Deepa Chandrasekhar considers the significance of the recent OFAC decision to sanction cryptocurrency exchange Suex
Are you inadvertently contributing to criminality? As we acclimatise to the ‘new normal’, we examine how the global pandemic has helped facilitate unprecedented growth in the UK’s counterfeit market and how compliance professionals utilise their skills to combat it.
Proper due diligence work is very important; so important, that it is vital it isn’t undermined in practice by banking and finance professionals, nor by the firms in which they work.....More
The political fallout has been described as ‘the biggest diplomatic crisis in transatlantic relations since the Iraq War
Recently, we conducted a poll of ICA members and the wider compliance community on sustainability and the role compliance has in addressing it. The results were not only revealing, but pointed to a potential new direction for compliance as its responsibilities expand.....More
This blog series will explore sensitive questions around whistleblowing. It will consider the social and individual processes that surround deviant corporate behaviour and why these are strong barriers to ‘speaking up’. It will also ask how we can bring those barriers down. A field operation plan for whistle-blowers will also be built, sharing techniques that individuals can adopt to assist them in the face of corporate misdemeanours.
Throughout this mini-series, we have explored how compliance faces unprecedented challenges and exciting new opportunities in our rapidly changing, digitising world.
A recent roundtable, sponsored by Wolters Kluwer and organised by ICA, looked at the importance of balancing machine learning (ML) and artificial intelligence (AI) with human intelligence and intervention.
Many aspects of life over the last year have stagnated as a result of the COVID-19 pandemic, with the virus grinding whole countries and economies to a halt. However, one thing that defied the slowdown – depressingly – was the number of human trafficking victims.
In this week’s #ICAInsight, Teodora Harrop considers what can be learnt from recent enforcement action and provides best practice examples from which firms can learn.....More
An effective GRC practitioner must face problems rather than avoid them, hold to principles when it is easier to dodge them and challenge commonly accepted beliefs when needed. What psychological research tells us is that these qualities do not come naturally to us as humans.
We are already seeing signs that the 2020s will be vastly different from the 2010s and unrecognisable in many ways from, say, the 1980s. Back then, a ‘job for life’ was a reality and a career within a single profession or trade, perhaps even with the same employer was common place. These days, rather than seek a job for life, Generation Z are more likely to question how they can leverage their value now and start their own business or, at least, a side hustle. This article will explore these differences and look at how compliance could be reimagined in the future and who is best suited for a role within this burgeoning industry.....More
Recent research from the FCA revealed that, by October 2020, 27.7 million adults (53%) possessed some characteristics of vulnerability
A recent roundtable on best practice for risk assessment, sponsored by OneTrust and organised by ICA, uncovered some fascinating insight from those on the front line of compliance.....More
Many employers all over the world recognise the value of ICA qualifications in increasing the confidence and ability of their staff
Here are five reasons that funding a course for your employee can be a wise investment
Wildlife trafficking is a big issue. We’re not just talking about endangered animals from Africa being poached and sold on the black market. There are many other ways that wildlife trafficking can be a part of your life, without you even realising it.
Share your input into a short survey about your organisation’s approach to sanctions control
The 2021 edition of the BIG Compliance Festival, the biggest event for compliance professionals globally, attracted over 650 participants from 82 countries worldwide. Attendees enjoyed an array of insightful presentations on a variety of topics. Below we present a summary of some of the event’s highlights and key takeaways from the discussions that took place.
Curiosity is not often seen as an attractive trait: as the saying goes ‘curiosity killed the cat’. But for compliance professionals, I would argue that it is a key skill we need to improve both personally and professionally, and in order to protect our firms from risk.....More
The nexus between transnational organised crime and terrorist financing is a contentious, ongoing topic of debate. The extent of their connection is disputed, but what is accepted is that the motivation and ideology of a terrorist differs fundamentally from that of organised criminal groups.
Over the last five years, there has been a significant shift in the sanctions world, from traditional jurisdictional and list-based sanctions to those that are more nuanced and thematic.....More
As ESG disputes against financial institutions heat up, financial institutions must improve their governance, risk management processes, policies and disclosures.
There are plenty of unanswered questions following the recent meltdown of family office Archegos Capital Management—and plenty of compliance lessons to be learned.
It’s no privately held belief that our collective anti-money laundering (AML) endeavors are failing. Even with multiple laws, regulations, rules, and guidance that work alongside armies of AML professionals funded with billions of dollars, we continue to seize less than 1 percent of funds laundered. Some parties ponder how and where can we improve.
