seminar - why financial crime compliance and risk management fails

 

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Charlie Whiting
was born on: 
12 August 1952
at: 
Kent, England
and died on: 
14 March 2019
at: 
Melbourne, Australia

Let's accept for a moment that, good as it is, data from commercial flight-tracking services is not 100% authoritative. But it is certainly extremely persuasive. The data that was made available immediately after the crash of Ethiopian Airways flight 302 showed a remarkable similarity to similar data published after the crash of Lion Air JT610. As more and more countries banned B787 MAX, the FAA supported Boeing. Boeing said "we stand by our aircraft." Then even more compelling evidence of similarity between the crashes emerged.

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Here's a good argument in favour of leaving the EU: last night the UK's House of Commons voted against leaving the European Union without a deal in place to ensure an orderly exit. But, they are impotent : whether the UK leaves on 29th March without a negotiated "divorce," is governed by the Lisbon Treaty. And the Lisbon Treaty is superior to British law and, even, the British Parliament.

"Many people are surprised to learn that it is not illegal to sell unsafe goods in Australia. Many think there’s already a law that says goods have to be safe. Well, there isn’t, but there should be," says Rod Sims, chairman of the Australian Competition and Consumer Commission.

As we noted yesterday, this newspaper's review of the so-called binding agreement reached with the EU, did not actually prevent the feared lock-in that Leavers want to ensure does not happen. The Attorney-General agreed and when his view was put before Parliament, MPs voted down the supposedly revised deal. Again. That leaves Mrs May to follow Plan X.

MotoGP has, in recent years, had flashes of brilliance but periods of extreme dullness. If the first race of 2019, Qatar, is any guide, that's not going to be the case this season. And there's interest in the lower formulae, too.

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In July last year, we said Malaysia needs to review Malaysia Airlines - Boeing deal because of political issues. Now, there's another reason to look at it.

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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.

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.

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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?

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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.

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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.

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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.

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