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Insight
Financial Crime
[E-book] Training with impact – using immersive scenarios in your financial crime training
This e-book considers 5 questions that can help when designing immersive scenarios for your team, from understanding the audience to creating scenarios that full realistic and resonate with learners.....More
Back to the drawing board on transaction monitoring
In the wake of the FinCEN Files leaks, Martin Woods examines whether monitoring text rather than numbers in transactions could serve as a solution to our greater anti-money laundering woes.
Commerzbank’s FCA fine demonstrates danger of AML lapses
A comment on the fine imposed by the FCA on Commerzbank, and a discussion of the wider implications.....More
The changing world of anti money laundering
Current thinking around anti money laundering (AML) is flawed and is in desperate need of a rethink. The fundamental nature of money laundering, and how we combat it, needs examining.
Shining a light upon our AML failings
The answer to being more effective at stopping money launderers is to challenge the value of processes that are clearly failing. Financial crime expert Martin Woods explains.....More
A case study on why ABC compliance is so important
Anti-bribery and corruption (ABC) is a high priority for compliance professionals in all businesses, indeed all areas of life. We have witnessed the “Feds Indict Footballing Aristocracy” within the investigation of the institutional bribery and corruption practices routinely applied by FIFA.
[EBOOK] Capturing the Red Flag - Nine Questions to Help Evaluate Suspicious Activity
Identifying suspicious activity is both a regulatory requirement and a business imperative. However, it can be an extremely resource intensive, and consequently expensive, exercise. A system that is both effective and efficient can therefore bring significant regulatory and cost benefits.....More
3 weaknesses that led to Malaysia’s 1MDB scandal
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.
Financial crime: a 360-degree view (Podcast)
Broadgate Search sat down with Pekka Dare, Director of Training Education and Development at ICA, to uncover various case studies in the financial sector.....More
Virtual Currencies – four key updates in 2019
Move over Bitcoin and Blockchain – there’s a new raft of terminology to come to terms with in the form of virtual assets, crypto-derivatives and Libra. Adding to the mix the recent announcement on virtual assets from the Financial Action Task Force (FATF), it’s been a busy few weeks for anyone keeping an eye on the virtual world. In this Insight piece we will be looking at four key updates from recent weeks.
Blockchain: an introduction
Blockchain is capturing the imagination of the financial services for its potential to reduce risk and decrease costs. It’s easy to consider blockchain as a unicorn – elusive, never seen and no one seems to quite know its capabilities. Blockchain is a type of distributed ledger technology (DLT), but what exactly is blockchain and DLT? And how can they be used by mainstream companies?....More
Are you accidentally funding terrorism?
Hands up if you’ve ever bought a fake pair of sunglasses or fake handbag? Or if you know someone that has? Maybe a friend of a friend has sold you a copy of a film on DVD?
How new technologies help prevent money laundering
$2 trillion – that’s the amount of illicit funds estimated to be laundered through financial institutions annually. Worse, financial crime appears to be increasing (see the latest from Insight for the reasons behind the rise). In response, Europol estimate that banks globally are spending $260 billion each year in financial crime defences to combat the issue.....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.
Human trafficking – how technology and collaboration can help combat the issue
Human trafficking is one of the fastest growing and most widespread criminal activities in the world.....More
Monetary Authority of Singapore launches debut enforcement report
The Monetary Authority of Singapore details enforcement actions and key initiatives as it launches debut enforcement report.
What are the 6 benefits of studying for an ICA qualification?
Whether you’re new to the industry or taking the next step in your career, it’s important to choose the best compliance training possible. We have put together the top benefits of studying for an ICA qualification & advancing your career.....More
How many languages does a financial crime professional need to speak?
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?
10 ways to instil a culture of compliance
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’.....More
Top 5 fines of 2018: Lessons Learned from Enforcement Action
As Father Christmas prepares his list of who has been naughty or nice, I thought it would be interesting to take look at enforcement action in 2018 from around the world and consider some New Year’s resolutions that compliance professionals may want to make in 2019.
Meet an ICA member: Sheila Patel
I am a Senior Compliance professional with extensive skills, knowledge and expertise of the regulatory landscape and systems and controls, gained through 17+ years’ experience within the financial services industry.....More
Meet an ICA Member: Paul Byrne
I’m Paul Byrne, MICA and Compliance Manager at RA International in Dubai. I’m also an ICA alumni having studied the ICA International Diploma in Compliance and graduating with a Merit. I’ve been a member of the ICA since 15 September 2015.
