Insights
When the Dashboard Makes the Difference
Compliance: Why the Big Picture Matters
Negotiating financial regulations can feel like walking a tightrope. For financial service businesses, including banks and credit unions, effective compliance requires an understanding of regulations in minute detail and a sound grasp of the importance of the rationale behind them.
Keeping the Records Straight for a Clear Conscience – and Freedom from Fines
Have you ever woken in the night fretting, wondering if there’s a gap in your compliance? Even if you’re not a compliance officer, this critical element in the financial sector can be daunting. The aim – reducing the risk and
Just When You Thought Your Paintings Were Safe…
Everything from your morning coffee purchase to business transactions seems to takes place online. So it seems almost quaint to worry about the physical theft of a painting. But just Google “art heist movies” and take your pick. It’s a
Hard Cases Make Bad Law – and more Layers of Compliance
The old legal maxim, “Hard Cases Make Bad Law,” has wide application. It reflects the difficulty of legislating in response to unusual or extreme circumstances. Often the result is a law that doesn’t serve well in general application, or it
Compliance, and why rushing to AI might be missing the point
Don’t get me wrong. I have nothing against AI. But its use requires considerable thought, not just in initial application, but in oversight too. It’s not yet the magic answer we might have hoped for. This is especially so in
KYC: Effective shouldn’t be expensive
KYC (Know Your Customer) can be cumbersome and expensive. The onboarding process, with multiple checks, can consume vast amounts of time and resources. Often it seems like a burden, which is frustrating for a such an essential process. Typically, challenges
Compliance – an Opportunity, Not a Straightjacket
Compliance, much like the financial world it serves, is anything but static. It has a quasi-organic nature, changing over time and according to context. It evolves alongside regulations, threats, and the needs of your customers. While Know Your Customer (KYC)
Sanctions and PEP – Expect More and Stricter Implementation
In financial services, active compliance is more important than ever. The war in Ukraine, and the Gaza crisis, means that fallout from international relations reaches deep into the commercial world. Heightened geopolitical turmoil necessitates an even more robust approach to
From Compromised Emails to Pig Butchering – Catching Fraud in the Digital World
To accompany the Global Fraud Summit in London in March this year, Interpol has shared a snapshot of the range of fraud-based financial crime. Offences fit into six broad types. The four most common are investment fraud, advance payment fraud, romance fraud, and business email...
Keeping the Knowing in KYC
Go to the gym, and flexibility is all the rage. It makes everything easier and more effective. For financial services businesses, it does the same, especially if it indicates a responsive approach to regulation updates and changing risks. This holy grail of a responsive, efficient,...
Compliance: This Time It’s for Real
Global trade has matured. Complex contracts facilitate the cross border flow of goods and services – and more than we’d wish, criminal activity too. As financial transactions become more sophisticated, so do the opportunities for criminals to exploit them for money laundering, terrorist financing, and...
The Long Reach of European Regulation
The European Union (EU) has a habit of regulating in ways which extend beyond its own borders. This is not just a testament to its commercial and trading reach, but also to the thoroughness of its regulatory frameworks. The EU’s General Data Protection Regulations (GDPR),...
How to comply, without compliance being a burden
The financial services sector is no stranger to regulation. And when it comes to compliance, eyes sometimes roll at the steadily growing burden. This is especially true around anti-money laundering (AML) measures, which have become a significant concern for banks and credit unions worldwide. With...
