The legal implications of Suspicious Activity Reports for AML compliance: The Crédit Agricole case

The legal ruling against Crédit Agricole in May 2015, which was filed for failing to report a suspicious transaction, is one of a number of anti-money laundering compliance-related cases to be taken against a major bank.

Financial Crime, Fraud

The financial reform agenda: Impact and inclusiveness for developing countries

Since its report of June 2012 (prepared in collaboration with the IMF and the World Bank) the Financial Stability Board (FSB) has monitored the consequences for emerging market and developing economies (EMDEs) of the reforms agreed as part of the international reform agenda. An important objective of this monitoring is to check whether the consequences have been those intended by the agenda’s framers (FSB, 2012; FSB, 2013; and FSB, 2014a).

Regulatory Reforms, Financial Industry

The relationship between money laundering and reporting entities and the fourth money laundering directive – A critical reflection

The aim of this paper is to critically consider the appropriateness and effectiveness of the UK’s anti-money laundering reporting obligations under the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007.

Financial Crime, UK

New online payment standards demand a different approach to security

New security guidelines come into effect on 1 August 2015 for most European countries, excluding the UK, Slovakia and Estonia.

Regulation, EU

Meeting compliance challenges at warp speed

The rapidly evolving regulatory landscape is forcing Financial Institutions (FIs) to implement significant structural changes regarding capital adequacy, stress testing, model risk management, governance, compliance and data quality. FICO recently partnered with Chartis Research to survey more than 100 risk management professionals around the world to understand how the global banking industry is progressing with these changes.

Regulation, Financial Industry

What do the new risk retention requirements of the Dodd-Frank Act mean for securitisation?

The Dodd-Frank Wall Street Reform and Consumer Protection Act (‘the Act’), which was enacted into law on 21 July 2010, is the most significant piece of financial legislation since the 1930s and is expected to affect every aspect of the US financial services industry. Regulators now face the daunting task of writing rules for securitizers to comply with the Act’s requirements, and the new risk retention rules require securitizers to retain not less than 5% of the credit risk for most asset-backed securities without hedging or transferring the credit risk.

Regulation, Regulatory Reforms

Fighting corruption: Broadening the range of preventative measures and international collaboration

As today’s Azerbaijani society continues to develop, fighting corruption in the Republic is changing in principle and becoming systematic in nature.

Regulation, Systemic Risk, Financial Crime

Allegations of bribery and corruption in FIFA – are there implications for the banking sector?

The arrests in May 2015, of some of the senior officials within FIFA (Dept. Of Justice, 2015) not only provides content for the media, it also provides financial practitioners and academics with an opportunity to study some of the emerging insights of crime within global enterprises. This includes a deeper understanding of the alleged levels of bribery, money laundering and corruption within one of the largest sporting organisations in the world (Phillips, Hills & Graham, 2015). It also provides an opportunity to review again the processes by which the formal financial services sector has been used as a conduit for moving illicit funds. This paper explores some of the developments and mechanisms behind the money laundering accusations and considers the impact for the banking and financial services sector.

Banking, Legislation/Directives, Financial Crime

‘The relationship between money laundering and reporting entities and the fourth money laundering directive - A critical reflection’

The aim of this paper is to critically consider the appropriateness and effectiveness of the UK’s anti-money laundering reporting obligations under the Proceeds of Crime Act 2002 and the Money Laundering Regulations 2007.

Legislation/Directives, Financial Crime

How can sovereign debt restructurings be improved for the 21st century?

Government borrowing – through the issuance of bonds on capital markets – default and debt restructuring has been a constant feature of the global economy for centuries.

Financial Industry, Policy

Claims council call for London

A call for London marine insurance interests to consider establishing a claims council as a reference point for consulting on contentious matters and for flagging up emerging issues has come from the chairman of the Association of Average Adjusters.

Insurance, Europe

The regulatory requirements for sustainable economic growth

The Great Recession in Europe and the US from 2007 onwards created enormous economic and financial devastation as well as social turmoil.

Regulation, Financial Industry

Highest common factors? Financial crime prevention and enforcement in the UK and US

For many years, firms believed that all the regulatory tools for financial crime prevention were wielded in the US.

Financial Crime, US

Financial crime – FCA loses patience

In November 2014, FCA published the results of two thematic reviews into how firms manage their financial crime risks, together with proposed guidance on financial crime systems and controls.

Insurance, Financial Crime

What is the best way to deal with PSD2?

To keep up with developments on the e-payment market and to make better use of the opportunities offered by the single market, regulations governing payment services throughout the whole European Union have evolved significantly in recent years.

Financial Industry, Europe

Indonesia introduced a new law on insurance

Before he left office on 20 October 2014 and the new president was sworn in by the People Consultative Assembly, the former President of Indonesia, Susilo Bambang Yudoyono, signed several new laws and Government Regulations.

Regulation, Asia