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Insight

Compliance

Who will be suited to compliance roles in the 2020s?


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

5 reasons why your employer should sponsor you to do an ICA qualification


Many employers all over the world recognise the value of ICA qualifications in increasing the confidence and ability of their staff

Are compliance officers good board material?


Outside of our profession, a common frame of reference for compliance is the historical context of enforcing rules and regulations....More

How global compliance works at the local level


This insight article will consider what global compliance looks like at a local level. It will also examine how different regions understand and adapt definitions of compliance to their own purposes, and the consequences of this for businesses.

Can a compliance team change a culture?


Compliance teams need to think and act more holistically, strategically and embrace innovation – to ‘design in’ rather than ‘bolt on.’ It’s vital they play their part in unlocking synergy and adopt a mindset that values reflection.....More

BIG Compliance Festival 2021 - Highlights


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.

Why curiosity is important for compliance professionals


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

Combating terrorist financing: Coordination and the ‘human element’


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.

7 reasons why individuals enter compliance


Now is the time to get involved in an exciting, expanding industry bursting with opportunities....More

Compliance lessons from the Archegos meltdown


There are plenty of unanswered questions following the recent meltdown of family office Archegos Capital Management—and plenty of compliance lessons to be learned.

How do I begin a career in compliance?


Historically, compliance was never a number one career choice. This has now changed.....More

Banks filing more SARs amid pandemic; is this the right approach?


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.

Is compliance staying the same in a rapidly changing digital world?


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....More

Bonuses and bias: the risks of variable pay for compliance professionals


When a compliance professional perceives their pay package may be reduced as a result of their actions, there is a risk of biased decisions

Anti-corruption developments in 2020: China, India make strides


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

Compliance training – the real value and benefit to the modern compliance professional


What is the real value and benefit of training to the modern compliance professional?

BIG Compliance Festival 2020 – Part 2 highlights


A summary of part two of the Big Compliance Festival with highlights and key points from the sessions.....More

Ask a CCO: Compliance’s role in D&I efforts


We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.

Managing modern data sources to drive compliance


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.....More

[E-book] Better practices for compliance management


This free to download e-book by Galvanize explains how technology can improve your regulatory and policy compliance

10 reasons why you should be a compliance officer


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

Diversity and Inclusion in the Compliance World – ‘Celebration of People’ Survey


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.

Which ICA qualification is right for me?


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.....More

AI is here and compliance needs to respond


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?

Change is needed - can compliance help show the way? A message from the ICA senior leadership team


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

A case study on why ABC compliance is so important


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.

Shifting sands: The Changing Landscape in Compliance Training


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

Women in compliance


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.

4 compliance career paths – and why they make a difference


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

CDD challenges all in compliance will recognise


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.

The art of listening: How communication cultivates compliance


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

Inside the Mind of the Chief Compliance Officer


The compliance career path has never been a straight line. It’s not like medicine, for example, where you know early on you’re going to be spending a lot of time and money learning to become a doctor. And once you become one, you spend the rest of your working days practising medicine.

ICO draft guidance helps UK firms clarify AI choices


The UK’s data regulator, the Information Commissioner’s Office (ICO), has issued guidance to help organisations explain their use of — and reliance on — artificial intelligence (AI) in decision making and how such technology might impact the public.....More

“Fail to prepare, prepare to fail” - Interview tips


Before attending an interview, go through the job description in more detail. This will give you an understanding of what the hiring manager is looking for.

The compliance response to the SRA’s updated regulations


Compliance professionals employed in SRA-authorised law firms should be busy preparing to support their colleagues to make a safe and appropriate transition.....More

Will AI replace compliance professionals?


Artificial intelligence (AI) is today being adopted across all sectors which will require us to adapt and obtain new skills. People will continue to be needed, but the types of jobs that they do will change.

