$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
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?
Our financial services industry in Britain has, in recent years, been seen as part of the problem – now it must become part of the solution. That was the message from George Osborn MP, Chancellor of the Exchequer, in his 2015 Mansion House speech.....More
It’s the same old song. Not The Four Tops classic (although you’ll probably be humming the tune for the rest of the day now) but my feelings about an article I recently read that has resulted in a depressingly familiar stance by an international organisation.
When someone asked me to cover this region for the first time, I thought it was ambitious. The more I learned about Asia Pacific (APAC), the more that statement made sense. Financial services compliance in APAC is moving at both light speed and a snail's pace, depending on where you are standing.....More
It would be an understatement to say that the financial sector has an image problem. Scarcely a day passes without the emergence of some new financial debacle or the imposition of some new high profile regulatory sanction.
The range of threats facing organisations means there are a multitude of career option in financial crime prevention. From anti-bribery and corruption specialists, to fraud analysts and cyber security experts there are a variety of challenging and rewarding roles out there. The roles on offer are very diverse but all require a combination of technical knowledge, understanding of business processes, products and services and the key vulnerabilities targeted by financial criminals.....More
As always there were many interesting points to come out of the UK Chancellor's annual Mansion House speech this year, along with some very bad jokes. But one announcement might well have a significant impact upon the future of regulation in the UK.
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
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”