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FINANCIAL CRIME PREVENTION

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    3 September 2018

    Financial crime prevention: cleaning up the world

    Over the last decade the general public has woken up to the environmental issues affecting the planet. Concerted global efforts are now in place to reduce harm caused by pollution and to cut back on waste. The cost of cleaning up the damage already inflicted is now a central focus of national governments. Below, we look at the cost of financial crime and the incredible impact its prevention could have.....More

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    18 June 2018

    The World Cup of Corruption: Part 2

    The World Cup has got off to an explosive, entertaining start. We follow up our coverage of each team’s first fixture with Part 2 of our World Cup of Corruption, looking at each nation’s ranking on Transparency International’s 2017 Corruption Perceptions Index. Teams included in Part 2 include Sweden, Senegal, South Korea, Panama, Poland and Japan.....More

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    22 May 2018

    Is the sun setting on BOTs tax haven status?

    An amendment to the Sanctions and Anti Money Laundering Bill was approved by the British government in May. The headline news from the amendment was that from 2020 British Overseas Territories (BOT) will be obliged to publish the beneficial owner(s) of all registered companies.....More

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    13 April 2018

    Are we becoming a cashless society?

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

    Words by Jason Morris

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    23 March 2018

    Breaking with Tradition: Rethinking Financial Crime Policy Management

    In the wake of the Criminal Finances Act 2017, what is the future of financial crime policy management? Within the realm of financial crime policy management, there is an established and traditional approach to responding to legislative evolutions. As required by regulations, the first and fundamental step is the establishment and maintenance of policies, controls and procedures to mitigate and manage risk (UK Money Laundering Regulations 2017).....More

    Words by Alan Entwistle

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    16 January 2018

    Everything you need to know about mobile financial services

    Over the last decade, mobile financial services (MFS) have been instrumental in increasing financial inclusion in developing markets. What impact does this have on financial services and the telecommunications industry?....More

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    6 November 2017

    France gets serious about anti-corruption

    Earlier this year the French government enacted Sapin II, an anti-bribery and corruption law that bolstered the country’s transparency and anti-corruption efforts. The legislation was introduced after criticism over the years of France’s anti-bribery and corruption efforts from several quarters (including the OECD). The introduction of Sapin II was the most significant initiative on anti-corruption in the country in decades.....More

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    4 October 2017

    Financial Crime in the Middle East and North Africa - 2017 Report

    In this comprehensive report, it was revealed that the biggest obstacle to investment in technology is cost. We have broken down the key findings of the report into this infographic, to help you understand the need for forward planning.....More

    Words by Holly Whitehead

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    28 September 2017

    Are Bitcoin addresses shell companies in disguise?

    Anonymity, discretion and confidentiality: terminology often associated with shell companies incorporated in jurisdictions with high secrecy laws. However, does the virtual economy – notably Bitcoin, the de facto currency of choice – facilitate the very same mechanisms that criminals attempt to abuse? This brief article will explore some of the key similarities between a shell company and a Bitcoin address, with a view to answering the question ‘Are Bitcoin addresses shell companies in disguise?’....More

    Words by Kane Pepi

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    22 September 2017

    New York: Leading the fight against crime

    New York has been capturing the imagination and the attention of the world for well over 100 years. It’s a city like no other; its intoxicating pull is felt by both residents and non-residents alike. It has also long been a source of inspiration for those looking to fight crime: in the Superhero world, Marvel’s Spiderman, The Avengers and The Defenders all call New York home. Some people believe that Metropolis and Gotham, home to Superman and Batman, are also based on New York.....More

    Words by Simone Jones

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    14 August 2017

    How Iran circumvented US sanctions for 20 years through real estate in Manhattan

    A decade-long battle between the United States government and the owners of a New York skyscraper was concluded last month when a US jury agreed with the government’s assertion that the Alavi Foundation, the majority owners, were guilty of money laundering and violating sanctions on Iran.....More

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    11 July 2017

    Do you know where your corruption risks lie?

