Money laundering scandals have been all over the news recently, with banks such as Danske and Swedbank....More
Screening your entire customer base on a regular basis can alert you to the risk of being exposed to suspicious or sanctioned individuals and organisations, but how do you ensure that you are completing these searches effectively?
The year began with the FCA coming under heavy criticism for suspending its thematic review into banking culture. However, the regulator recently reaffirmed in its Business Plan for 2016/17 that firms’ culture and governance is one of the seven priority themes around which it will organize core activities for the coming year.....More
The Reserve Bank of India, the national banking regulator, has issued INR1.5cr (USD165,276) fines to three public sector banks and issued to cautions to eight more for failure to implement appropriate measures to prevent and detect AML/CTF. The censure comes in the wake of a thematic review of KYC in banks which found a lack of due diligence carried out in public sector banks and a concerning use of intermediaries to open and operate accounts.
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:-
Transforming lives is not normally in a compliance person’s job description, but here in CAF Bank, our work allows charities to flourish and enable their transformational work. I’ve always given to charity, so this role sits very well with my own ethos.....More
Last week Sir Richard Lambert published a consultation paper on the creation of a new professional standards body for the banking industry in the UK, designed to improve standards of conduct and the culture of banks.
2013 comes to a close in the UK with two significant developments which demonstrate that regulators and lawmakers have their sights set firmly on senior bankers. First came the news that Standard Chartered had stripped its Finance Director of responsibility for risk, reportedly under instructions from the Prudential Regulation Authority (PRA). Next, the Banking Reform Act received Royal Assent on 18 December.....More