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Compliance

A thread on Linked-In raises the question of why the opportunity to join in the class action announced against Commonwealth Bank of Australia is not available to many shareholders. Here's a simplified guide to class actions - and why the CBA case bears more than a passing resemblance to a shareholder action against The Bank of New York.

Nigel Morris-Cotterill
BIScom Subsection: 

Canada's Office of the Superintendent of Financial Institutions has issued a regulatory notice containing a reminder that there are a number of reserved words, particularly those relating to banking, which may not be used without authority, in relation to financial services. It goes far beyond the use of the words in the name of businesses and will tighten up sloppy language in marketing and so-called social media. It might, also, inadvertently, make the point that "fintech" companies are not banks and do not afford consumers the protection that governments provide to bank depositors.

Editorial Staff
BIScom Subsection: 

This is such a massive topic that we can, today, do little more than make a placeholder article. How, one has to ask, does anyone "miss" tens of thousands of errors? We think it's probably not too difficult and banks, etc. should take note.

Editorial Staff
BIScom Subsection: 

There are two principles in the soft conversion of societies to various forms of centralised control, be that control from the left or right of politics, from vested interests or religion.

The first is the manipulation of language: using terms in ways that are inaccurate and, even, the direct opposite of what they truly mean.

The second is to give individual members of society the illusion that they have status, even a degree of control when in fact what they have is responsibility without authority.

Welcome to the worrying world of today's Compliance and Financial...

Editorial Staff
BIScom Subsection: 

Below, free content, is my interview, given in May 2017 at the Thompson Reuters Regulatory Summit in Singapore, published today.

Nigel Morris-Cotterill
BIScom Subsection: 

It's frustrating just how fundamentally stupid some people can be.

In the aftermath of 11 September, 2001, the blame machine was hunting for excuses and part of it rightly fixated on funds transfers and, rightly, fixated on the unlicensed transfer systems which were lumped together under the Farsi name "hawala." Then stupid, ignorant people started trying to sound clever and instead of standing up to them and correcting them, others started to adopt their nonsensical, made up terminology. Now they want to include it in law.

Editorial Staff
BIScom Subsection: 

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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