Financial crime expert Martin Woods explores how bad actors use crises like the coronavirus pandemic to exploit fear, perceived weaknesses, and obvious vulnerabilities and further their criminal enterprise.
Martin Woods
Posted inEurope
Analysis: Fraud in Germany propels new European AML plan
Financial crime expert Martin Woods reviews the “cum-ex” scandal and how a recent action plan from the European Banking Authority aims to help stop such schemes from burgeoning.
Posted inEthics & Culture
Analysis: Why compliance culture must lead in return from coronavirus
Is managing our return to the workplace a job for the compliance department? The better question may be how can we get all employees to serve the wider compliance effort, writes Martin Woods.
Posted inInternal Controls
Analysis: Oil collapse leaves Singapore traders scrambling
Recent fraud complaints at oil traders in Singapore highlight the risks in the international business of commodity finance, where high prices provide high rewards and low prices can leave lenders exposed.
Posted inEthics & Culture
Analysis: The problem with keeping a secret
You can’t hide behind the numbers, as numerous banks, including Bank Hapoalim, found out recently when rampant tax evasion took hold in Switzerland.
Posted inRisk Management
Cyber-criminals have supply chains, too
All cyber-attacks leave a trail. These trails can be complex, of course, but the criminals cannot avoid them. Thus, they leave a supply chain of intelligence and data.
Posted inInternal Controls
Lesson from Westpac: If you can’t do the simple things correctly, watch out
If a bank or a firm cannot execute on the simple things, such as cash transaction reporting, there is little reason to be confident of compliance in other more complex and challenging areas.
Posted inEthics & Culture
Whistleblowers have never been more important … or more targeted
If there’s anything to be learned from recent examples, it’s that whistleblowers do more than anyone to speak truth to power. That’s why it’s so important they are both listened to and properly protected and rewarded.
Posted inRisk Management
Watch out: Why luxury wristwear could be sign of corruption
Financial crime expert Martin Woods reviews the DOJ’s recent charges against ex-FBI agent Babak Broumand and how a gold Rolex watch led down a path of alleged corruption.
Posted inAccounting & Auditing
Analysis: Luckin Coffee saga a case of déjà vu?
Financial crime expert Martin Woods ponders how the SEC can ensure foreign companies, like China-based Luckin Coffee, that publicly trade in the U.S. can apply the proper standards of compliance, financial reporting, and even whistleblower protections.