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).
“Tell me and I forget, teach me and I may remember, involve me and I learn.” ― Benjamin Franklin. At ICT, we are passionate about learning and development and tens of thousands of individuals and firms all over the world have realised their training ambitions through us.
A debate is currently raging between the industry, policymakers, and regulators. The stakes are high indeed with the industry arguing disproportionate regulation could lead to hugely increased costs (in the millions of pounds) and job losses across the high street retail betting shop sector.....More
The past decade has seen an explosion in the scale of the New Payments Products and Services (NPPS) sector. Let’s just be clear what we mean by this. Typically NPPS are defined as prepaid cards, mobile payments and internet based payment systems.
Is your firm identifying and reporting the appropriate level of suspicious activity in respect of money laundering? For many of the firms and AML professionals that I speak to the answer is a clear no.....More
The range of threats facing organisations means there are a multitude of career option in financial crime prevention. From anti-bribery and corruption specialists, to fraud analysts and cyber security experts there are a variety of challenging and rewarding roles out there. The roles on offer are very diverse but all require a combination of technical knowledge, understanding of business processes, products and services and the key vulnerabilities targeted by financial criminals.
We have a problem. Money Laundering Reporting Officers must increasingly hit the highest standards of professionalism. This is a good thing.....More
It is time for a fundamental rethink of how regulators, lawmakers and firms manage the risk of Politically Exposed Persons (PEPs). What we are doing now is clearly not working.
Up to 1 Billion USD$ in fines. Group Head of Compliance David Bagley quits. Huge reputational fallout and remedial action required. A disastrous scenario for HSBC, and a time for all working in anti money laundering to take stock. What are the lessons to be learnt.....More
So the UK FSA has published their Thematic Review of Anti-Bribery and Corruption (ABC). The lesson is clear. After a new law is enacted or a financial crime theme becomes the focus of regulators due to a scandal, there is a huge response and hype. When the dust settles firms must ensure that control frameworks are properly implemented, and they finish the job. We know the regulators will be watching.