All ICA Insight articles – Page 2
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ArticleTransaction monitoring: How we can do better
While the requirement to undertake transaction monitoring evolved because of AML legislation, its importance has been magnified and reinforced by increased regulatory attention and significant fines.
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Addressing fraud via social media
Fraud and social media have a special relationship, with the two frequently combining to cause harm, distress, and loss to an enormous number of people.
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The importance of maintenance and record-keeping
Stringent maintenance and record-keeping measures are part of the foundations of an effective compliance and risk management framework, so their neglect is as puzzling as it is unwise.
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Factors to consider when implementing risk assessment technology
With the growing demands of huge data sets, an everchanging regulatory landscape, and constantly evolving typologies, the challenge of assessing, documenting, and managing financial crime risk has never been greater.
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Why beneficial ownership is crucial in supporting current sanctions
To ensure Russian money is controlled, and for sanctions to work, it is imperative the beneficial owners of sanctioned firms are identified. But determining beneficial owners is not always straightforward.
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Webcast Q&A: Managing correspondent banking relationships
Correspondent banking is a vital part of the global economy, but when incorrectly managed can present considerable financial crime risks.
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ICA Insight: Russia sanctions frequently asked questions
Jake Plenderleith of the International Compliance Association answers selected questions from attendees of a recent ICA webinar on Russian sanctions intended to help provide clarity on what firms can do to protect themselves from exposure.
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Five considerations for a transaction monitoring system
Transaction monitoring is an area constantly in the spotlight. David Povey of the International Compliance Association explains five key monitoring considerations for anyone managing or working within financial institutions.
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Greenwashing under the spotlight
Financial institutions have outlined commitments to reduce their CO2 emissions, though many observers have noted a disconnect between what institutions are saying about climate change and what they are doing about it.
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Where are we heading with ESG?
Climate change is no longer a niche interest. If the trend continues, long-term views and ambitions will overtake short-term, “at any cost” profitability because appetites will change. Where must companies focus?
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Learning points from HSBC’s fine for AML failings
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.
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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.
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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.
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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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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.
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ICA: 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.
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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.
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Should lawyers, accountants be filing more SARs?
A study of suspicious activity reporting data in the United Kingdom suggests accountants, lawyers, estate agents, and other service-facing professionals could be doing more to contribute to the fight against financial crime.
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What it takes to work in sanctions compliance
Sanctions compliance veteran Visar Jaha explores for the ICA what it takes to be a successful in ensuring compliance with sanctions regimes within a firm.
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Nord Stream 2 a study in sanctions complexity
The construction of Nord Stream 2 and the accompanying geopolitics at play illustrate how difficult it can be for compliance to respond to evolving sanctions risks.
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