INSIGHT

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2017

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    4 December 2017

    The importance of knowing your customer

    Through the advent period, International Compliance Association will be publishing an insight on each Advent Sunday to focus on the topic of KYC – Know Your Customer. You have a copy of their passport, you have verified where they live and have checked their birthday against their driving licence (questionable photo and all), but do you really know your customer?....More

    Words by Simone Jones

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    27 November 2017

    The Department of Mysteries (or What is the Compliance Department actually doing?)

    It struck me that the compliance department has certain parallels with the Ministry of Magic from J.K. Rowling´s Harry Potter series. Both are often misunderstood, mysterious, ‘secretly’ structured but at the same time necessary and important.....More

    Words by Lucie Schweizer

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    23 November 2017

    Happy Thanksgiving Day: top 5 US blogs of 2017

    Thanksgiving Day is upon us, and in celebration of the annual harvest, we have collated our top five blogs with US origins. Let’s take a retrospective look at our favourite blogs from the last year, with a keen focus on the United States.....More

    Words by Jennifer Trenery

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    21 November 2017

    A turning tide? Terrorism and the Caribbean

    How many of us, if we were then asked to think of terrorism and the Caribbean, would think back to the bygone era of piracy; of Calico Jack and mutiny on the seas? This era ended around the 1830s so surely terrorism is something that now happens outside of the Caribbean, doesn’t it?....More

    Words by Sarah Reynolds

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    6 November 2017

    France gets serious about anti-corruption

    Earlier this year the French government enacted Sapin II, an anti-bribery and corruption law that bolstered the country’s transparency and anti-corruption efforts. The legislation was introduced after criticism over the years of France’s anti-bribery and corruption efforts from several quarters (including the OECD). The introduction of Sapin II was the most significant initiative on anti-corruption in the country in decades.....More

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    6 November 2017

    Meet an ICA Member with Jerry Walters

    Jerry Walters has a Distinction in the International Compliance Association Diploma Course in Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF). As well as being a member of the ICA, Jerry is a former Detective Constable and has worked on high profile cases including Operation Trilby. He is still involved in all aspects of tackling financial crime through the running of his own business. Here, Jerry discusses what ICA and compliance means to him.....More

    Words by Jennifer Trenery

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    24 October 2017

    Stepping up the fight against cybercrime in Switzerland

    Privacy and Switzerland are often seen as synonymous, and whilst Switzerland is no longer seen as a secrecy haven, protecting client data is still a badge of honour for the country. Data protection law in Switzerland has a level of protection like that of the EU Data Protection Directive, and in some respects, is reported to even go beyond EU Law, especially in relation to the protection of data pertaining to legal entities. But in an age of cyber-enabled crime, can Switzerland ensure that data is secure?....More

    Words by Sarah Reynolds

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    18 October 2017

    A closer look at Denmark’s anti money laundering efforts

    Denmark sits at the enviable position as the ‘cleanest’ country in Transparency International’s Corruption Perception Index (CPI). As previously discussed in ICA Insights, although deemed to be the cleanest, Denmark isn’t free from all financial crime woes.....More

    Words by Simone Jones

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    12 October 2017

    Combattre le blanchiment d'argent par la limitation des paiements en liquide

    Avec Tracfin et certaines lois récemment instaurées, la France est un acteur européen majeur dans la lutte contre le blanchiment d’argent et le financement du terrorisme. Quels ont été les changements effectués lors de ces dernières années ?....More

    Words by Justine Henry

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    10 October 2017

    Anti money laundering: a spotlight on Sweden

    At the International Compliance Association, we regularly find ourselves deliberating money laundering issues, which can range from recent enforcement actions to newly published reports showing the latest figures for details such as suspicious activity reports or jurisdictional risk. Which is why, when I read a headline stating that the Swedish legal system was being exploited to commit money laundering, quite a discussion was sparked.....More

    Words by Holly Whitehead

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    9 October 2017

    Sweden: a world leader for transparency

    Openness and transparency are considered as “vital parts of Swedish democracy” and all those principles of freedom are reflected in some fundamental laws which govern the Swedish constitution.....More

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    4 October 2017

    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

    Words by Holly Whitehead

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    28 September 2017

    Are Bitcoin addresses shell companies in disguise?

    Anonymity, discretion and confidentiality: terminology often associated with shell companies incorporated in jurisdictions with high secrecy laws. However, does the virtual economy – notably Bitcoin, the de facto currency of choice – facilitate the very same mechanisms that criminals attempt to abuse? This brief article will explore some of the key similarities between a shell company and a Bitcoin address, with a view to answering the question ‘Are Bitcoin addresses shell companies in disguise?’....More

    Words by Kane Pepi

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    22 September 2017

    New York: Leading the fight against crime

    New York has been capturing the imagination and the attention of the world for well over 100 years. It’s a city like no other; its intoxicating pull is felt by both residents and non-residents alike. It has also long been a source of inspiration for those looking to fight crime: in the Superhero world, Marvel’s Spiderman, The Avengers and The Defenders all call New York home. Some people believe that Metropolis and Gotham, home to Superman and Batman, are also based on New York.....More

