seminar - why financial crime compliance and risk management fails

 

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The Australian Securities and Investment Commission has applied to the Federal Court to wind up Traditional Therapy Clinics Limited (a Chinese Traditional Medicine company) after it was delisted by the Australian Stock Exchange and has asked the court that two members of Ernst and Young be appointed as liquidators.

So, now you know what all the letters mean, let's get on with the story which is, in part, about Red Stox and the continuing risks some of them pose for shareholders, regulators and sponsors to say nothing of those usually small businesses which put their faith in them ....

CoNet Section: 

Mail order (remember when it used to be called that?) is heating up to be a serious battleground across South East Asia. Three problems plague local platforms.

Amazon's UK operation is set to beat them without even opening a distribution centre in the region.

CoNet Section: 

Take out the ridiculous terminology and this report from the UK's Health and Safety Executive demonstrates the dilemma faced by medical centres which fall somewhere between hospitals and prisons staffed only with civilians.

CoNet Section: 

"Cognitive bias" is one of those expressions, along with various other forms of bias, that's become popular in recent months. However, there's nothing new and nothing clever about cognitive bias. In fact, it's one of the most fundamental aspects of decision making. We all, without exception, do it. But the problem is that it underpins one of the reasons that financial crime risk management fails, over and over again.

---------- A SAMPLE ARTICLE FROM World Money Laundering Report ---------

"Brexit" rumbles on but the juggernaut that is EU legislation will not be denied: indeed, in many cases even staunch "leavers" see benefits in much of what the EU does (which leads to the charge of "cherry picking" to which the leavers say "so what?")

The Trade Mark Directive is one such piece of legislation providing intellectual property protection across a large market and, through international recognition, across much of the world. But it's not all rosy and it shows something about how EU citizens relate to their law-makers.

CoNet Section: 

A rapid increase in reports of influenza (which includes only those who seek medical assistance via a National Health Service reporting line) shows that the end of 2018 was a pretty miserable time for many people. But the graphs and the absolute figures tell a different tale and demonstrate that the NHS is achieving success in reducing the incidence of this condition.

The New Year sees a major overhaul of California's gun control laws. Is it just a flash in the pan?

Case Summary: 

An international conspiracy to bribe officials of a government in connection with a substantial contract has resulted in the conviction of a company and several senior staff and officers.

Type of conduct: 
Corruption

Fraud is cyclical. Historically, frauds would lie dormant for, perhaps, five years then come back. But the cycle has become much shorter, often only two or three months. Some frauds have become perpetual, aided by e-mail that hits so many prospective targets at such a low marginal cost. Others have a few days in the light before disappearing into relative darkness for a matter of weeks, perhaps because the targets are sorted by e.g. alphabetical order, into batches. One such is fraud relating to domain names. They take several forms but the same basic structure. The fraudster hints that, if you don't pay up, your domain name will stop working. Here's the anatomy of one such fraudulent mail that has reached us multiple times in the past several days.

CoNet Section: 
Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

bitcoin

GlobalKYC -Suspicious Wallet Number: 

1BPUUNghhuwQjDDvFd3TnJz2ato5dyDLr8

Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

bitcoin

GlobalKYC -Suspicious Wallet Number: 

18eBGkYam1wjz1S77jz3VmADuYYFzhA3vB

Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

bitcoin

GlobalKYC -Suspicious Wallet Number: 

1NJQDJcbdn7EP5Z3EESEY8DATdidC5q2uZ

Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

bitcoin

GlobalKYC -Suspicious Wallet Number: 

1E5XMWQtyYnCY4LkLnjMtqBMQNnC1KS3m3

Name of Crypto-asset (e.g. bitcoin, ripple) demanded by extortionist: 

bitcoin

GlobalKYC -Suspicious Wallet Number: 

16LBDius3vg6ufFvnc7PGXfiTZgphuZgr5

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