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

Today is a big day in the UK's parliament. It's a re-run of the so-called "meaningful vote" and it's pretty much the last chance for the UK to avoid leaving the EU without an exit strategy a.k.a. deal although there are plans X,Y and maybe Z to avoid that happening, at least one of which will rely on the co-operation of the EU - or might not, depending on how one views a particular part of the Lisbon Convention.

The weak-side Convertibility Undertaking (CU) of HKD7.85 to USD1 under the Linked Exchange Rate system (LERS) was triggered yesterday during the London and New York trading hours. The HKMA sold US dollars (USD) for Hong Kong dollars (HKD) of HKD1,507 million. The Aggregate Balance will reduce by the corresponding amount to HKD74,802 million on 12 March.

Australian financial services giant AMP and its solicitors Clayton Utz have "surrendered" in their objections to producing notes of meetings which they claimed were subject to legal professional privilege. ASIC's position is simple: it has wide ranging powers to compel the release of documents and it will accept only a narrow and strict definition of legal professional privilege.

CoNet Section: 

Another Boeing has crashed killing everyone on board. Again, it was a new aircraft. Boeing have long had a problem with quality control which regulators have shrugged off or allowed jerry-rigged solutions to be implemented. Why are they allowed to get away with it? Has the airline industry not learned the lessons of the Ford Pinto?

CoNet Section: 

With all the fuss about China's interest in foreign computer systems, it's salutory to note that a suspicious crypto-asset report made at www.GlobalKYC.com demonstrates that the Chinese government's servers are not immune from attack.

CoNet Section: 

The Hong Kong Monetary Authority has this afternoon issued a notice relating to a fake website for a bank.

BIScom Subsection: 

How would you feel if your company was fined GBP200,000 and ordered to pay costs of more than GBP17,000 for health and safety issues even though no-one was hurt? Ask Renault.

CoNet Section: 

The elderly have always been easy targets for fraudsters using "I can fix the hole in your roof" or charity, even religious, scams. But the internet is making it easier for fraudsters to be convincing and the internet is making even direct personal contact practically anonymous. Advance fee fraud no longer relies on mail, telex or fax but on e-mail and telephones, tech that the elderly are predisposed to trust. But sometimes, they fight back....

Australia's Self-Managed Superannuation Fund schemes are great on paper. But in the real world, they are a constant source of problems.

CoNet Section: 

Paddy Lowe, one of the most successful designers in Formula One's history, is to take indefinite "leave of absence" from the Williams F1 team as responsibility and blame collide one step from the top.

CoNet Section: 

The European Union is very good at one thing: being excessively bureaucratic and prescriptive. There's a powerful reason for this: most countries in the EU have grown up with the Roman system of law which mutated into the civil legal system and that relies, heavily, on codification. It also means that laws are inflexible and cannot easily respond to changes in society and that fetters the ability of judges to maintain a living justice system. And yet, on the other hand, it uses vague, even sloppy, language to announce what it going to do. A marketing pitch that says "Whistleblower (sic) protection: Commission sets new, EU-wide rules" is misleading - the protection of whistle-blowers is only part of the proposal (no rules were actually set). The proposed Directive will mean big changes for all but the smallest businesses.

CoNet Section: 

Don't say that: 

step change

Do say this: 

change, or
significant change

The two winter tests are done and dusted. The cars have been back to their factories, dismantled and evaluated. The data has been analysed. We, of course, know nothing at all except the colour of the cars, who will sit in them and what changes in various regulations have done to their look. We've had endless interviews and soundbites from teams and drivers and we've learned nothing of value except that Bottas has had enough of playing second fiddle and plans to shed his Mr Nice Guy image and he's got chiselled features and a bovva-boy haircut to prove it. Does that mean the season opener in Melbourne next weekend is just a prelude to the season proper? Or are the teams actually ready?

CoNet Section: 

The UK's Department for Work and Pensions has announced that those who receive disability benefit will be relieved of the burden of frequent re-assessment once they reach retirement age. That's good news. Almost.

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