    Transparency International work globally in leading the fight against corruption. One of the ways in which they raise the profile of corruption is through the Corruption Perceptions Index (CPI). The 2016 CPI ranked 176 countries in terms of how corrupt they are perceived to be on a scale of 1 (highly corrupt) to 100 (very clean).....More

    Words by Simone Jones

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    23 June 2017

    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?....More

    Words by Jason Morris

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    19 May 2017

    The future of anti-bribery and corruption

    Bribery and corruption is a global issue, generating increasing public outcry and requiring international coordination. The direction of travel is clear – anti-bribery and corruption (ABC) is – finally - firmly on the agenda of government agencies, non-governmental organisations, media outlets and the public.....More

    Words by Rebecca Cummings

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    19 May 2017

    What happens if we don't wake up?

    Interview with Peter van Veen, Director of the Business Integrity Programme and Rachel Davies Teka, Head of Advocacy, Transparency International....More

    Words by Peter Van Veen

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    18 May 2017

    Anti-Bribery and Corruption Training

    In order to achieve good understanding of, and compliance with, your anti-corruption policies, you need a process that transfers the necessary knowledge, insight and skill to those who serve your organisation.....More

    Words by Dave Robson

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    18 May 2017

    Designated by D.C.: How US Sanctions Combat Foreign Corruption

    The use of sanctions as an international means of affecting change has grown exponentially in recent times. As countries become less and less keen to use military force, the world has turned to sanctions implementation as a means of impacting international change, both politically and socially.....More

    Words by Saskia Rietbroek

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    17 May 2017

    Why We Say Yes

    Why would someone well educated and well compensated risk their own liberty to pay a bribe? Richard Bistrong covers the reasons why we say yes.......More

    Words by Richard Bistrong

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    17 May 2017

    FIFA: The Beautiful Game?

    Fifa, football's world governing body responsible for promoting and protecting the sport, has done more damage to the reputation of the game than any other organisation or individual.....More

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    17 May 2017

    Top Ten FCPA Fines

    As this is Anti-Corruption week, I thought it would be good to take a look at the top ten fines handed down to companies under the Foreign Corrupt Practices Act (FCPA).....More

    Words by Holly Whitehead

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    17 May 2017

    Corruption in Asia: Movies, money laundering and private banks

    Asia and the rest of the world has been rocked by the 1MDB corruption scandal which has seen investigations triggered around the globe including the United States, Singapore, Switzerland, the United Kingdom, Hong Kong and Malaysia.....More

    Words by Dione Schick

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    16 May 2017

    The importance of transparency and challenging a collusive culture

    Listen to Sally Scutt, ICA Strategic Advisor interview Annabel Reoch, UK Head Anti-Bribery and Anti-Corruption, KPMG about the importance of transparency and challenging a collusive culture.....More

    Words by Sally Scutt

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    15 May 2017

    Corruption: Perception and reality

    ICT compares results from the World Economic Forum publishes annual corruption index and Transparency International's Corruption Perception Index (CPI) in this Prezi presentation.....More

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    15 May 2017

    How did we get here – an ABC of Anti Bribery and Corruption

    There is a good chance that corruption is a subject of both personal and professional concern to you. If that is the case, it is a sentiment you share with individuals the world over.....More

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    9 May 2017

    JP Morgan: A bribery case study

    Historically, there hasn’t been a large number of high profile enforcement actions in relation to bribery. The low numbers could be taken as a sign that regulators are not focusing on this risk or conversely that firms have improved systems and controls so much that bribery is a thing of the past.....More

    Words by Richard Wegrzyn

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    6 March 2017

    Crime Survey for England and Wales

    In January this year, the Office for National Statistics released its latest Crime Survey for England and Wales (CSEW). The CSEW is a face-to-face victimisation survey where individuals resident in England and Wales are questioned about their experiences of a selection of offences in the last 12 months. This survey - which covers October 2015 to September 2016 – includes for the first time the offences of fraud and computer misuse (also known as cybercrime). Although the CSEW is unable to compare the results for fraud and cybercrime to previous years, the figures are still pretty staggering.....More

