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2015

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    17 December 2015

    Cyber security, an ongoing concern for 2016

    With the rising cost of data breaches and the rising volume of attacks, cyber security was one of the highest profile issues facing businesses in 2015. Cyber attacks are currently believed to cost business anywhere between $400-500bn a year and show little sign of abating.....More

    Words by James Thomas

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    9 December 2015

    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.....More

    Words by Simone Jones

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    26 November 2015

    Infographic: Don't Look Won't Find - Transparency International Report Statistics

    Billions of pounds in corrupt funds are pouring into the UK every year. Transparency International - Don't Look Won't Find Weaknesses in the supervision of the UK's anti money laundering rules.....More

    Words by Dave Robson

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    24 November 2015

    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

    Words by Mary Munford

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    16 November 2015

    Education underpins accountability

    The drive for responsibility and accountability continues to gather pace. Christine Lagarde, Managing Director of the International Monetary Fund, has placed the global spotlight firmly on the role of the individual in a 5 November speech to the New York Fed.....More

    Words by Sally Scutt

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    2 November 2015

    TalkTalk hack raises important questions about regulation and data protection

    The details that have emerged since the 21 October cyber attack on TalkTalk raise some serious questions not only for the broadband provider itself but for any business holding sensitive customer information.....More

    Words by James Thomas

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    29 October 2015

    OECD: tax and anti money laundering bodies need to step up joint working

    Joined-up thinking is something it’s hard to argue against. But while it’s a great idea in theory, co-operation, communication and collaboration don’t always materialise on an in-house basis, let alone where different organisations are involved, even if they are pursuing similar aims.....More

    Words by Mary Munford

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    22 September 2015

    Market failure and bad behaviour: where does the individual sit in all of this?

    People tend to assume a different persona within the workplace, in much the same way as many individuals adopt a completely different set of social standards when they get behind the wheel of a car.....More

    Words by James Thomas

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    14 September 2015

    Threat of “KYCC” highlights need for joined-up approach to financial inclusion and financial integrity

    “There is a risk of setting a ‘know your customer’s customer’ standard for the whole global system,” Anders Borg, former Swedish Finance Minister, has warned.....More

    Words by James Thomas

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    14 August 2015

    The importance of effective and meaningful customer due diligence (CDD)

    The profile of money laundering and terrorist financing risk has seen exponential growth, and the stakes have never been higher.....More

    Words by Dave Robson

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    17 July 2015

    The FIFA Story, Part 2 – Now the dust has settled

    I finished my previous blog by saying that it would be interesting to see how the FIFA case develops - perhaps on reflection a comment on the patently obvious! Now the initial media frenzy has settled down it gives us a chance to review the allegations.....More

    Words by Andrew Clarke

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    15 July 2015

    Compliance Spain: new training needs

    Transparency International’s Global Graft Report reports that "corruption is everywhere in Spain". Their latest Corruption Perception Index has Spain sitting in lowly 37th spot. The Q4 political scandal season didn't even make the print deadline for the 2014 GGR. For example, the Health Minister was sacked in November 2014 after being named as a “profit-seeking participant” in connection with the Gürtel corruption case.....More

    Words by Murray Grainger

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    13 July 2015

    MTOs in the Pacific rising to the de-risking challenge

    Remittance streams from family members living overseas form an essential source of money for many people living in the Pacific region, and a significant proportion of the GDP of many Pacific islands. However, recently these flows of money have come under threat as many global banks have ceased providing banking services for money transfer operators (MTOs) in the region, due to heightened sensitivity to AML and CFT requirements.....More

    Words by James Thomas

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    7 July 2015

    FCA Annual Report: Part 2

    As we know the FCA strategic objective is to make markets work well, and to achieve this they have the operational objectives of: - Protecting consumers - Protecting and enhancing the integrity of the financial systems - Promoting competition in the interests of consumers.....More

    Words by Rhodri Kettle

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    6 July 2015

    FCA Annual Report July 2015

    The FCA has issued a comprehensive review on its progress over the year including how it has achieved its objectives. This is a quick overview of how it assesses its performance in discharging its powers as a regulator. In ICT, we explain to our delegates that the regulator has four main powers:....More

    Words by Rhodri Kettle

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    25 June 2015

    Digitisation, Trust and Regulation

    I attended the BBA conference last week in London, it was a pretty long day but well worth the effort. There’s some exciting changes facing the banking sector over the next few years and many of these were discussed at the event. The three areas highlighted as being the key challenges for the sector include:....More

    Words by Jason Morris

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    17 June 2015

    Standards and individual accountability in FICC markets

    The final report of the Fair and Effective Markets Review (FEMR) was published last week. Commissioned in response to the series of scandals that have blighted the fixed income, currency and commodities (FICC) markets, the Report’s account of the shortcomings that led to such scandals is depressingly familiar; a combination of:....More

    Words by James Thomas

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    12 June 2015

    Mansion House – implications for Compliance?