Vulnerable Customers: The new hot topic


‘Vulnerable Customers’ is not a topic you can avoid if you are a compliance professional in the retail sector. While the UK may be leading in the implementation of new requirements, many other jurisdictions are incorporating or considering the principles involved. These principles are pretty much incontrovertible and so there is inevitable pressure and momentum behind development of this area.....More

Starting a career in compliance - Part 2


Here at ICA, we are home to an array of rich and diverse compliance backgrounds and, as such, everyone has a story to tell. ICA’s R&D managers and tutors relay their stories, sharing valuable insight regarding careers in compliance. Whether you are a senior compliance officer or someone looking to enter the sector, this will be an interesting and beneficial read.

How to make the most of your ICA qualification


Upon completion of an ICA qualification, you may find yourself wondering what comes next and how you can make the most of your new qualification. Here we discuss the nine key steps to maximise the potential for professional success that your ICA qualification offers.....More

Starting a career in compliance - Part 1


There’s a whole world of professional paths out there. Yet a lot of kids seem to dream of the same options: ‘when I grow up I want to be a vet, doctor, firefighter, police officer’. These are all admirable options, but not many say ‘I want to work in compliance’. Not yet, anyway.

A new study reveals whistleblowing arrangements in UK and European companies


Fresh legislative initiatives and large scandals are thrusting whistleblowing on to the corporate agenda. However, how companies approach internal whistleblowing arrangements varies significantly across Europe. This is according to the Whistleblowing Report 2019 published by the University of Applied Sciences HTW Chur in Switzerland and EQS Group.....More

Why collaboration is vital to combat money laundering


Great strides forward have been made in the general awareness

What are the 6 benefits of studying for an ICA qualification?


Whether you’re new to the industry or taking the next step in your career, it’s important to choose the best compliance training possible. We have put together the top benefits of studying for an ICA qualification & advancing your career.....More

10 year challenge – Middle East and North Africa


Ten years ago, the Middle East was a different place to the one that we see today. You only have to look at a picture of the Dubai skyline in 2008 and compare it to the current one to appreciate the aesthetic changes that have taken place. But it has not only changed aesthetically: the regulatory progress in the region’s financial sector has been equally discernable.

Which ICA qualification is right for me?


This is the question we get asked the most. With ICA Briefing Sessions in full swing at the moment, it seemed like it was worth addressing. So what do we tell you? Essentially, there are two main pieces of advice we normally focuse on when discussing ICA qualifications....More

[Infographic] Skills and Attributes of a Compliance Officer


Have you ever wondered which skills and attributes are useful when working in anti money laundering (AML)? If you currently work in AML, have you considered how your own skills measure up? Here’s a quick look at some of the skills and attributes that a compliance professional may need

Skills and Attributes of an AML Professional - Infographic


Have you ever wondered which skills and attributes are useful when working in anti money laundering (AML)? If you currently work in AML, have you considered how your own skills measure up? Here’s a quick look at some of the skills and attributes that an AML professional may need....More

10 ways to instil a culture of compliance


Despite significant investment in compliance, we still see incidents where things go wrong. In many cases the root cause is the wrong culture and values. How do you drive the right culture across your organisation? How do you ensure everyone is accountable for compliance matters? Below we provide some tips to help support a successful compliance ‘change programme’.

Meet an ICA member: Sheila Patel


I am a Senior Compliance professional with extensive skills, knowledge and expertise of the regulatory landscape and systems and controls, gained through 17+ years’ experience within the financial services industry.....More

Meet an ICA Member: Paul Byrne


I’m Paul Byrne, MICA and Compliance Manager at RA International in Dubai. I’m also an ICA alumni having studied the ICA International Diploma in Compliance and graduating with a Merit. I’ve been a member of the ICA since 15 September 2015.

Meet an ICA member: Robert Dagg


I’ve worked in financial services for 30 years across a range of roles in front office and support functions, leading sizeable teams with multiple jurisdiction responsibilities. I joined the ICA two years ago as a Fellow after graduating with a Post Graduate Diploma in Governance, Risk & Compliance. I’m also a member of the ICA Technical Advisory Board.....More

Governance in Japan: Going, going, Ghosn


Carlos Ghosn has his own comic book, The True Story of Carlos Ghosn. It ran as a strip in the manga Big Comic Superior in Japan in 2001, before being published as a book the following year. In a country obsessed with comic books, Ghosn having his own should give you an idea of the reverence in which he is held for reviving the ailing carmaker Nissan after his arrival in 1999.

