my family’s future. But what about the UK overseas territories? Gibraltar, for example, which, from memory, was the first region to declare their results from the EU referendum on June 23rd - voted an overwhelming 96% for the ‘Remain’ side. What are the implications of the overall result for this unique part of the UK?

Beneficial ownership: A new era of openness? (Gibraltar)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

Leicester City FC – A benchmark of good culture?

I, along with almost everyone in the country (save, perhaps, for a small section of North London), have probably been celebrating Leicester City’s Premier League success alongside the good people of Leicester. It’s one of those events that come around every now and again, which allows us all to jump on board the ‘feel-good express.’

All change on cash? Tackling money laundering through cash transaction limits in Germany

A good way to get an eye-catching headline these days is to carry out some research predicting the death of cash, now that we are all abandoning notes and coins in favour of smartphone apps, contactless cards and mobile payments.....More

Corruption – is perception reality? (Germany)

“All power tends to corrupt, and absolute power corrupts absolutely” – Lord Acton.

Beneficial ownership: A new era of openness? (Germany)

Beneficial ownership is a phrase likely to leave the average person baffled and probably not very bothered. But it’s a concept set to attract much more interest over the coming months and years, thanks to the Fourth Anti-Money Laundering Directive, and the central registers of beneficial owners that it will introduce.....More

Reporting Suspicions of Money Laundering and Terrorist Financing – The German Perspective

Vulnerable Customers and Conduct Risk

The Telegraph wrote an article this week entitled “Banks ordered to treat vulnerable customers with empathy”, which looked at a problem that exists in banking where vulnerable customers are still being treated poorly.....More

Single Criminality vs Dual Criminality

I came across an article recently that reported on a money laundering conviction in Thailand in which a Dutchman, Johan van Laarhoven, received a prison sentence of 103 years. Now, on the face of it Van Laarhoven elicits no sympathy from me, if you’re involved in money laundering you deserve to face the consequences, right?

Digitisation, Trust and Regulation

I attended the BBA conference last week in London, it was a pretty long day but well worth the effort. There’s some exciting changes facing the banking sector over the next few years and many of these were discussed at the event. The three areas highlighted as being the key challenges for the sector include:....More

RBS - What the annual results tell us

As a neat follow up to Dave Robson’s blog earlier this week (view here), which provided a succinct analysis on two key areas of the HSBC annual report, risk and legal proceedings, here’s my take on the RBS 2014 results released yesterday. Bearing in mind you and I (the UK taxpayer) own almost four-fifths of RBS; it’s an opportune time to find out how they are performing, particularly around risk.

Enforcement: Change the Record

It’s the same old song. Not The Four Tops classic (although you’ll probably be humming the tune for the rest of the day now) but my feelings about an article I recently read that has resulted in a depressingly familiar stance by an international organisation.....More