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To Sue or Not to Sue: A Tough Question for Compliance Officers

Whether it’s linked to a case of whistleblowing, a problematic work culture or discrimination, the decision to sue an employer is never easy. For some compliance officers, however, there may come a point in which legal action is the only recourse available to them to expose wrongdoing, protect their professional… Read More

Enhancing Financial Inclusion: Telecoms and AML in Nigeria

The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it’s a payment terminal in the pocket. Every… Read More
By William M. LeoGrande, American University School of Public Affairs The Trump administration has declared the most severe new sanctions against Cuba since President John F. Kennedy imposed an economic embargo banning all trade with the communist island in 1962. Speaking in Miami on April 17,… Read More
Love it or hate it, the risk-based approach (RBA) is a key aspect of compliance work. But what happens when the boss shows up one day with a woefully muddled up RBA plan and expects it to be implemented? A London-based compliance officer recalls being amused at the sheer… Read More
Banks and other financial firms the world over find they are faced with a fluid, fast-changing regime of sanctions programs, and hence they invest in skilled financial crime personnel and compliance solutions to help hedge them from regulatory breaches. It is not uncommon for staff at financial institutions to feel… Read More
Not all deferred prosecution agreements go gentle into that good night. Such at least was the lesson learned Tuesday, when Standard Chartered Bank and the US Justice Department disclosed a 2-year extension to a 7-year-old settlement that required the institution to adopt a host of remedial steps to its sanctions… Read More
Following HSBC’s 2012 money laundering scandal, the Financial Action Task Force called on financial and credit institutions to adopt group-wide financial crime policies. The Fourth EU Anti-Money Laundering Directive (4AMLD), passed in 2015, implemented a similar requirement for European institutions. But to address situations when international firms could not fully… Read More
KYC360 readers will remember that in May 2018 the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) jointly fined Barclays CEO Jez Staley £642,430 for violating a conduct rule requiring individuals to act with due skill, care and diligence. The penalty related to his two attempts to identify whistleblowers… Read More
By James Chin, University of Tasmania The corruption trial of Najib Tun Razak, the former prime minister of Malaysia, has finally begun following two postponements and an attempt on the opening day of the trial for a third. Many Malaysians were starting to wonder if Najib would… Read More
Financial institutions today face scrutiny at an unprecedented level and may be subject to civil and criminal penalties for any wrongdoing, involvement in money laundering schemes and terrorism financing. As a result, FIs are rigorously searching and vetting their data haystacks to ensure they don’t onboard clients with tinted monies… Read More
By Heather Vogell, ProPublica For many years, the federal government has required banks, brokerages and even casinos to take steps to stop customers from using them to clean dirty money. Yet one major part of the financial system has remained stubbornly exempt, despite experts’ repeated warnings that it is… Read More
The issue of culture and conduct is a big deal in the banking sector, the authorities say. Basically, following big scandals and ensuing damages caused, regulators want bankers to change the way they behave, and make them more accountable for their actions. Banks have admitted the need for change… Read More