Bank culture continues to be a problem following the 2008 financial crisis, and strategies formed to prevent money laundering haven’t fared much better. It’s time for a new approach, writes Martin Woods.
Martin Woods
Posted inEurope
Deutsche Bank’s continued AML struggles worth questioning
How is it Deutsche Bank can spend more than $1 billion on compliance enhancements but still be ordered to do more to improve its AML controls? Is the bank to blame or are regulators missing the big picture?
Posted inEthics & Culture
ABN AMRO fine response suggests moral compass of banking is shifting
ABN AMRO CEO Robert Swaak acknowledging his bank’s “moral duty” to prevent money laundering should be welcomed by all in the global AML community as progress, writes Martin Woods.
Posted inRisk Management
Archegos collapse: $20 billion in losses, but a win for compliance
The collapse of Archegos Capital Management may go down as yet another episode that champions the importance of the voice of the compliance professional, writes Martin Woods.
Posted inEthics & Culture
In the battle over whistleblowers, money matters
Is there competition among international regulators with courting whistleblowers? If so, writes Martin Woods, the path to victory is obvious: monetary incentives.
Posted inEthics & Culture
Tolerance key to defining company culture
Many believe culture is all about conduct, but the culture sitting behind the conduct is based upon tolerance and intolerance, writes Martin Woods.
Posted inRisk Management
Banks filing more SARs amid pandemic; is this the right approach?
An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.
Posted inAccounting & Auditing
James Freis did the right thing at Wirecard … but why didn’t anyone else?
At the end of the sorry Wirecard saga, James Freis may be one of the very few former senior employees who can hold his head high, writes Martin Woods.
Posted inRisk Management
Goldman Sachs 1MDB fallout a case study for bonus risks
As Goldman Sachs cuts the pay of its top executives in response to more than $5 billion in penalties incurred for the 1MDB scandal, Martin Woods once again ponders whether bonuses helped facilitate the improper conduct that took place.
Posted inEthics & Culture
Compensation or compromise? The risks of compliance bonuses
Financial crime expert Martin Woods assesses whether incentivizing compliance officers with bonuses may undermine the importance of performing the job with integrity and credibility.