Significant investment in systems has not been fully effective in mitigating financial crime risk. A fine of nearly £64 million (then-U.S. $84 million) imposed on HSBC by the U.K. Financial Conduct Authority in December is a particularly potent example.
Posted inRisk Management
Source of funds/source of wealth: Knowing the difference and best practices
With the similarity of their nature and how they overlap, not to mention how often they are mentioned in the same breath, it can easily lead to confusion when trying to remember which is which between source of funds and source of wealth.
Posted inRisk Management
How compliance can help prevent illegal wildlife trade
Developing a reasonable understanding of the supply chain is the first step in ascertaining whether corporate entities might inadvertently participate or facilitate illegal trading in wildlife.
Posted inFrom the Archive
Ransomware case study training opportunity
Group training accompanying our ransomware case study allow compliance departments, whether remote or in-person, to participate in a team-building exercise focused on unpacking the report and benchmarking their cyber incident response program.
Posted inRisk Management
TRUST: A solution to crypto’s Travel Rule dilemma
Jennifer Lee, head of compliance at Anchorage Digital, highlights the launch of the Travel Rule Universal Solution Technology as “the clearest sign yet that digital asset players, as an industry, not as individual companies, truly care about compliance.”
Posted inEthics & Culture
Making the transition to net zero in the United Kingdom
As the United Kingdom aims to become “the world’s first net zero-aligned financial center,” financial institutions are being required to have “a robust firm-level transition plan setting out how they will decarbonize.” Where should they start?
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CUBE Data Report: Overview of global enforcement trends 2021
In light of the ongoing impacts of the pandemic on the global financial industry, CUBE looks at this year’s regulatory data to analyze the global enforcement trends of 2021.
Posted inRisk Management
How to identify ultimate beneficial owners
As financial institutions continue to face enhanced public scrutiny and potential regulatory attention, it is important they allocate competent resources to their AML programs regarding beneficial ownership.
Posted inEurope
Three major compliance talking points from 2021
With 2021 nearing its end, Jon Prentice of the International Compliance Association recaps three major compliance topics and talking points that have stood out this year.
Posted inAML, Financial Services, Risk Management
Financial crime risk management: Old crimes, new methods
Times and technologies change, but the fundamental means by which criminals attempt to launder money and carry out their nefarious acts are still rooted in the same criminal process.
