CDD is a key part of any firm’s anti money laundering and counter financing of terrorism (AML/CFT) framework. With this in mind, this blog looks at six steps that the reader can take to help improve their CDD.
A proven and effective method of preventing terrorism is disrupting the financial networks used to fund it. This has been known to organisations, regulators and governments for some time now.
Download your free copy of Dun & Bradstreet's latest e-book ‘Busting The Myths That Make Third-Party Risk Management More Painful’ published in association with ICA.... More
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.
Art and antiquities looting was ISIS’s second highest source of income at the terror group’s height. Unique and rare objects from the world’s oldest civilisations were flogged to Europe and North America to raise funds for its activities. The regulatory response from the EU and the art industry has been swift – but is it enough?
Compliance professionals employed in SRA-authorised law firms should be busy preparing to support their colleagues to make a safe and appropriate transition..... More
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.
It is often said that the only constant in life is change, and that certainly rings true for the current regulatory climate. The global nature of financial crime means that all regulators, and firms operating in the regulated sector, must be quick to respond to threats..... More
Broadgate Search sat down with Pekka Dare, Director of Training Education and Development at ICA, to uncover various case studies in the financial sector.
‘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
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.
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
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.
Move over Bitcoin and Blockchain – there’s a new raft of terminology to come to terms with in the form of virtual assets, crypto-derivatives and Libra. Adding to the mix the recent announcement on virtual assets from the Financial Action Task Force (FATF), it’s been a busy few weeks for anyone keeping an eye on the virtual world. In this Insight piece we will be looking at four key updates from recent weeks..... More
Blockchain is capturing the imagination of the financial services for its potential to reduce risk and decrease costs. It’s easy to consider blockchain as a unicorn – elusive, never seen and no one seems to quite know its capabilities. Blockchain is a type of distributed ledger technology (DLT), but what exactly is blockchain and DLT? And how can they be used by mainstream 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.
$2 trillion – that’s the amount of illicit funds estimated to be laundered through financial institutions annually. Worse, financial crime appears to be increasing (see the latest from Insight for the reasons behind the rise). In response, Europol estimate that banks globally are spending $260 billion each year in financial crime defences to combat the issue..... More
At the recent City Week International Financial Services Forum in London, one of the panel sessions focused on the evolution of financial crime, and a statistic highlighted during the session struck a chord with me.
Human trafficking is one of the fastest growing and most widespread criminal activities in the world..... More
Money laundering scandals have been all over the news recently, with banks such as Danske and Swedbank
On 8 May 2019, the Central Bank of Ireland found Campbell O’Connor & Company, a private client stockbrokers.... More
Great strides forward have been made in the general awareness
'An investment in knowledge pays the best interest' - Benjamin Franklin
The Monetary Authority of Singapore details enforcement actions and key initiatives as it launches debut enforcement report..... More
Compliance culture, especially in financial services, is a really important element that can impact on the wider cultural challenges that a firm could face.
Take a moment to look beyond the turbulence of current affairs and traverse the terrain of a global anti-corruption trends monitor. What you will see, may surprise you..... More
It was announced that Standard Chartered has agreed to pay more than $1 billion to US regulators and the UK’s Financial Conduct Authority (FCA). What lessons can we learn from this?
When it comes to customer due diligence (CDD) - what challenges do AML professionals in financial institutions face?.... More
The new Transparency International Corruption Perceptions Index (CPI) has been released and you can see the results here. The Index is used in many financial crime models and is a highly regarded tool for geographic risk insight.
Mutual evaluations from the Financial Action Task Force (FATF) are big news within the anti money laundering (AML) community; its peer reviews provide insight into the AML framework of a country, the key risks that it faces and how those risks are managed..... More
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
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’..... More
US politics inevitably tends to attract greater scrutiny than anywhere else in the Americas. Regrettably, this often obscures that which is unfolding in the southern half of the continent, where very interesting – often odd, sometimes distressing – events are taking place. Last year was a case in point.