The 2021 edition of the BIG Compliance Festival, the biggest event for compliance professionals globally, attracted over 650 participants from 82 countries worldwide. Attendees enjoyed an array of insightful presentations on a variety of topics. Below we present a summary of some of the event’s highlights and key takeaways from the discussions that took place.
Curiosity is not often seen as an attractive trait: as the saying goes ‘curiosity killed the cat’. But for compliance professionals, I would argue that it is a key skill we need to improve both personally and professionally, and in order to protect our firms from risk.....More
As the compliance world continues to evolve and the number of internal investigations increases, the skillsets needed by compliance staff are changing. This article discusses some of the reasons behind the growth in investigations, how compliance skills are evolving as a response, and the rising importance of technology-based investigation knowledge.
Absorbing bribery and corruption statistics provided by the UN is, even during gentler times, a sobering experience. This year’s figures were as bold and quietly unsettling as ever, in a neat symmetry of the year itself. But the accompanying comments by UN Secretary-General did offer something new.....More
A summary of part two of the Big Compliance Festival with highlights and key points from the sessions.
ICA's BIG Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals in 2020.
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.....More
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?
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 being more productive and getting the most out of working from home
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.....More
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.
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
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).
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.....More
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.
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
Broadgate Search sat down with Pekka Dare, Director of Training Education and Development at ICA, to uncover various case studies in the financial sector.
Human trafficking is one of the fastest growing and most widespread criminal activities in the world.....More
'An investment in knowledge pays the best interest' - Benjamin Franklin....More
Compliance culture, especially in financial services, is a really important element that can impact on the wider cultural challenges that a firm could face.
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
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?
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.....More
When correctly motivated, employees remain honest and become the most effective frontline defence against the fraudster. Employees become motivated when they believe that:
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
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.
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 an AML professional may need....More
Despite significant investment in compliance, we still see incidents where things go wrong. In many cases the root cause is the wrong culture and values. How do you drive the right culture across your organisation? How do you ensure everyone is accountable for compliance matters? Below we provide some tips to help support a successful compliance ‘change programme’.
In August this year, the Financial Action Task Force (FATF) published a new report that aims to raise awareness and provide an updated and more precise understanding of the financial flows related to human trafficking.....More
When asked to consider IWT, many people would think of ivory and tiger skins; but it is so much more than that. IWT can be broadly defined as ‘any action which contravenes current legislation (nationally or internationally) governing the protection of animals and plants’ (NPCC).
David Jackman highlights the challenges associated with efforts to measure whether the SMCR is working
Football itself – and in particular FIFA – has been beset by corruption problems over the last decade. In light of this we thought we would consider each fixture of the tournament through the lens of corruption.
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.
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.
Bitcoin has taken the world by storm; Simone Jones shares what she has learnt about cryptocurrency over the course of the last year.
In the lead up to the UN’s International Anti-Corruption Day on 09 December, we have collated a collection of articles and blogs, written over the last 12 months, to aid your learning journey on this all-important subject. The information that you take away should help stimulate discussion and support you in making sound decisions in your role.....More
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?
Have you ever wondered which skills and attributes are useful when working in anti money laundering? If you currently work in AML, have you considered how your own skills measure up?
A round-up of our insight about money laundering, terrorist financing and beneficial ownership in Switzerland.
“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.....More
After reading the comments on my previous blog on some of the biggest money laundering cases of the last 30 years, I have been inspired to look into one of those cases in more detail. The case involved the Bank of Credit and Commerce International, or BCCI, and it has made for very interesting reading.
Money laundering and, conversely, anti money laundering (AML), continues to be a hot topic, especially within businesses and large corporations, as government agencies – particularly in the US (where an estimated £231 billion is laundered annually) – continue to crack down on money laundering and sanctions violations.....More
When I go to briefing sessions about ICA qualifications and speak to delegates about their career aspirations , one of the more frequent questions I get asked is “will the qualification get me a job in the area I am interested in?” Indeed in the last two or three years this question has increased significantly in popularity due to the rise in recruitment opportunities in compliance and related roles.
One question that I have often been asked during my compliance career, and that comes up quite regularly in workshops is “what exactly is the difference between compliance and audit?”....More
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