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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.....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.
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
We asked nine prominent chief compliance officers what they can do or are doing to create a more progressive workplace.
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
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 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 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
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.
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.
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).....More
In what has become something of a festive tradition at ICA, we’ve collated the biggest of these fines issued by both OFAC and the FCA this year to see what lessons can be learnt for 2020.
A brief comparison of the key outputs from the Office of Financial Sanctions Implementation's (OFSI) annual reports
‘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.
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
Unpredictability is the new normal. What does 2018 hold for our industry?
As technological innovation sweeps the financial sector, the compliance professional faces developments of huge consequence.....More
Bribery and corruption is a global issue, generating increasing public outcry and requiring international coordination. The direction of travel is clear – anti-bribery and corruption (ABC) is – finally - firmly on the agenda of government agencies, non-governmental organisations, media outlets and the public.
It’s all focus on France at the moment. A few weeks ago it was widespread strike action which was grabbing the world headlines as protests against reform of the French labour code caused significant disruption across the country. And now, with the 2016 European Football Championships progressing towards its conclusion, the Tour de France will be hot on its heels showcasing the beauty and variety of the French way of life.
Tous les yeux sont tournés vers la France ces derniers temps. Il y a de cela quelques semaines, les grèves générales suite à la proposition de réforme de la Loi Travail ont perturbé le pays et fait les gros titres. Aujourd’hui, la fin de l’Euro de football approche et c’est le Tour de France qui prendra bientôt le relai et exposera la « manière de vivre à la française » aux yeux de tous.....More
The UK-led Anti-Corruption Summit held in London earlier this month attracted some significant publicity, much of which focused on David Cameron’s inadvertent remark that Nigeria and Afghanistan were ‘fantastically corrupt’.
The final report of the Fair and Effective Markets Review (FEMR) was published last week. Commissioned in response to the series of scandals that have blighted the fixed income, currency and commodities (FICC) markets, the Report’s account of the shortcomings that led to such scandals is depressingly familiar; a combination of:....More
In a recent speech at the New York Federal Reserve, Barclays Chairman Sir David Walker argued that: “Regulators cannot and should not try to regulate culture, which is a matter for the individual entity”.
What do you think the future holds for compliance? How much of a threat is social media to your firm? How difficult is it to lead a culture of integrity?....More
Up to 1 Billion USD$ in fines. Group Head of Compliance David Bagley quits. Huge reputational fallout and remedial action required. A disastrous scenario for HSBC, and a time for all working in anti money laundering to take stock. What are the lessons to be learnt.
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