Meet an ICA member: Robert Dagg


I’ve worked in financial services for 30 years across a range of roles in front office and support functions, leading sizeable teams with multiple jurisdiction responsibilities. I joined the ICA two years ago as a Fellow after graduating with a Post Graduate Diploma in Governance, Risk & Compliance. I’m also a member of the ICA Technical Advisory Board.....More

Meet an ICA member: Jonathan Harris-Moss


If I’d been asked earlier in my working life to consider a career in compliance, I might have turned my nose up on the grounds that I was trying to become one of those ‘creative types’, unrestricted by rules. Fast forward several years and here I am in 2018, a fairly new entrant into the governance, risk and compliance (GRC) profession.

How much do businesses know about competition law?


The CMA and the ICA are collaborating to ensure that together we can #StopCartels....More

Meet an ICA Member: Paul Byrne


I’m Paul Byrne, MICA and Compliance Manager at RA International in Dubai. I’m also an ICA alumni having studied the ICA International Diploma in Compliance and graduating with a Merit. I’ve been a member of the ICA since 15 September 2015.

Meet an ICA member: Anastasia Savvateeva


Anastasia Savvateeva is a former compliance officer for the Compliance & Risk Management department with KPMG France, and now Anti-Financial Crime & AML Compliance Officer for Deutsche Bank France. Originally from the Ukraine, she has been living in Paris for 8 years having grew up and studied in Moscow.....More

Who is speaking at the Big Compliance Conversation: Singapore Conference?


Live events, done well, can be unparalleled for learning and professional growth. So who is speaking at the Big Compliance Conversation: Singapore Conference?

A look at the illicit financial flows from wildlife crime and illegal wildlife trade


When asked to consider IWT, many people would think of ivory and tiger skins; but it is so much more than that. IWT can be broadly defined as ‘any action which contravenes current legislation (nationally or internationally) governing the protection of animals and plants’ (NPCC).....More

Meet an ICA member: James Leake


As the Global Head of Financial Crime Risk Screening for AML, counter terrorist financing, PEPs and adverse media at HSBC in London, James Leake knows a thing or two about compliance. Let's meet James and take on board his sage advice.

The creeping legalisation of cannabis: compliance lessons from the US ”green rush”


Inconsistent laws, political tension and ambiguous banking regulation. What next?....More

5 ways to become a better influencer


As compliance professionals are becoming increasingly integral advisors to the business, to be competent and impactful in your role ‘influencing’ is a must have skill. But where do you start?

Meet an ICA Member: Muhammad Rizwan Khan


Who are our members and what can we learn from them?....More

How to make third-party risk management less painful


Collecting all the information required to manage your compliance programme is not only time consuming but can be costly. So, how exactly do we propose to make this less painful?

Financial crime prevention: cleaning up the world


Over the last decade the general public has woken up to the environmental issues affecting the planet. Concerted global efforts are now in place to reduce harm caused by pollution and to cut back on waste. The cost of cleaning up the damage already inflicted is now a central focus of national governments. Below, we look at the cost of financial crime and the incredible impact its prevention could have.....More

Getting the measure: the SMCR challenge


David Jackman highlights the challenges associated with efforts to measure whether the SMCR is working

Are multinationals supporting terrorist financing?


French firm Lafarge, a major producer of cement, construction aggregates and concrete, is the subject of a formal investigation by French authorities over allegations of terrorist financing, violating international sanctions and committing crimes against humanity.....More

Is the UK going cashless?


A recent Guardian article has found the cashless approach to be increasingly popular, particularly with businesses in the food and drink sector it seems. Where does that leave pounds, shilling and pence?

The World Cup of Corruption: Part 2


The World Cup has got off to an explosive, entertaining start. We follow up our coverage of each team’s first fixture with Part 2 of our World Cup of Corruption, looking at each nation’s ranking on Transparency International’s 2017 Corruption Perceptions Index. Teams included in Part 2 include Sweden, Senegal, South Korea, Panama, Poland and Japan.....More

The World Cup of Corruption: Part 1


Football itself – and in particular FIFA – has been beset by corruption problems over the last decade. In light of this we thought we would consider each fixture of the tournament through the lens of corruption.

