Many of the problems European compliance officers faced in 2020 will remain in place going into the new year, but new risks and new regulations will also present new challenges.
AML
Posted inAML
Compliance pros, cons included in Congress defense spending bill
Beneficial ownership provisions contained in Congress’ defense spending bill should go a long way in the fight against money laundering, but holes in the bill’s proposed whistleblower program are open for criticism, says Aaron Nicodemus. For more Nailed It or Failed It, click here.
Posted inEurope
Norway’s DNB facing potential $45M AML fine
DNB ASA, Norway’s largest financial services group, is facing a potential fine of NOK 400 million (U.S. $45.4 million) for inadequate compliance with the Norwegian Anti-Money Laundering Act.
Posted inEurope
Cryptocurrency’s future: What compliance needs to know
Cryptocurrency is complicated, but it’s not going away anytime soon. David Povey of the ICA takes a look at what regulators are trying to do and offers tips on where compliance officers can go to study this complex topic further.
Posted inRisk Management
ICA partnership offers AML education in Lithuania
The International Compliance Association announced a partnership with Kazimieras Simonavičius University in Lithuania to offer the ICA’s full suite of professional qualifications.
Posted inRisk Management
Survey: Machine learning will (eventually) help win the war against financial crime
While the war against financial crime wages on, machine learning and artificial intelligence may give financial institutions the upper hand, according to a recent survey.
Posted inRisk Management
More data, more problems with FinCEN international transfer proposal?
A recent international wire transfer rule change proposed by U.S. regulators could go a long way toward combatting terrorist financing, but the increased transaction reporting may overwhelm an already taxed system, writes Martin Woods.
Posted inEurope
Julius Baer reserves $80M for FIFA corruption settlement
Julius Baer has set aside nearly $80 million in a proposed settlement with the Department of Justice regarding the agency’s corruption investigation linked to world soccer federation FIFA.
Posted inEurope
Working together to stop money laundering: A conversation with Marcus Pleyer
Dr. Marcus Pleyer, president of the Financial Action Task Force, emphasized his commitment to stopping money laundering in a wide-ranging and forward-looking discussion at the ICA’s BIG Compliance Festival.
Posted inEthics & Culture
CCO Philippe Vollot has a plan for Danske Bank’s compliance reboot
Danske Bank CCO Philippe Vollot knows his journey to build a robust compliance program and culture at the troubled lender is far from over.
