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Thought of the Day

Asked about the rubber marks from the tyres of other riders on his leathers, and from his bike on the leathers of other riders...

"If that's the game, it's how we have to play it. If they are going to be very aggressive, then I have to be even more stupid than them."

-- Valetino Rossi, VR46, Multiple MotoGP World Champion after the Australian Grand Prix 2017

Correction: In yesterday’s newsletter we referred to China’s equivalent of eBay as Taboo. The auction site is called Taobao. We have now turned off autocorrect on our computers. Apologies.

-- The Economist from Daily Dispatch | Wednesday | September 27th 2017

As more and more people become fascinated with AI can I point out that I, along with many others, have Actual, not Artificial, Intelligence? And ours is proven to work.

-- Nigel Morris-Cotterill - www.countermoneylaundering,com.

I was watching the terminal screen as a Linux PC updated itself today and saw the message "unpacking girl." "How do they get a whole girl in that little box? I thought."

-- Nigel Morris-Cotterill

Financial institutions are faced with a number of new and emerging risks — high consumer debt, record low interest rates, cyber threats, housing market uncertainties and geopolitical pressures, to name a few. In this environment, it is increasingly important for financial institutions to demonstrate that they have the necessary controls in place to manage the unexpected,

- Jamey Hubbs, Assistant Superintendent, Office of the Superintendent of Financial Institutions, Canada, June 2017

The moment [regulators] begin to over-prescribe, which is what regulation has been doing, then you begin to take away the power of businesses to be able to respond effectively to threats as they evolve"

-- Nigel Morris-Cotterill, counter-money laundering strategist, in interview, May 2017 https://www.youtube.com/watch?...

Rules on combating money laundering and terrorist financing in correspondent banking clarified by the Basel Committee

-- http://www.bis.org/press/p1706...

"Some bankers are under the wrong impression that once they have reported an account as [a non-performing asset] to their controlling offices and they, in turn, have reported it to the regulator and to investigating agencies such as police, CBI, Enforcement Directorate, etc., their job is over.

"It should not be felt so."

-- India's Vigilance Commissioner T M Bhasin

Facebook is a place where people can express their views and discuss things in an open way as they can and do in many other places, and as such we sometimes find people discussing topics others may find distasteful, however that is not a reason in itself to stop a debate from happening.

"The site has measures in place which allow people to report any material they find offensive and each complaint would be investigated on an individual basis."

-- un-named Facebook spokeswoman telling the BBC that it would not take down a fan-page for triple murderer Raoul Moat (July 2010)

Treating the absence of a conviction of a body corporate as a bar to convicting its officers can lead to absurd results.

Chan Seng ONG, J in the Singapore Court of Appeal

Using the native predators that will attack our pest insects is one method of controlling the pests on the crop other than using broad spectrum insecticide sprays

-- NT Farmers CEO Greg Owens, in Australia's Northern Territories.

UK consumer credit has been growing rapidly. Loss rates on consumer credit lending are low at present. Partly as a result, banks’ net interest margins on new lending have fallen and major lenders are using lower risk weights to calculate the capital they need to hold. Other things equal (sic), these developments mean lenders have less capacity to absorb losses.

-- Bank of England, Financial Stability Report

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