    Words by Holly Whitehead

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    9 February 2017

    Volkswagen fraud: US issue $4.3 billion fine

    We examine the case of automotive giant Volkswagen, the most recent household name to be hit by US authorities for breaching laws and regulations.....More

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    31 January 2017

    Top FCA Fines of 2016 Infographic

    We break down combined fines of nearly £18 million issued by the Financial Conduct Authority to five top offenders in 2016.....More

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    27 January 2017

    Reviewed: 2016 Corruption Perceptions Index

    Transparency International’s 2016 Corruption Perceptions Index was released this week, so we've taken a look at the more notable movements in this year's report.....More

    Words by Holly Whitehead

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    10 January 2017

    FATF Mutual Evaluation – United States

    The Financial Action Task Force (FATF) released this month their first Mutual Evaluation of the United States since 2006.....More

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    6 January 2017

    Brazilian firms receive largest ever foreign bribery fines

    Odebrecht and Braskem, two Brazilian companies, have been fined at least US$3.5 billion after pleading guilty to bribing government officials.....More

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    21 November 2016

    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?....More

    Words by Jason Morris

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    26 October 2016

    Technology: the future of tackling insurance fraud in Ireland?

    The insurance market is a dynamic sector offering increasingly sophisticated products to its customers and providing competition to other parts of the financial services industry. The insurance sector’s growth is particularly noticeable with some jurisdictions reporting a doubling of premiums in the last decade.....More

    Words by Holly Whitehead

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    4 October 2016

    Our top seven Switzerland blogs on money laundering, terrorist financing and beneficial ownership

    A round-up of our insight about money laundering, terrorist financing and beneficial ownership in Switzerland.....More

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    2 August 2016

    Infographic: ICA Open Day - 13 September 2016

    Still wondering whether to come to the ICA Open Day (or one of the local sessions)? Then have a look at our infographic for a few compelling reasons to register your place this year.......More

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    26 July 2016

    The FCA Anti-money laundering annual report 2015/16: progress – and challenges

    The UK’s Financial Conduct Authority (FCA) has published a small library of reports this month, including its Anti-money laundering annual report 2015/16, which provides some interesting insights into its work, and some themes emerging from this, over the last year.....More

    Words by Mary Munford

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    21 July 2016

    The FCA Annual Report: taking a closer look

    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.....More

    Words by Mary Munford

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    18 July 2016

    Football, mobile phones and money laundering

    Bright ideas are the lifeblood of any business or organisation. The same applies to money launderers, who always seem to be coming up with new techniques of their own, or abusing entirely legitimate systems and technologies, in order to stay a step ahead of law enforcement and other authorities.....More

    Words by Mary Munford

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    4 July 2016

    Focus on France: Football, Tennis, Cycling, Corruption…?

    It’s all focus on France at the moment. A few weeks ago it was widespread strike action which was grabbing the world headlines as protests against reform of the French labour code caused significant disruption across the country. And now, with the 2016 European Football Championships progressing towards its conclusion, the Tour de France will be hot on its heels showcasing the beauty and variety of the French way of life.....More

    Words by David Morris

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    4 July 2016

    Pleins phares sur la France : Football, Tennis, Cyclisme… et Corruption ?

    Tous les yeux sont tournés vers la France ces derniers temps. Il y a de cela quelques semaines, les grèves générales suite à la proposition de réforme de la Loi Travail ont perturbé le pays et fait les gros titres. Aujourd’hui, la fin de l’Euro de football approche et c’est le Tour de France qui prendra bientôt le relai et exposera la « manière de vivre à la française » aux yeux de tous.....More

    Words by David Morris

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    8 April 2016

    From the Panama Papers to people with significant control

    ​The Panama Papers have truly put the cat among the global pigeons. What the rich, powerful and famous from around the world have been secretly getting up to offshore makes fascinating reading and the revelations have already toppled one prime minister.....More

    Words by Mary Munford

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    10 February 2016

    Financial crime: Views on the news

    LIBOR, conspiracy to defraud, the Bank of England, Barclays, Qatar, dual criminality and some other observations…….....More

    Words by Viri Chauhan

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    5 January 2016

    Infographic: ICA Open Day - 3 February 2016

    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....More

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    9 December 2015

    International Anti-Corruption Day – What can we do?

