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
At this time of the year, there are only two questions that really matter: (i) what's the largest Christmas tree I can fit into my house without it constituting a health and safety issue? and (ii) what's the biggest turkey five adults and three children can safely consume in one sitting?
The way you approach an exam can have a massive impact on the outcome. Subject matter knowledge is crucial but this is only half the battle. You’ve studied the course for months, digested the wider reading and put the effort into completing the assignments. Now you want to pass with the highest score you can, achieve the certification and put all you have learned into practice. Here are five tips that will help you achieve your goal.....More
If you are reading this as the holder of a compliance qualification then "congratulations!" You are, according to recent PwC research, hot property. PwC found that a staggering 100% of heads of compliance at UK asset management firms believe that there is currently a shortage of appropriately qualified compliance professionals in the market, and most expect this trend to persist for the next 2 to 3 years.
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.....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.
Have social media changed the way we think and work and has this had (positive or negative) consequences for organizational culture?
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
Is your firm identifying and reporting the appropriate level of suspicious activity in respect of money laundering? For many of the firms and AML professionals that I speak to the answer is a clear no.
When I’m not editing inCOMPLIANCE (ICA's quarterly journal for members) I spend a fair amount of my spare time watching small children terrorize each other in playgrounds, not because I particularly enjoy doing so, but because as the father of a three-year-old it comes with the territory.....More
Having had the privilege of attending the AMLP Forum on Anti-Bribery and Corruption in London last week, ethics (as well as collaborative action) was a key message.
We all know that training budgets aren’t what they used to be and sometimes it can be quite a difficult process persuading your employer to fund your course.
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
Am I alone in being fed up with hearing the words `culture`, `tone at the top` after each headline associated with a new banking or corporate scandal? Have corporate environments really lost their moral compass?
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
What do you think the future holds for compliance? How much of a threat is social media to your firm? How difficult is it to lead a culture of integrity?
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
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.
Over recent years, we have all been witness to the US Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") aggressively pursuing enforcement action against businesses and individuals under the Foreign Corrupt Practices Act ("FCPA").....More
Can traditional risk management frameworks protect a firm from the ever increasing cyber threat? What role do financial crime systems and controls, requirements, business continuity, data loss prevention and traditional fraud prevention techniques play in the defence against sophisticated and targeted cyber attacks?