Sarah Beth Felix of Palmera Consulting, considers whether The FinCEN Files are a help or a hindrance when it comes to trying to engage both the public and senior management with the challenges facing Financial Crime Risk and Compliance Officers.
The USA's Securities and Exchange Commission as done a deal with Power Solutions International Inc. of Chicago to "settle accounting fraud" allegations related to the company's overstatement of revenues by almost USD25 million.
It's not a criminal case so technically they are not "charges" which is how the SEC refers to them. And there's no judgment because the case didn't go to court. So the term "Order" is an administrative not a judicial document of record. Also, while the buzz is about "accounting fraud" the "fraud" was not the offence which the SEC proceeded with - that was filing misstated accounts.
Having cleared that up, the case is interesting: remember ENRON, anyone?
One of the most persistent forms of fraud, now well over 100 years old, is directory fraud. In a recent iteration, there is at least something a little different.
Press release: A recent ASIC surveillance has found that fund managers must do more to ensure their products are ‘true to label’ – that the product name aligns with the underlying assets.
Should financial institutions consider the character of customers as a risk factor? A recent case in Australia suggests that it might be wise to do so.
London 14 September 2020 From buccaneers and pirates to modern day providers of financial services, the offshore sector has always been about protecting and enhancing the value of assets.
A new e-learning course examines the history of the offshore financial sector, private banking and family offices.
I abandoned using slides in presentations in Europe in the 1990s. Working in Asia, there was an expectation that there would be slides and if they were not used - and handed out to the audience - there was considerable criticism. In many cases, that persists. But in the 2000s, I reverted to presentations without slides which puts the onus on the audience to make notes. It's a policy I have extended to e-learning with intra-course Scenario pages and reinforcement for which note-taking is encouraged. It's why we chose against including a notepad in our e-learning system. My view was simple: I knew that the stuff I remembered best was the stuff I wrote down - even though my handwriting was so poor that, often, I couldn't read it back. The simple act of making notes locked information into my memory, even when I was doing it almost on autopilot whilst listening to what was being said. If it worked for me, I reasoned, it would work for everyone. New research by Hetty Roessingh, Professor...
Financial Crime Risk and Compliance Training (our sister division) has added five pages to its course "Essentials: lawyers and money laundering, etc." New court judgments in Australia are set to revise attitudes to notices compelling delivery of documents.
This is so amateur that it's worth our publishing it. The "reply to" address is at a free and anonymous mail account in Hungary: georgievakristalina01@vipmail.hu . But there is something interesting.
Deutsche Bank will, in the not too distant future, become a cause of study in universities, colleges and business schools across the world. It will become the iconic example of how not to run a bank.
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