    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

    Words by Dave Robson

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    27 May 2015

    The FIFA Story, Part 1

    We awoke this morning to news that several FIFA officials had been arrested for corruption in ‘dawn raids’ at a Zurich hotel. I’m sure that we woke up a little more gently than those officials who had a knock on their hotel room door!....More

    Words by Andrew Clarke

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    20 May 2015

    Compliance: in demand

    It’s been said before, but for those in search of a career that is both challenging and rewarding there has never been a better time to work in compliance. The challenges come in the form of the abundance and complexity of current and forthcoming regulations, increasing scrutiny and greater enforcement activity; the rewards through the growing demand that this has created for skilled compliance professionals.....More

    Words by James Thomas

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    7 May 2015

    South Asia: Reserve Bank of India fines and anti-bribery law amendments

    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.....More

    Words by Helen O'Gorman

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    6 May 2015

    Terrorism and the UK - Did you realise?

    "The figures for assets frozen are remarkably low..."....More

    Words by Dave Robson

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    29 April 2015

    Banks – between a rock and a hard place?

    Yesterday the Financial Conduct Authority in the UK released a statement of their expectations of Banks’ management of money laundering risk:....More

    Words by Dawn Fisher

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    20 April 2015

    Lobbying: fostering a culture of integrity

    There is a serious shortfall in transparency, integrity and equality of access within the lobbying process across Europe, according to a report released last week by Transparency International. This has created a need to “foster a culture of integrity among companies and organisations seeking to influence public policy,” says TI.....More

    Words by James Thomas

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    13 April 2015

    A Call for Information, but are we asking the right questions?

    In the UK Anti-Corruption Plan, published on 18 December 2014, the Government committed to carrying out a review of the suspicious activity reports (SARs) regime contained in the Proceeds of Crime Act 2002 (PoCA) and the Terrorism Act 2000 by July 2015. The purpose of which is to develop ways of better identifying money laundering and the financing of terrorism, and to prevent the movement and use of the proceeds of crime. The Home Office has, therefore, launched a ‘Call for Information’ in relation to SARs and firms are invited to respond to various questions.....More

    Words by Dawn Fisher

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    31 March 2015

    When enforcing the tone from the top really appears to mean low hanging fruit

    It is with some disquiet and unease that I have been reflecting on the finer points of the recent enforcement action that was published earlier this month by the FCA concerning the affairs of the Bank of Beirut and in particular the personal sanction announced of the Compliance Officer and Internal Auditor, and I felt compelled to put pen to paper.....More

    Words by Lee Byrne

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    25 March 2015

    UK AML/CFT supervision: proportionate and effective?

    The HM Treasury Anti-money laundering and counter terrorist finance supervision report 2013-14, released earlier this week, aims to provide a snapshot of the progress made over the last 12 months by UK AML/CFT supervisors in:....More

    Words by James Thomas

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    24 March 2015

    How much do APAC's regulators earn?

    Regulators’ salaries across Asia Pacific vary enormously:some supervisors earn fortunes and others hit the pay scale at the average to low end.....More

    Words by Helen O'Gorman

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    23 March 2015

    Switzerland to return $380 million to Nigeria in Abacha case

    Swiss prosecutors have announced that $380 million is to be returned to Nigeria as funds linked to the ex-dictator Sani Abacha. General Sani Abacha assumed the leadership of Nigeria in 1993 following a coup d’état. During his five year rule he was estimated to have stolen up to $5billion (TI, 2004).....More

    Words by Andrew Clarke

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    6 March 2015

    Continuing the drive towards professional standards

    The call for greater standards of professionalism within the financial sector has increased in volume in the years following the financial crisis. And no doubt that call will continue to get louder.....More

    Words by James Thomas

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    4 March 2015

    Compliance in Russia

    On 26 February I had the privilege of representing the ICA by attending and speaking at the 4th Annual ICA Conference in Moscow, organised by our Russian partners, International Compliance Services. This year the conference theme was ‘The Era of GRC: Governance, Risk and Compliance – Introducing the Unitary International Compliance Standard’.....More

    Words by Rhodri Kettle

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    27 February 2015

    RBS - What the annual results tell us

    As a neat follow up to Dave Robson’s blog earlier this week (view here), which provided a succinct analysis on two key areas of the HSBC annual report, risk and legal proceedings, here’s my take on the RBS 2014 results released yesterday. Bearing in mind you and I (the UK taxpayer) own almost four-fifths of RBS; it’s an opportune time to find out how they are performing, particularly around risk.....More

    Words by Jason Morris

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    9 February 2015

    Getting regulation right: a universal challenge

    Financial regulation has received so much mainstream attention in the recent past that it’s easy to forget that criticisms of “toothless regulators” or of the “glacial pace of regulatory change” are universal, and that the need for improved regulation and compliance expertise cuts across many sectors of the economy. The most recent example comes from the world of groceries retailing.....More

    Words by James Thomas

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    2 February 2015

    Going Through Changes – Insight from Davos

    Making sense of the threats posed to national security by transnational organised crime in the context of global responsibilities in the era of digitalisation and compliance....More

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    28 January 2015

    Blacklists, PEPs, corruption and regulation. How is 2015 looking so far?

    January 15th saw a round of face to face meetings for jurisdictions found to be lacking in the last FATF plenary, with the APG ML in Sydney....More

    Words by Helen O'Gorman

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    19 January 2015

    Digital Banking

    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:-....More

    Words by Andrew Clarke

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