Why you need an LMS

With all regulations, controls, inspections and audits, it is no longer enough to provide training; it is also required to demonstrate that all (relevant) staff have done all required training…

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The compliance function at an inflection point – Views on the McKinsey benchmark

In McKinsey’s 2018 compliance benchmarking survey (click) 5 conclusions are drawn from the analysis among 24 leading banks: Compliance spending growth is slowing Size and effectiveness of the…

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A Case for Crypto KYC for Initial Coin Offerings (ICOs)

For some years now, regulators have chosen to ignore, prohibit or downplay the rise of crypto companies worldwide. Some early government adoptions came from the Swiss and Estonians in Europe and…

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The failure of the KYC Utility Project in Singapore – a practical view

Based on the INDUSTRY BANKING KYC UTILITY PROJECT AFTER-ACTION REPORT issued by the Association of Banks in Singapore. The idea of a KYC utility is not new. A bank I worked for – of which I will…

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Why Don’t Banks Seem To Learn?

In the 17 years that followed the attack on the Twin Towers in New York, many national and supra-national initiatives were launched to enhance the ability of the financial sector to deter money…

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Join the International Security Management – Knowledge Alliance (ISM-KA)

Safety and security are crucial dimensions for the functioning of democracies and economies and for the health, wellbeing and resilience of communities. Maintaining the peaceful consolidation of…

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Know your client (KYC) and know your client’s business – connecting the dots

 Know your client (KYC) and know your client’s business – connecting the dots The United Nations Office on Drugs and Crime (UNODC) estimates that each year the amount of money laundered is between 2…

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Nominated AML Officer

In the UK, HM Revenue & Customs regulations stipulate that “businesses that are regulated by the Money Laundering Regulations must appoint what is known as a ‘nominated officer’. The nominated…

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Trendletter 2018 Q2

Major developments in the field of money laundering prevention, financing of terrorism and other business integrity topics continued to feature in the news during the past quarter. Despite all the…

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Do you know your FEC risks?

This recent article proves again how important it is for any financial institution to comply with regulations. Every institution needs to do everything reasonably possible to ensure that for every…

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