    Today feels quite significant to me. Not only has it been a week since I took up my role within the Research and Development team at International Compliance Training, but also very importantly, it’s International Anti-Corruption Day.....More

    Words by Simone Jones

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    24 November 2015

    US SAR stats turns spotlight on crowdfunding

    If there’s a gap in the market, you can guarantee that some bright spark will fill it. The same ingenuity also thrives in financial crime. The high-tech world we live in is the perfect breeding ground for new types of threat to emerge. As in the classic Whac-A-Mole game, as soon as one threat is knocked on the head, another is almost certain to pop up somewhere else.....More

    Words by Mary Munford

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    17 July 2015

    The FIFA Story, Part 2 – Now the dust has settled

    I finished my previous blog by saying that it would be interesting to see how the FIFA case develops - perhaps on reflection a comment on the patently obvious! Now the initial media frenzy has settled down it gives us a chance to review the allegations.....More

    Words by Andrew Clarke

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    17 June 2015

    Standards and individual accountability in FICC markets

    The final report of the Fair and Effective Markets Review (FEMR) was published last week. Commissioned in response to the series of scandals that have blighted the fixed income, currency and commodities (FICC) markets, the Report’s account of the shortcomings that led to such scandals is depressingly familiar; a combination of:....More

    Words by James Thomas

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    27 May 2015

    The FIFA Story, Part 1

    We awoke this morning to news that several FIFA officials had been arrested for corruption in ‘dawn raids’ at a Zurich hotel. I’m sure that we woke up a little more gently than those officials who had a knock on their hotel room door!....More

    Words by Andrew Clarke

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    23 March 2015

    Switzerland to return $380 million to Nigeria in Abacha case

    Swiss prosecutors have announced that $380 million is to be returned to Nigeria as funds linked to the ex-dictator Sani Abacha. General Sani Abacha assumed the leadership of Nigeria in 1993 following a coup d’état. During his five year rule he was estimated to have stolen up to $5billion (TI, 2004).....More

    Words by Andrew Clarke

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    19 January 2015

    Digital Banking

    A topic that is high on the agenda in our discussions around the future of banking. Are we actually seeing the ‘seismic shift’ that has been suggested? Having attended the recent BBA Conference on Digital Banking I have been giving a lot of thought to the subject and reviewing what I see as the key points that came out during the day:-....More

    Words by Andrew Clarke

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    12 November 2014

    South East Asia is about to become borderless

    South East Asia is about to become borderless; someone is keeping tabs on the North Korean leadership apparatus and campaign financing is under the spotlight.....More

    Words by Helen O'Gorman

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    29 September 2014

    Fines and financial stability

    2014 has so far been a year of massive regulatory fines. The US authorities in particular have upped the ante in their actions against large financial institutions. Amongst the highest profile of these was the $9bn fine issued against BNP Paribas in July, which led recently to the resignation of the bank's chairman, Boudouin Prot.....More

    Words by James Thomas

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    3 September 2014

    Calling Big Banks to aid financial inclusion and raise their social kudos

    Last week, India’s Prime Minister Narendra Modi hit the headlines with his promise of bank accounts for every household in the country, a bid to offer help to the country’s poor. The initiative is part of a movement towards financial inclusion, which means making financial services accessible by people who do not have formal identification documents, fixed abodes or even known dates of birth.....More

    Words by Helen O'Gorman

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    1 July 2013

    Responsibility and accountability... more than words

    The Parliamentary Commission on Banking Standards was set up to look into professional standards and culture within the UK banking sector. Its recent report – "Changing Banking for Good" – puts forward several recommendations.....More

