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
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.
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.
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
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.
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.
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
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.
When it comes to customer due diligence (CDD) - what challenges do AML professionals in financial institutions face?
What exactly is required of a KYC analyst? What are the specific duties and responsibilities that make up this key compliance function?
Whilst the CDD process can be considered as a process with inputs and outputs I would like to put forward another way to think about this subject area. As my students know, I love a good analogy and the parallels I would like to draw with CDD is the building of a house.....More
Through the advent period, International Compliance Association will be publishing an insight on each Advent Sunday to focus on the topic of KYC – Know Your Customer. You have a copy of their passport, you have verified where they live and have checked their birthday against their driving licence (questionable photo and all), but do you really know your customer?
Verifying the identity of a customer can be as gloriously simple as meeting a customer face-to-face and taking a copy of their original passport and a utility bill. On the other side of the client due diligence (CDD) spectrum is trying to unravel a complex corporate structure and understanding the identity of the ultimate beneficial owner.....More
Do you know your customer? Do you? Really? If someone asked you to “sum up the financial crime risks posed by the relationship”, would you be able to do it?
Here in the UK, after weeks of blanket media coverage around Brexit, a change of Prime Minister and the legal complexities involved in the Labour leadership election, we could be forgiven for wanting a change of subject matter. So the Financial Conduct Authority’s (FCA) Annual Report for 2015/16 could provide a welcome respite for financial services professionals, though it’s not exactly what you might call light reading.
New EU Guidelines on Risk Factors and Simplified and Enhanced CDD: It’s all about the risk-based approach so get ahead with the ICA.....More
Still wondering whether to come to the ICA Open Day (or one of the roadshows)? Then have a look at our infographic for a few compelling reasons to register your place this year
The profile of money laundering and terrorist financing risk has seen exponential growth, and the stakes have never been higher.....More
Remittance streams from family members living overseas form an essential source of money for many people living in the Pacific region, and a significant proportion of the GDP of many Pacific islands. However, recently these flows of money have come under threat as many global banks have ceased providing banking services for money transfer operators (MTOs) in the region, due to heightened sensitivity to AML and CFT requirements.
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.....More
After 40 years teaching and training in universities and professional bodies, I was recently asked a question by a student about how, after so much time, it was possible to maintain keenness and enthusiasm about the subject matter of the class.
But could it generate career opportunities in compliance roles in Jersey? Or, as John Harris, Director General of the Jersey Financial Services Commission (JFSC) quoted in his speech at the November 2011 Jersey Economic and Financial Crime Symposium:“Client Due Diligence (CDD) Plus Plus”....More
As this is the start of the New Year, the imminent start of the Lunar New Year of the Dragon and my first offering for the ICA blog, it seems appropriate to give an overview of the AML situation here in Hong Kong and to look ahead to the new law that takes effect on 1st April 2012.
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