The key steps you can take to maximise the potential for professional success that your ICA qualification offers.....More
In a rapidly changing digital world, thinking around compliance needs reframing. The question today is whether compliance can keep up in world moving faster than any had thought possible
When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions
A global panel of experts with law firm Gibson Dunn share insights around recent anti-corruption developments in some of the world’s largest regions, including China, India, Latin America, and Africa.....More
What challenges and opportunities does artificial intelligence present and how can risk and compliance practitioners best respond to these? James Thomas reports on recent ICA Roundtable events
What is the real value and benefit of training to the modern compliance professional?
The UK has completed the process of leaving the European Union. This article is a follow up to a previous piece where the complicated relationship between sanctions and the UK’s transition from the EU was assessed. Here we will look at the reality of post-transition UK sanctions and the new sanctions landscape in the UK.
As a global organisation, we understand that diversity and inclusion is different around the world - the challenges faced by different groups vary significantly.....More
Most people understand and accept that human decision-making is tainted by bias. But what is less well-understood is how these human biases can creep into technology intended to streamline, improve or make fairer decisions made by machines.
James Thomas considers fraud risks associated with cryptocurrencies in the context of COVID-19
2020 has been a year that most of us would gladly forget. Nevertheless, as we look towards 2021, it is worth considering the lessons learned over the last 12 months, assessing the evolving landscape, and (where possible) drawing on any positives that have come to light. This article considers some of the main features of fraud in 2020 and highlights potential trends for the coming year.....More
As the UK leaves the EU there are some areas of legislation that will diverge from one another, sanctions is one of these. The UK adheres to both UN and EU legislation and once it leaves the EU framework it will be responsible for it’s own fate. With the transition period coming to an end, this piece will look at how the UK is preparing to strike its own path and the complexities involved in future relationships with the EU and other countries.
As the compliance world continues to evolve and the number of internal investigations increases, the skillsets needed by compliance staff are changing. This article discusses some of the reasons behind the growth in investigations, how compliance skills are evolving as a response, and the rising importance of technology-based investigation knowledge.....More
Absorbing bribery and corruption statistics provided by the UN is, even during gentler times, a sobering experience. This year’s figures were as bold and quietly unsettling as ever, in a neat symmetry of the year itself. But the accompanying comments by UN Secretary-General did offer something new.
This e-book will reveal how money launderers target life insurance to their advantage, and how professionals working within the sector can prevent and detect it, bringing benefits to your organisation and the wider society.....More
If you’re investing in an ICA qualification, you will want to ensure that you are getting a positive return on your investment. Here’s a quick look at some of the ways in which an ICA qualification can help you reach this goal.
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.
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.....More
A summary of part two of the Big Compliance Festival with highlights and key points from the sessions.
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.
Experts offer best practices on how to ensure your D&I policies, training, and resources are sufficient at this social and cultural inflection point.
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.....More
As a small child, how many of us dreamt of becoming a money laundering reporting officer? None, that’s how many. So, what makes the role of the MLRO today an attractive one? Here are the top ten reasons to take up the life of an MLRO.
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?....More
As remote work suddenly became commonplace during COVID-19, an existing information challenge was greatly magnified: how to record online data sources that are difficult to monitor and manage.
This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance....More
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.
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.....More
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
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.....More
This is the question we get asked the most. Although you can find out more by signing up to one of our free online Briefing Sessions, the guidance below will help to get you started.
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.....More
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.
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.....More
ICA's BIG Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals in 2020.
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.....More
A comment on the fine imposed by the FCA on Commerzbank, and a discussion of the wider implications.
Automation and artificial intelligence (AI) are set to pose a unique challenge to the future workplace, including the compliance profession. How should compliance respond to such innovation?
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.....More
The answer to being more effective at stopping money launderers is to challenge the value of processes that are clearly failing. Financial crime expert Martin Woods explains.
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.....More
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.
Key highlights and quotes from the Big Compliance Festival 2020, the BIGGEST online event for regulatory and financial crime compliance professionals this year.....More
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.
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.....More
The last few weeks would have seen the completion of the English Premier League season, followed by Euro 2020 hosted in a range of European cities. That was, until the world shifted.
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.....More
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.
Job loss, financial difficulties, health concerns and change of personal circumstances are some of the by-products of the current pandemic affecting the public.
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.....More
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.
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?....More
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.
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.....More
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.
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