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GlobalKYC.com is crowd-sourced information for the financial crime risk management community.

Aussie regulator makes inadequate response to premature release of market sensitive information

Following the release of market sensitive information last week (see Embarrassment for regulator with premature release of market sensitive information) there's an apology, of sorts. Is it fair dinkum or a feeble excuse?

CoNet Section: 
IT & Communications

San Francisco's facial recognition ban.

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The Board of Supervisors for the City and County of San Francisco are a long, long, long way down the pecking order when it comes to legislation. Unlike the US Congress, where Members can pass motions that amount to comment not law, the Board of Supervisors can pass law - but it may well have no practical effect. So exactly what is the newly announced law and how much weight will it carry?

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Conversazioni Fittizie: Malaysian leaders discuss SanFran's ban on facial recognition by government

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Peter Lee
15 May 2019 - 6:30am
Publication: 
conversazioni-fittizie.com

It's not fake news. it's false conversations and it's satire.

As California's San Francisco's Board of Supervisors passes a law to ban the use of facial recognition by law enforcement and other agencies operating within the city. The news reached an incredulous Malaysian Transport Minister who is in the process of implementing a low-tech solution - blacked out car windows through which will defeat all visual surveillance methods.

Read more

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What is a "phoenix" company and what happens when regulators find one?

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The phoenix is a creature of ancient Greek mythology, It was creature of Paradise and, when it became old and frail, it would self-immolate and a younger, stronger, even more beautiful version of itself would rise from the flames. It is also to be found in Egyption myth where, as the "Lord of Jubilees" it symbolised a fresh start The symbolism of the old going down in flames and something new and shiny, but essentially the same creature, replacing it is a far from mythical part of the corporate landscape. Unlike the bird, a corporate phoenix is rarely a good thing.

CoNet Section: 
Insolvency

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The Three Lines of Defence

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It has become fashionable to talk of "The Three Lines of Defence" in relation to money laundering, terrorist financing, etc. Is it just more more quasi-militaristic buzzwords, so loved by Americans, and a pretence of intellect or is there genuine merit here?

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Aussie competition regulator opposes the formation of a super-telco

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The Australian Consumer and Competition Commission (ACCC) has issued a notice opposing a "merger" proposal involving TPG Telecom Limited (TPG) and Vodafone Hutchison Australia Pty Ltd (Vodafone). The reasons include that TPG has been "disruptive" in a complacent market and is "the best prospect Australia has for a new mobile network operator to enter the market." But it's a far more complex picture than that.

CoNet Section: 
IT & Communications

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Embarrassment for regulator with premature release of market sensitive information.

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Here's an interesting situation. A competition regulator, by definition in possession of market sensitive information, has "inadvertently published on line" information relating to a proposed "merger."

CoNet Section: 
Compliance

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Wind Turbines: really green?

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They were claimed to be the solution to fossil fuels. Acres of land and sea have been devoted to the alien structures that make even power-grid towers seem inconspicuous. Now about two decades into what was the future, has the promise of Wind Turbines turned into reality? Are there unintended consequences and are they good or bad?

Publication: 
Little Blue-Green Planet

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Research shows how micro-plastics move around the deep seas

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Research by the UK's National Oceonography Centre (NOC) and the University of Manchester forms part of a broad international collaboration. It reveals that micro-plastics often accumulate on the deep sea floor in the same place as diverse and dense marine life communities. That's no big surprise. But how it gets there is.

Publication: 
Little Blue-Green Planet

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Liquidator convicted of fraud

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Case Summary: 

A joint liquidator of a company "dishonestly redirected" a substantial sum of money from the company's administration account to an account he controlled and then used the money for his own purposes. He has been jailed for seven years.

Type of conduct: 
Fiduciary fraud

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US Treasury publishes "A Framework for OFAC Compliance Commitments".

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Any business that does business in or via the USA, including doing business in US Dollars is subject to US sanctions law. The USA frequently punishes foreign businesses which it says has breached its sanctions law. While the media focus is usually on action against UK and EU banks, the simple fact is that successful actions have been brought against, even, individuals buying and selling goods via eBay. So, when the US Treasury says "this is how to design your compliance system," it makes a great deal of sense to pay attention. Yesterday, that's what it said. So pay attention.

Publication: 
Sanctions In Action
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Dramatic increase in losses by elderly to fraud

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A report by the Australian Competition and Consumer Commission says that there has been an increase of 5% in the number of reports by the elderly of fraud committed against them. The total losses, however, increased by 22%. And they are not the only victims, the ACCC found.

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Securities brokerage Responsible Officer banned for money laundering, etc. compliance failures

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The responsible officer of a securities brokerage has been banned from the industry for ten months as a result of his "failure to discharge his duties as an RO" and a member of the company's senior management. The company has been fined a substantial amount, too.

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Whatever happened to "Brexit"?

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Britons remain European. The deadline for the UK to leave the EU came and went amidst frantic media activity that was eclipsed only by the frantic Theresa May.

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Five things you didn't know about Law Enforcement

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There's much about law enforcement around the world that is a far cry from the image presented in TV series, no matter how "authentic" the producers claim them to be. Here are five things you probably didn't know about the realties behind the stories.

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