How security, risk management, compliance, and audit professionals can start using this evolving technology in everyday activities
This e-book considers 5 questions that can help when designing immersive scenarios for your team, from understanding the audience to creating scenarios that full realistic and resonate with learners.....More
Cryptocurrency has burst front and center onto the world stage, and we all need to better understand it and the technology behind it. This article will illustrate some of the challenges, even mysteries, of cryptocurrency and highlight the importance of everyone in compliance staying on top of it all.
FATF President, Dr Marcus Pleyer, shared a vision for the future of AML at ICA’s BIG Compliance Festival
It is generally acknowledged that great strides forward have been made over the last decade in the fight against money laundering and financial crime. Few, however, would claim that there remains little to be done. But a remarkable new report by BAE Systems demonstrates just how far we have to go.....More
We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.....More
In the wake of the FinCEN Files leaks, Martin Woods examines whether monitoring text rather than numbers in transactions could serve as a solution to our greater anti-money laundering woes.
To change perceptions on training, a culture shift is needed to demonstrate to employees that training can not only be engaging but actually useful, enhancing their ability to carry out their role. How do you get employees to embrace training and, more importantly, use the knowledge and skills from this training in their daily roles?
This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance
Becoming a compliance officer has many advantages. From job security, to developing highly transferable skills, having a career path from entry-level to the board, being the customer’s champion and the organisation’s ethical heart, we provide 10 reasons why should you be a compliance officer.....More
The most recent changes to the art market are significant. January 2020 saw the transposition of the EU Fifth Money Laundering Directive (5MLD) into UK law. After extensive consultation, and with HMRC as the regulator, art market participants (AMPs) face considerably more onerous anti money laundering (AML) requirements.
The Brexit referendum has impacted on many different areas and this Insight piece looks at what the UK is doing in respect of sanctions. It starts with a recap on what sanctions are and then follows with an assessment of how things will be done differently, starting with the first set of sanctions issued unilaterally in July 2020....More
Workforce Diversity and Inclusion (D&I) is proven to have a positive impact on a company’s performance, bottom line and innovation. As one study suggests, firms that have more diverse management teams have 19% higher revenue due to innovation. Compliance is no exception and is only strengthened by D&I.
Are current anti money laundering (AML) efforts sufficient to fight the evolving financial crime threat? Are they effective? What improvements can be made to AML frameworks? This is the first in a series of articles in which we will be asking profound questions of current AML practice, and presenting the case for a major rethink of AML regimes.
A crisis will bring out the best and worst of society and the current COVID-19 pandemic is no different. A crisis like this challenges us all to consider our actions and how we respond, this article looks at the positive ways that people have responded but also how criminals have sought to take advantage of it, in particular with the rise in identify theft.....More
The US Data Privacy Shield was in place to protect personal data of EU citizens when transferred out of the EU to the US. The CJEU’s conclusion that the Shield does not provide “essentially equivalent” protection of personal data to that under GDPR and EU law has potentially serious implications, some of which we explore in this analysis.
The hack of around 130 high-profile Twitter accounts reveals that nobody is immune from cybercrime. Here’s what you can do to protect your firm’s cyber defences.
A comment on the fine imposed by the FCA on Commerzbank, and a discussion of the wider implications.....More
Current thinking around anti money laundering (AML) is flawed and is in desperate need of a rethink. The fundamental nature of money laundering, and how we combat it, needs examining.
COVID-19 represents a special challenge for all organisations. As well as exacerbating existing concerns, it has ushered in a slew of new ones. If these issues are to be successfully addressed, firms need to understand new and existing risks that pose a threat to business.
In today’s world there are many routes to consider when looking at further learning. However, professional qualifications offer unique benefits that give them an edge over the alternatives. Below we look at some of these benefits, and how ICA offer a fresh approach to further education.
In this article we will look to define non-financial misconduct and highlight why it is of increasing importance to firms and other organisations across most industry sectors and jurisdictions.....More
Key highlights and quotes from the Big Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals this year.
It is incumbent on us as part of the compliance community to speak up about the troubling racial violence occurring in the United States and around the world.....More
Starting a new qualification is an exciting time: new experiences, the prospect of acquiring knowledge and developing your skills. However, it can bring its own challenges, even outside of the unusual circumstances we find ourselves in currently. Receiving an assignment may see that initial excitement quickly becoming anxiety and concern.
COVID-19 elevated virtual learning from a useful option to a crucial function, enabling employees to continue learning in challenging circumstances. Now more than ever it requires virtual learning to be effective, with a clear structure and definitive outcomes. But it needs more than these for it to flourish, and leave a lasting impression on learners.
