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Compliance

When the Department of Justice and others settled criminal proceedings against Western Union there were two special features: one, liability was admitted and two "ensure that its agents around the world will adhere to U.S. Regulatory and [counter-money laundering] standards."

Is this doable while remaining profitable or does the settlement mean inevitable de-risking and closing in some markets?

Editorial Staff
BIScom Subsection: 

The cult of paying various US government departments, or "agencies" to say nothing of state prosecutors, to to avoid prosecution using the dubious formula of "without admitting or denying the allegations" has reached a new height as a Canadian banking group has "agreed to remit USD516,105 to settle its potential civil liability."

Note "potential." Are such deals evidence of bribery ("we'll give you money if you leave us alone") or of blackmail ("give us money or we'll cost you a fortune in dealing with a long and complex, and heavily disruptive investigation that we all know will...

Editorial Staff
BIScom Subsection: 

The Australian Securities and Investments Commission has permanently banned the owner and sole director of an insurance brokerage from the financial services industry. Christopher John Griggs of Chris Griggs Insurance Offices Pty Ltd, Mount Pleasant, South Australia, forged documents and applied for credit using the names of third parties without their knowledge.

CoNet Administrator
BIScom Subsection: 

The decision by US messaging service WhatsApp to allow its parent company, Facebook, access to user's data raises enormous questions for compliance and ethics teams in financial institutions, law firms and many other businesses. Should Compliance Officers now ban the use of WhatsApp for both transactional messaging and communications with clients? And should data protection registrars now issue warnings as to the release of client-related data? In fact, should the app now be banned entirely from all mobile devices used in any way for work purposes?

Editorial Staff
BIScom Subsection: 

The announcement by the US Treasury that it was implementing financial sanctions against North Korea should make no difference to most properly advised financial organisations.

Editorial Staff
BIScom Subsection: 

While Hong Kong's Securities and Futures Commission was investigating a case of suspected insider dealing, it traced funds to a clients' account by a third party, innocent, broker. The SFC has ordered the broker to block access to those funds and assets represented by part of the funds. There is something unusual about the process.

Editorial Staff
BIScom Subsection: 

Scam e-mails are nothing new and usually they are so boring they don't even register. But "Woolcock" paulwk@gmail.com 's "Money Transfer" scam mail is so amusing it justifies being included in the Fraud Hall of Fame. By the way, it was sent to an e-mail address at "countermoneylaundering.com." Twit.

Editorial Staff
BIScom Subsection: 

Carlo V di Florio, Director, Office of Compliance Inspections and Examination at the USA's Securities and Exchange Commission says that compliance and ethics are each an integral part of risk management in all businesses but especially in the financial sector were reputation greatly matters to the individual, to individual businesses to the industry as a whole and, ultimately, to the entire country. He was speaking to the National Society of Compliance Professionals on 17 October 2011.

Editorial Staff
BIScom Subsection: 

The USA's Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) have announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the previously notified filing date of 30 June, 2011.

Editorial Staff
BIScom Subsection: 

 


 

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