Third-party risks around financial crime are accelerating and becoming more complex. Evolving sanctions rules, a renewed focus in the EU and UK on money laundering, bribery and corruption, and the UK’s Failure to Prevent Fraud criminal offense all put the onus on companies to understand exactly who their third parties are, who is behind them, and how they expose them to risk.
Ruth Prickett
Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine for the Chartered Institute of Management Accountants, for many years before relaunching and editing Audit & Risk magazine for the Chartered IIA. She has written for a wide range of specialist business titles and drafted white papers and reports for clients including HSBC and Vodafone.
Posted inSanctions
Why the rise of countersanctions is increasing compliance risks on multiple fronts
Compliance teams in global companies are already grappling with constantly evolving sanctions regimes in the US, UK, and EU. Now, they must also watch countersanctions emerging in countries including Russia and China.
Posted inAccounting & Auditing
Compliance urged to respond to consultation on modernizing international audit standards
Important revisions to three International Standards on Auditing are now open for consultation.
Posted inFinance
Man City Football Club facing penalties for breaking financial compliance rules
Manchester City Football Club faces penalties for falsifying its revenues using sham contracts and misstated financial accounts. The Premier League announced that an independent commission had found the club guilty of all serious charges against it.
Posted inSanctions
Data leak reveals Russian fintech providing sanctions-evasion-as-a-service to launder payments via global banks
Billions of dollars have been laundered through big-name global banks by the Russian A7 payments fintech.
Posted inAccounting & Auditing
FRC revises two auditing and assurance standards to align with international ethics code
The UK’s audit regulator has revised an auditing and an assurance standard, both relating to ethics. The FRC said that the changes ensure that UK standards remain aligned with standards issued by the IAASB.
Posted inTechnology
FCC bans on foreign-made robotic devices, routers, and power inverters extend compliance risks
The move confirms a trend towards expanding national security controls into broader product categories that will affect many more compliance teams than previously.
Posted inArtificial Intelligence
Deloitte survey exposes compliance gaps as a third of employees admit using shadow GenAI at work
Nearly a third of generative AI users bring their own GenAI tools to work and use them without their employer’s knowledge, raising important compliance concerns over issues such as cyber risks, copyright and audit trails.
Posted inArtificial Intelligence
In the AI governance race, EY’s Dilek Çilingir explains how compliance can keep AI in step
AI has driven massive change in three years, but governance hasn’t kept up, creating integrity and compliance gaps. Risks from hallucinations, misunderstood outputs, and democratized use are now clearer, while some organizations are cutting soaring AI costs.
Posted inRegulatory Enforcement
FCA warns firms to tighten non-financial misconduct compliance after Crispin Odey’s lifetime ban upheld
The U.K. financial regulator has warned firms that it won’t tolerate a “slapdash” approach to ethics and non-financial misconduct.