With governments around the world having intervened to curtail non-essential travel and social gathering to minimise the spread of COVID-19, more of us than ever are now working from home.....More
Iona Bain explains how COVID-19 will shape young people’s financial lives, and considers measures necessary to save a ‘lost generation’
Anti-bribery and corruption (ABC) is a high priority for compliance professionals in all businesses, indeed all areas of life. We have witnessed the “Feds Indict Footballing Aristocracy” within the investigation of the institutional bribery and corruption practices routinely applied by FIFA.
Crises rarely announce themselves in advance, and the COVID-19 pandemic is no exception. Criminals, always unscrupulous, have seized the opportunity presented to them by the pandemic to exploit new technologies and existing products and services to carry out their illicit activities.....More
Today, more than ever before, compliance professionals must contend with myriad challenges including rapid digitisation, technological disruption, fast-moving regulatory change, and new forms of risk. As a result, their capabilities are coming under increased scrutiny, with many asking the question: how does the skillset of the modern compliance professional need to evolve for the function to be successful?
The three lines of defence model is an important way of managing risk within a business. If you're working in the second line and have recently moved to the first line, you could find this a daunting experience.....More
Moving to virtual learning can be daunting but it can also be an exciting new way to learn. As workshops and seminars move online, we have highlighted 4 ways that you can maximise your virtual learning experience.
Italy, a region in quarantine, is experiencing a spike in attempted cyber-attacks to capture the login credentials of employees working remotely during the coronavirus pandemic. But not all the attacks have been successful, and that’s where the lessons lie.....More
5 tips for being more productive and getting the most out of working from home
Identifying suspicious activity is both a regulatory requirement and a business imperative. However, it can be an extremely resource intensive, and consequently expensive, exercise. A system that is both effective and efficient can therefore bring significant regulatory and cost benefits.....More
Anyone with Compliance responsibilities will know you need a wide range of interpersonal skills to be resilient, successful and effective. The secret is to improve your emotional intelligence. Two sample podcasts are available here and provide small bursts of practical advice of relevance in the current climate.
ICA's regular webinar series presenter and author of the ICA Specialist Certificate in Anti-Corruption, Penny Milner-Smyth, is the featured guest on the Great Women in Compliance (GWIC) podcast.....More
1MDB, the financial scandal linked to prominent figures in Malaysia, is under investigation in a number of countries, and those alleged to have committed crimes are slowly being brought to justice.
On International Women’s Day, we caught up with Angelia Lee, Sandra Horma and Alice Chen, who were on a 'women in compliance' panel at the 2nd Annual APAC Conference last year. They share their great insights, experiences and advice for other women in the compliance industry.....More
Sanctions are a really useful tool in global politics, but they aren’t perfect. This insight article explores four ways that sanctions could be improved and made even more effective in their design and implementation.
For those considering a career in the world of compliance, or those at an early stage of their compliance career, this blog will explore some of the options open to you, and address any questions you haven’t found the answer to – as well ask questions you haven’t yet considered.....More
The cost of financial crime to the global economy is estimated at $1.45 trillion, according to Thompson Reuters report. Eye-watering even as an estimate, the figures are, however, no less alarming when broken down. In the Asia-Pacific region for example, financial crime is thought to cost local economies a combined $166 billion (unsurprising, perhaps, to those who have been following the 1MDB trial).
Individuals working in compliance may know what they are required to do in respect of CDD – and know how to do it – but may be unsure or confused as to why. Here are four questions that those working in compliance and conducting CDD might be asking themselves on a regular basis.....More
The Basel Committee of the Bank for International Settlements recommends the CAMELS rating system as an early warning mechanism for the assessment of the overall soundness of banks.
The role of the compliance officer has changed. Typical compliance responsibilities – interpreting regulations and legislation, creating policies and advising various business areas of their compliance requirements – remain fundamental, but as compliance develops so do the requirements for a compliance officer.....More
Ensuring your employees are adequately trained in anti money laundering (AML) is a crucial component of managing financial crime risk. Not only is it vital to protect your firm, but its often required by regulations.
Facebook’s tough few years symbolises the danger of underestimating risk. Compliance professionals can learn from the company’s mistakes to protect their own firms in an unpredictable environment in 2020.
One of the tools used to understand corruption risk is the Corruptions Perceptions Index (CPI), published on an annual basis by Transparency International, who work globally in leading the fight against corruption. The 2018 CPI, published in early 2019, ranked 180 countries in terms of how corrupt their public services are perceived to be, on a scale of 1 (highly corrupt) to 100 (very clean).....More
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