The skills and attributes of a compliance officer


Have you ever wondered which skills and attributes are useful when working in compliance? If you currently work in compliance, have you considered how your own skills measure up?....More

Bitcoin and the ongoing money laundering risk


Cryptocurrencies, such as Bitcoin, will continue to challenge the way in which we conduct financial transactions - and ultimately how we tackle the issue of money laundering risk.

Is the sun setting on BOTs tax haven status?


An amendment to the Sanctions and Anti Money Laundering Bill was approved by the British government in May. The headline news from the amendment was that from 2020 British Overseas Territories (BOT) will be obliged to publish the beneficial owner(s) of all registered companies.....More

EU fifth anti money laundering directive (5MLD)


Here’s an insight into some of the changes put forward in this fifth and latest update.

How high risk is trade finance?


What is trade finance and is it really as high-risk as it is often perceived?....More

What does being a member of ICA do for you as a compliance professional?


The Financial Conduct Authority publishes 2018/19 business plan


The FCA’s business plan for this year has had to strike a careful balance between the considerable amount of work that is going to be taking place on Brexit, which is already well underway, and their other strategic priorities.....More

The RegTech and FinTech Revolution


RegTech is now one of the most talked about innovations in the financial services sector. The added influx of FinTech that has caused the incumbent population of the financial services industry to sit up and take notice. Disruption is a clear and present threat to this community. The revolution is here.

5 reasons to recertify your ICA Diploma


For the first time, we are delighted to offer our Diploma graduates the opportunity to recertify their qualification in either AML, governance risk and compliance or financial crime prevention.....More

Why is it important to know your customer?


Do you ever truly know your customer? And, if you don't does it really matter?

Will an ICA qualification get me a job?


One of the most frequently asked questions is ‘will an ICA qualification get me a job?’. This hardly comes as a surprise.....More

The #MeToo Movement: What lessons can we learn in the compliance community?


Over the past months, the world has witnessed a rise of an unprecedented global movement against sexual harassment and assault. It's time to rethink what constitutes a harassment-free workplace environment and revisit your anti-harassment policies, fostering a cultural shift in attitudes to this issue.

2018: elections, cybercrime, Bitcoin and bribery


Unpredictability is the new normal. What does 2018 hold for our industry?....More

The rise of the unregulated online gambling industry


Should the anti-money laundering (AML) community be concerned at the prevalence of such Bitcoin services, and their open lack of regard to customer due diligence (CDD) controls?

The importance of tone from the top and why it should not be underestimated


As firms continue to navigate the labyrinthine minefield of legislation and regulation and claw their way up the evolutionary ladder of compliance with standards that appear to have moving goal posts, ‘tone from the top’ has never been more important.....More

Five things you need to know about Bitcoin


Bitcoin has taken the world by storm; Simone Jones shares what she has learnt about cryptocurrency over the course of the last year.

Everything you need to know about mobile financial services


Over the last decade, mobile financial services (MFS) have been instrumental in increasing financial inclusion in developing markets. What impact does this have on financial services and the telecommunications industry?....More

Why policy makers should shoulder responsibility for UK failings


In November 2017, Transparency International (TI) published the report Hiding in Plain Sight which further highlighted the attractiveness of UK Plc to those that wish to launder the proceeds of corruption or value of other criminal origin.

Blurring the lines: how technology is shaping illicit finance typologies


As technological innovation sweeps the financial sector, the compliance professional faces developments of huge consequence.....More

United Kingdom Anti-Corruption Strategy 2017-2022


The UK Government recently published their strategy for addressing the effects of corruption across the UK, which will provide a framework to guide the government’s anti-corruption policies and actions. It also underpins the current government’s strengthened focus on economic crime. We thought we’d take a look at some of the key elements.

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

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.

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

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.

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

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?

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

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.

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

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.

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