Insight

Top 5 fines of 2018: Lessons Learned from Enforcement Action

As Father Christmas prepares his list of who has been naughty or nice, I thought it would be interesting to take look at enforcement action in 2018 from around the world and consider some New Year’s resolutions that compliance professionals may want to make in 2019..... More

Navigating the bribery risk this Christmas

Christmas – the season of gifts and giving. Nobody needs reminding that we already hurtling our way full speed towards the Big Day, but for businesses it is the time of year when a useful reminder on the dangers of bribery is required.

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

Guy Fawkes Night: Celebrating counter-terrorism

Guy Fawkes Night celebrates the failure of the Gunpowder Plot to kill King James I at the Palace of Westminster on November 5, 1605. There’s something modern, and therefore something we recognise, in the Gunpower Plot: it featured a small group of fanatics, whose plan was wildly ambitious, violent, and spectacular in its execution

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..... More

How much do businesses know about competition law?

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

What I learned during my year as a student

At International Compliance Training we try always to underline the virtues of learning. To show you that we practice what we preach, I want to share my own experience as a student over the last twelve months..... 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.

How to use a football club to launder money

Identify a football club in distress.... More

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.

[Infographic] FATF Reports in Brief: Human Trafficking Infographic

In August this year, the Financial Action Task Force (FATF) published a new report that aims to raise awareness and provide an updated and more precise understanding of the financial flows related to human trafficking..... 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

Mental Health in a Changing World

October 10 is World Mental Health Day. One of the themes this year is ‘mental health in a changing world’.

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..... More

17 insider tips for writing an ICA assignment

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?

International news and developments - August 2018

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Meet an ICA Member: Muhammad Rizwan Khan

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

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?.... More

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.

The fundamentals of integrity

Integrity is hard to pin down. We know that some people have it and some people don’t, but in terms of one’s character, true integrity, particularly in adults, is fixed..... More

More focus required on professional money launderers

The Financial Action Task Force (FATF) has recently produced a report looking at the ways in which individuals and organisations, known as professional money launderers (PMLs), are charging fees or commission for providing a money laundering service to criminals.

Is your employer investing in your professional development?

'It is better to know how to learn than to know’ – Dr Seuss..... More

International news and developments - July 2018

Systemic failures in the betting and gaming sector

The betting and gaming sector has been the recipient of a number of financial penalties over the last eighteen months for a lack of compliance with statutory and regulatory measures.... More

Getting the measure: the SMCR challenge

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

Between the lines: The transformation of the AML landscape

The landscape of financial crime risk has been transformed in recent years with ever-increasing lapses in the anti-money laundering (AML) risk controls of global financial institutions..... More

Pakistan added to FATF Grey List

The FATF’s International Cooperation Review Group (ICRG) identified four key areas of concern in respect of Pakistan; can these be resolved?

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

Given ample opportunities, Canara’s inadequate action led to FCA fine

The £896,100 fine recently imposed on Canara Bank by the FCA is a useful example of the thinking behind penalties issued by the UK regulator.

International news and developments - June 2018

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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?

Your career, your way: 7 ways to find the right professional qualification

In an environment that changes continually, it’s important to have the right toolkit to perform your duties confidently and competently. As a result of this ever-changing environment, qualifications become an essential part of your career trajectory..... More

Learning and motivation: The art and science of self-study

Motivation is something of a troublesome beast. And I admit, there is always a feeling of discomfort when it comes to writing an article on motivation: there's so much inspirational content on the Internet at the moment that we’re practically drowning in trite quotations and self-appointed motivational figures who inhabit our social media feeds.

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

How important is company culture?

What is company culture and why does it matter so much?

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..... More

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?

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..... More

International news and developments - May 2018

With the US out of the Iran deal, the EU considers ‘Blocking Regulation’

In 2015, an agreement, known as the Joint Comprehensive Plan of Action (JCPOA), was drawn up in which Iran agreed to curtail its nuclear activities in return for the lifting of UN, US and EU sanctions..... More

The changing face of compliance

In this article, Keeley Fitzsimmons, Training & Development Manager at Broadgate Search, provides an insightful overview of what employers are looking for from Compliance teams.

With a FATF visit looming, Hong Kong steps up AML/CFT efforts

FATF’s mutual evaluation in Hong Kong later this year will be its first evaluation in the territory since 2007..... More

International news and developments - April 2018

EU fifth anti money laundering directive (5MLD)

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

How high risk is trade finance?

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

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

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Which ICA qualification is right for me?

We get asked a lot of questions about ICA qualifications. That makes sense given our role as a training provider. The questions range from ‘will this qualification land me a new role?’ to ‘what course is right for me?’. While we are always happy to have a chat about options and suitability, and make recommendations, fundamentally the qualification you select has to be your decision.

Are we becoming a cashless society?

Biometric technology, contactless cards and online shopping. Is this the beginning of the end for cash?.... More

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.

International news and developments - March 2018

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SMCR Extension – What do I need to know?

You could be forgiven for thinking that the Senior Managers and Certification Regime (SMCR) is old news – been there, done that, move on to the next thing. This could well be the case if you work in the banking sector, but for the rest of the financial services fraternity it is most definitely up there on the ‘things to do’ list.

Breaking with Tradition: Rethinking Financial Crime Policy Management

In the wake of the Criminal Finances Act 2017, what is the future of financial crime policy management? Within the realm of financial crime policy management, there is an established and traditional approach to responding to legislative evolutions. As required by regulations, the first and fundamental step is the establishment and maintenance of policies, controls and procedures to mitigate and manage risk (UK Money Laundering Regulations 2017)..... 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?

International news and developments - February 2018

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Money Laundering & Financial Crime: Typology Update 2018

It’s been a few months since I last did one of these and wrote about the Pakistan Lottery Typology. There’s been a few things which have caught my eye since then so I thoughts I’d share them. No particular order. I’ll look at some similarities at the end though.

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.

How many languages does a financial crime professional need to speak?

It seems not a day goes by at the moment without some mention of Bitcoin, cybercrime, political machinations, Brexit, global instability or the drivers of radicalisation, amongst other things. On top of this, there are even TV dramas about most of these subjects..... More

2018: elections, cybercrime, Bitcoin and bribery

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

International news and developments - January 2018

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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?

Cryptocurrency prices and money laundering – Is there a link?

As Bitcoin prices rose from $1,000 to $19,000, Ethereum from $8 to $715 and Ripple XRP up from $0.0064 to $3.79 in under 12 months, I found myself wondering, can this all be true? What is the story behind these obscene gains? Is this a wonder drug promising immortality to mankind?.... More

5 reasons why your employer should invest in your professional development

Uncertainty in regulated sectors, as well as the proliferation of change, often leaves compliance professionals feeling that they cannot keep apace of these rapid changes.

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

The five hour rule: the benefits of deliberate learning

The five-hour rule has become synonymous with inspirational leaders around the world. What is it and who abides by it? Bill Gates? Yes. Barack Obama? Double yes. Oprah? You guessed it, yes. The five-hour rule is a relatively new term, but one that is perfect for explaining success. Whatever your personal opinion of the aforementioned leaders, their success is undeniable.

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..... More

4 career-enhancing reasons to attend our free global briefing sessions

Knowledge. Community. Recognition. Study for a worthwhile qualification that is trusted by employers. Register today.

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.

What is CPD and why is it important?

The start of a new year is usually accompanied by a renewed focus on oneself and one’s goals. The passage from one year to the next causes many to reflect, particularly on how positive change can be implemented the following year to enrich one’s life. The ‘new year, new me’ philosophy is one that lots of people find to be a useful motivator..... More

International news and developments - December 2017

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