    Words by Simone Jones

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    15 September 2017

    UN Democracy Day: Latin America’s growing intolerance of corruption

    Since 2008, the UN has held its day in honour and promotion of democracy on 15 September. For a cluster of nations across Latin America, this is a date that holds a special reverence, marking their independence from colonial rule: Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica all celebrate their independence day on 15 September (with Mexico’s the following day, and Chile’s three days later).....More

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    15 September 2017

    UN Democracy Day: Latin America’s growing intolerance of corruption

    Since 2008, the UN has held its day in honour and promotion of democracy on 15 September. For a cluster of nations across Latin America, this is a date that holds a special reverence, marking their independence from colonial rule: Guatemala, El Salvador, Honduras, Nicaragua and Costa Rica all celebrate their independence day on 15 September (with Mexico’s the following day, and Chile’s three days later).....More

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    8 September 2017

    How effective is Ireland's AML system? An analysis of FATF Mutual Evaluation Report for Ireland

    Ireland is an important regional and international financial hub and is included in the IMF’s 29 systematically important financial centres. This is evidenced in the sheer number of banks looking to move some of their operations from London to Dublin in the wake of Brexit.....More

    Words by Holly Whitehead

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    7 September 2017

    What are the benefits of attending the ICA open day?

    Find out more about the ICA qualifications, how they can help you progress in your career and assist you in performing to the highest standard of professional practice and conduct.....More

    Words by Jennifer Trenery

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    4 September 2017

    Be a learn-it-all

    CEO Satya Nadella made the news last year when he revealed the secret of improved culture at Microsoft over the last few years has been down to the embracing of a learn-it-all culture.....More

    Words by Sarah Reynolds

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    28 August 2017

    Fuzzy matching: Getting the balance right

    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?....More

    Words by Sarah Reynolds

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    28 August 2017

    Why join a professional association?

    Joining a professional organisation is a must for those keen to develop their career prospects and enhance their professional capabilities. Most professions will have a professional organisation that can be joined, and in any walk of life these bodies are seen as a commitment to your career, and a benchmark of excellence.....More

    Words by Jennifer Trenery

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    21 August 2017

    Defining an EU FinTech strategy – where are we now?

    Technological innovation is ceaselessly impacting on many key sectors of our lives, and the financial industry is not immune to it. European institutions are aware that technology-enabled and technology-supported financial services (FinTech) represents a great opportunity for the financial industry.....More

    Words by Nicola Vaccari

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    14 August 2017

    How Iran circumvented US sanctions for 20 years through real estate in Manhattan

    A decade-long battle between the United States government and the owners of a New York skyscraper was concluded last month when a US jury agreed with the government’s assertion that the Alavi Foundation, the majority owners, were guilty of money laundering and violating sanctions on Iran.....More

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    11 August 2017

    Biometrics, cash and the end of money laundering as we know it?

    As the technology to facilitate cashless transactions becomes more widespread, it can play an important role in know-your-customer and anti-money laundering efforts.....More

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    8 August 2017

    What makes a great compliance officer?

    It’s not just a question of following a rule book, compliance officers need to be able to strike a good balance between commerciality and compliance.....More

    Words by Jennifer Trenery

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    17 July 2017

    Regulatory framework for distributed ledger technology planned in Gibraltar

    Distributed ledger technology (DLT) – of which blockchain is one particular type – is a decentralised database. This means that instead of records being held by one trusted entity that is the true source of the information (which is how many databases operate at the moment in the form of a ‘centralised ledger’), a group of peers maintain a shared database. Therefore, the consensus of the group is the record: there is no single trusted source.....More

    Words by Holly Whitehead

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    11 July 2017

    Do you know where your corruption risks lie?

    Transparency International work globally in leading the fight against corruption. One of the ways in which they raise the profile of corruption is through the Corruption Perceptions Index (CPI). The 2016 CPI ranked 176 countries in terms of how corrupt they are perceived to be on a scale of 1 (highly corrupt) to 100 (very clean).....More

    Words by Simone Jones

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    23 June 2017

    Cronyism and Corruption in South Africa

    South Africa is undoubtedly a success story, from its lush wine lands which produce world class wines, diamond mines producing gems sold all over the world, to the Kruger National Park, which is populated by big game and is a huge magnet for tourists. South Africa seems to have it all, so why is its leader getting it so wrong? And what effect could this have on how the country is perceived around the world?....More

    Words by Jason Morris

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    26 May 2017

    FA Cup Special: the 4-3-3 lines of defence

    This weekend sees the annual English FA Cup Final. It’s been previously reported that this football match can attract half a billion viewers from across the world. Chelsea won the English Premier League this season. This was widely lauded as being down to a switch to a 3-5-3 formation in the early autumn. Arsenal have often utilized 4-3-3 formation. The ‘3 lines’ seems to dovetail rather nicely with the ‘3 lines of defence’ mode (3LOD), which is widely used in regulated firms to provide a systematic approach to risk management. Let’s explore that a bit further so we can draw out the similarities.....More

