All International Compliance Association articles – Page 2
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ArticleMind your language: How small changes in phrasing make big differences
Risk and compliance professionals are tasked with trying to change attitudes and behaviors to achieve their goals. Subtle adjustments of emphasis and wording can have a significant impact on their success.
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Financial crime within the metaverse
The momentum gathering behind the “metaverse”—a universe of virtual worlds built on blockchain technology—should be of keen interest to everyone in the regulation and compliance space, given its potential impact in terms of business, ethics, financial crime, and safety.
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Transaction 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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ICA announces MENA financial crime compliance conference
The International Compliance Association, a leading professional body for the compliance community, announced its first MENA 2022 Regulatory and Financial Crime Compliance Conference on at the Fairmont Hotel, Dubai.
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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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FedEx’s social mission: Diversity drives better business
FedEx’s DEI strides—including becoming a minority-majority employee company in the U.S. for the first time in its history in fiscal year 2018—are not by accident. The company’s long history of hiring a diverse workforce and promoting from within is among the keys to its success.
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Growth vs. green: FedEx’s environmental balancing act
When FedEx published its first Global Citizenship Report in 2008, its greenhouse gas emissions were already top of mind. Yet, the company has struggled to strike a balance between achieving year-over-year decreases in total emissions while it has expanded in the last decade-plus.
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‘A marathon, not a sprint’: FedEx carbon-neutral pledge tests longtime ESG efforts
In March 2021, FedEx announced an audacious goal: to achieve carbon-neutral operations globally by 2040. How did the company develop this pledge, and how will it track its progress and hold itself accountable to intermediate goals?
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Desire for transparency launches FedEx on ESG journey
Since 2008, FedEx has produced detailed reports on its ESG initiatives. The company’s chief sustainability officer discusses the decision-making process behind the first report, determining materiality, and more in Part 1 of this four-part special report, published in partnership with the ICA.
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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.
