seminar - why financial crime compliance and risk management fails    Hong Kong,




   June 2019


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Part two

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Part 1


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In an excellent, and enterprising, initiative, New York has used some USD58 million of the vast fines and penalties it has applied to foreign banks to help in an innovative crime prevention scheme aimed at young people who, in the absence of help, are more likely to rob banks than to work in them.

Case Summary: 

An employee of a securities company placed orders relating to contracts for difference to gain an advantage for two clients at the expense of his employer.

Type of conduct: 
Securities fraud

Case Summary: 

Intra-community crime is a particular problem amongst migrant groups who trust those of a similar background who have already arrived and, seemingly, made some success in their chosen destination. All too often, unfortunately, the new arrivals fall into the hands of fraudsters and, even, organised crime gangs. In California, where Mexicans are a significant immigrant group, the pickings can be lucrative. But they don't always get away with it.

Type of conduct: 
Consumer fraud

No comment is necessary for this document, a full republication of the official English version of a statement issued today by KCNA, the media arm of the government of the DPRK (North Korea).

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Has the media lost its collective senses and its sense of responsibility or is it now driven by a desire to be "across the story" as the BBC has, infuriatingly, been saying recently in both in its news broadcasts and on its website? Are headlines more important than facts? Has the tabloid objective of telling the story in 200 words or less finally become the norm? Has scanning twitter for hashtags and republishing comments found there taken the place of research? And is it possible to find real news without there being a Trump slant on it somewhere? Indeed, does the world have any other politicians except the nominal politician and arguably the most successful chancer in recent times, US President Trump?

In 2015, the UK's Financial Conduct Authority fined Barclays Bank its then largest penalty for failings in its financial crime management obligations. Barclays had been one of the first major banks to install company-wide money laundering management software. But it doesn't help when those within the bank don't feed it the information it needs.

There's a whole industry, across the world, that charges fees for doing things you can easily do for free and which give you the impression, whilst not actually saying so, that you need their services to obtain your rights. One is the domain name registration scam, that appears in several variants.

Here's today's.

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PART One of this article appears at

In its Conclusion the Joint Opinion implies a monumental failure of the European machine. And it has little to say beyond that already known and widely not acted upon.

A firm of solicitors which came to prominence because of its owner's predilection for fast cars, big tax demands, grand expansion plans and a secretive grant from taxpayer's funds (see story) is back in the news, this time for "falsely and systematically" overcharging claims for costs in personal injury (PI) cases.

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