    Words by Dave Robson

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    18 May 2017

    Anti-Bribery and Corruption Training

    In order to achieve good understanding of, and compliance with, your anti-corruption policies, you need a process that transfers the necessary knowledge, insight and skill to those who serve your organisation.....More

    Words by Dave Robson

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    18 May 2017

    Designated by D.C.: How US Sanctions Combat Foreign Corruption

    The use of sanctions as an international means of affecting change has grown exponentially in recent times. As countries become less and less keen to use military force, the world has turned to sanctions implementation as a means of impacting international change, both politically and socially.....More

    Words by Saskia Rietbroek

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    18 May 2017

    Effective Ethics – how to support an anti-corruption compliance culture in Europe

    Panama, Brazil, Afghanistan, China, Malaysia, Pakistan, Ukraine, Angola, South Africa. Examples of corruption cases abound beyond the limits of European geography. A cursory look at the Transparency International Corruption Perception Index shows plenty of low-ranking jurisdictions, many situated at a substantial distance from continental Europe. Does this mean that European companies, executives, regulators and prosecutors can sit back, head early for the beaches of the Mediterranean this summer and leave their international counterparts to manage these anti-corruption risks far from Madrid, Paris, Rome and other EU capitals? Clearly, the answer is ‘no’.....More

    Words by Murray Grainger

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    17 May 2017

    Why We Say Yes

    Why would someone well educated and well compensated risk their own liberty to pay a bribe? Richard Bistrong covers the reasons why we say yes.......More

    Words by Richard Bistrong

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    17 May 2017

    FIFA: The Beautiful Game?

    Fifa, football's world governing body responsible for promoting and protecting the sport, has done more damage to the reputation of the game than any other organisation or individual.....More

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    17 May 2017

    Top Ten FCPA Fines

    As this is Anti-Corruption week, I thought it would be good to take a look at the top ten fines handed down to companies under the Foreign Corrupt Practices Act (FCPA).....More

    Words by Holly Whitehead

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    17 May 2017

    Corruption in Asia: Movies, money laundering and private banks

    Asia and the rest of the world has been rocked by the 1MDB corruption scandal which has seen investigations triggered around the globe including the United States, Singapore, Switzerland, the United Kingdom, Hong Kong and Malaysia.....More

    Words by Dione Schick

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    16 May 2017

    The importance of transparency and challenging a collusive culture

    Listen to Sally Scutt, ICA Strategic Advisor interview Annabel Reoch, UK Head Anti-Bribery and Anti-Corruption, KPMG about the importance of transparency and challenging a collusive culture.....More

    Words by Sally Scutt

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    15 May 2017

    Corruption: Perception and reality

    ICT compares results from the World Economic Forum publishes annual corruption index and Transparency International's Corruption Perception Index (CPI) in this Prezi presentation.....More

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    15 May 2017

    How did we get here – an ABC of Anti Bribery and Corruption

    There is a good chance that corruption is a subject of both personal and professional concern to you. If that is the case, it is a sentiment you share with individuals the world over.....More

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    9 May 2017

    JP Morgan: A bribery case study

    Historically, there hasn’t been a large number of high profile enforcement actions in relation to bribery. The low numbers could be taken as a sign that regulators are not focusing on this risk or conversely that firms have improved systems and controls so much that bribery is a thing of the past.....More

    Words by Richard Wegrzyn

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    27 March 2017

    Brexit, Fintech and Big Data: Joining the dots in Ireland

    It is fascinating how apparently unconnected points can be linked to reveal compliance challenges and opportunities. How, for example, does Brexit connect us to AML regulations, FinTech and Big Data in Ireland?....More

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    6 March 2017

    Crime Survey for England and Wales

    In January this year, the Office for National Statistics released its latest Crime Survey for England and Wales (CSEW). The CSEW is a face-to-face victimisation survey where individuals resident in England and Wales are questioned about their experiences of a selection of offences in the last 12 months. This survey - which covers October 2015 to September 2016 – includes for the first time the offences of fraud and computer misuse (also known as cybercrime). Although the CSEW is unable to compare the results for fraud and cybercrime to previous years, the figures are still pretty staggering.....More

    Words by Holly Whitehead

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    9 February 2017

    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

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    31 January 2017

    Top FCA Fines of 2016 Infographic

    We break down combined fines of nearly £18 million issued by the Financial Conduct Authority to five top offenders in 2016.....More

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    27 January 2017

    Reviewed: 2016 Corruption Perceptions Index

    Transparency International’s 2016 Corruption Perceptions Index was released this week, so we've taken a look at the more notable movements in this year's report.....More

    Words by Holly Whitehead

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    19 January 2017

    Ireland, Technology and Integrity

    A large number of global information, communication and technology (ICT) companies are based in Ireland.....More

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    10 January 2017

    FATF Mutual Evaluation – United States

    The Financial Action Task Force (FATF) released this month their first Mutual Evaluation of the United States since 2006.....More

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    6 January 2017

    Brazilian firms receive largest ever foreign bribery fines

    Odebrecht and Braskem, two Brazilian companies, have been fined at least US$3.5 billion after pleading guilty to bribing government officials.....More

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