    Words by James Thomas

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    2 May 2013

    An introduction to Financial Crime

    Financial Crime has recently emerged as a hot topic of late and I feel it is something that should be brought to the general public’s attention. Here in Singapore we are launching, for the first time in the region, the ICA Financial Crime qualifications, giving us a great platform to start looking at this area in a little more detail.....More

    Words by Dione Schick

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    12 March 2013

    The Asian rate fixing scandal: continuing lessons for organisational culture

    We’ve been covering the topic of “culture” extensively within inCOMPLIANCE. And with good reason – cultural change at banks is increasingly being acknowledged as a board-level strategic challenge, and one which the compliance community can make a positive contribution towards.....More

    Words by James Thomas

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    4 February 2013

    Executive remuneration and cultural change: the long haul

    Bonus season is guaranteed to provide some talking points, and this year is no different.For many within the City, the award of massive payouts for those at the helm of major financial institutions is simply the cost of employing such “talent”; a relatively small price to pay given the massive demands of the job.....More

    Words by James Thomas

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    12 November 2012

    Changing the enforcement target: regulators, it’s time to stop just focussing on the MLRO

    We have a problem. Money Laundering Reporting Officers must increasingly hit the highest standards of professionalism. This is a good thing.....More

    Words by Pekka Dare

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    5 November 2012

    Drugs, cycling, and the financial sector...

    I’ve been keeping half an eye on the Lance Armstrong doping case that’s rocked the world of cycling and finding it hard to ignore some of the similarities it bears to the various crises and scandals that have hit the financial sector.....More

    Words by James Thomas

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    11 April 2012

    Why education and training is so important for the financial services sector

    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.....More

    Words by Bill Howarth

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    2 April 2012

    After the hype fades, follow through. You have been warned: bribery & corruption

    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.....More

    Words by Pekka Dare

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    13 March 2012

    Digital Criminal 2012: CyberSafety Report

    TRMG has been working with Legal and General to produce that firm’s Digital Criminal 2012: CyberSafety report. One of the report’s key findings is that criminals are targeting social media users online by setting up fake profiles, ‘friending’ potential targets and then tricking them into giving up sensitive personal information. The information gleaned in this manner is being used to commit identity theft, fraud and to plan burglaries.....More

    Words by Mark Johnson

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    22 February 2012

    PPI. High profile letters, big losses. Could this be the most undesirable three letter combo?

    The BBC Business website has today added a video on PPI compensation levels. Most of you will know what PPI stands for, at least in the first instance - Payment Protection Insurance. But the second instance you may be less familiar with - Polly Peck International. So what’s going on, I hear you ask?....More

    Words by Dave Robson

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    21 February 2012

    Corruption: the perception and the reality

    The Transparency International ‘Corruptions Perceptions Index’ published annually, offers a glimpse of global corruption based on perceived levels within the public sector of 183 countries. The Index is a funny thing, loved in some quarters and loathed in others, but still an interesting perspective on where various nations stand compared to others on the issue of corruption. Some results are not surprising; North Korea and Somalia are ranked joint bottom on the list.....More

    Words by Sam Gibbins

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    9 February 2012

    Inside Job - Storyville

    Sitting in the Planner from the tail end of 2011 was ‘Inside Job – Storyville’. The synopsis said it was an Academy Award winning forensic analysis of the 2008 global financial crisis, tracing the emergence of a rogue culture within the finance industry which has corrupted politics, regulation, and academia. At a cost over $20 trillion, the crisis caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly caused global financial collapse. And Matt Damon does the voiceover.....More

    Words by Dave Robson

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    8 February 2012

    Madoff the movie - a story that you couldn't make up

    This year Hollywood star Robert De Niro is set to star as disgraced financier Bernard Madoff, in an HBO movie which he will also produce. The case of Bernard Madoff’s Ponzi scheme is pretty stunning and is referenced in ICA's Financial Crime Prevention Diploma material. As far as I know, Mr De Niro has not taken the ICA Diploma (as yet, but his application is most welcome).....More

    Words by Dave Robson

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