Meet an ICA member: Robert Dagg
I’ve worked in financial services for 30 years across a range of roles in front office and support functions, leading sizeable teams with multiple jurisdiction responsibilities. I joined the ICA two years ago as a Fellow after graduating with a Post Graduate Diploma in Governance, Risk & Compliance. I’m also a member of the ICA Technical Advisory Board.....More
Meet an ICA member: Robert Dagg
I’ve worked in financial services for 30 years across a range of roles in front office and support functions, leading sizeable teams with multiple jurisdiction responsibilities. I joined the ICA two years ago as a Fellow after graduating with a Post Graduate Diploma in Governance, Risk & Compliance. I’m also a member of the ICA Technical Advisory Board.
Meet an ICA member: Jonathan Harris-Moss
If I’d been asked earlier in my working life to consider a career in compliance, I might have turned my nose up on the grounds that I was trying to become one of those ‘creative types’, unrestricted by rules. Fast forward several years and here I am in 2018, a fairly new entrant into the governance, risk and compliance (GRC) profession.....More
Meet an ICA Member: Paul Byrne
I’m Paul Byrne, MICA and Compliance Manager at RA International in Dubai. I’m also an ICA alumni having studied the ICA International Diploma in Compliance and graduating with a Merit. I’ve been a member of the ICA since 15 September 2015.
Meet an ICA member: Anastasia Savvateeva
Anastasia Savvateeva is a former compliance officer for the Compliance & Risk Management department with KPMG France, and now Anti-Financial Crime & AML Compliance Officer for Deutsche Bank France. Originally from the Ukraine, she has been living in Paris for 8 years having grew up and studied in Moscow.....More
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.
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
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.
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
Artificial Intelligence in financial services: here to stay?
The successful infiltration of technology into every aspect of our personal lives has led pundits, over the last few years, to try and predict how technology will alter the landscape of our professional lives.
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
Fraud in Germany: the financial crime that needs a 21st century fraud response plan
We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.
Fraud in the Netherlands: the financial crime that needs a 21st century fraud response plan
We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.....More
Fraud in France: the financial crime that needs a 21st century fraud response plan
We don’t know who originally had the idea for committing financial crime, although what is said to be the first recorded incident of fraud – involving a Greek merchant called Hegestratos, an upfront payment for transporting a cargo of corn and a failed plan to scuttle the ship carrying it – dates back to around 300 BC.
Panama in the spotlight: making progress on money laundering?
There’s a saying about there being no such thing as bad publicity, though anyone who has been on the receiving end of negative media reports would probably not agree. Panama has attracted global attention as a result of the April 2016 publication by the International Consortium of Investigative Journalists of the Panama Papers.......More
Place your bets: The gaming industry and bookmakers - low risk for money laundering or not?
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.
Beneficial ownership: A new era of openness? (Switzerland)
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 (4MLD), and the central registers of beneficial owners that it will introduce.....More
CPD – groan, do I really have to?
Come on, admit it, we’ve all thought this at some point. It’s getting towards the end of the year and your Manager or HR team are checking your records. You’re supposed to do 35 hours (or thereabouts). Some can be structured, some unstructured. Does that day spent learning how to make PowerPoints more engaging count? When was it? Oh, if only you’d written it down at the time!
Financial crime: Views on the news
LIBOR, conspiracy to defraud, the Bank of England, Barclays, Qatar, dual criminality and some other observations…….....More
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.
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
HSBC & Financial Crime: What the Annual Report tells us
It seems HSBC are never out of the headlines at the moment, and the detail becomes more incredible each time (allegedly the Chief Executive’s bonuses were paid to an anonymous Panamanian holding company and then kept in a Swiss bank account).
Trade-based laundering – is automation the key?
Automated systems are great, but it still comes down to people to understand the information and make the appropriate decisions so, as an institution’s first line of defence and arguably its greatest asset, this is where we should be seeing significant investment.....More
Stick, twist or fold? How best to manage emerging trends and best practice in money laundering and t ...
I was delighted to represent the International Compliance Association at the Compliance Officer conference in Warsaw recently which focussed on the subject of new payment technologies and emerging money laundering and terrorist financing risk management.
Stranger than Fiction
As you will know if you’ve been reading this blog for the last year or so, I’m not averse to the odd film reference. I also have an interest in some of the subcultures we highlight in our courses. So I thought I’d combine the two and draft a plot for a film. Picture the classic Container Port scene in Heat and you’re on the right track.....More
What’s in a name?
The Christmas period was pretty standard in my house. Visiting family, family visiting us, an excess of cheese and biscuits, and a variety of PS3 games/TV movies.
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
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