A money laundering scam known as ‘Cuckoo Smurfing’ saw three men jailed for attempting to replace £700,000 of legitimate funds with ‘dirty money’. Detective Inspector Scott Thomson, who led the investigation, co-presents with Business Resilience Manager, Graham Vance from the Scottish Business Resilience Centre. They discuss the case and how it highlights when a bank’s ‘adequate’ anti-money laundering procedures just aren’t good enough. And the importance of accountability and communication as part of the new FCA Senior Managers Regime.Read more >
History teaches us that when things go seriously wrong in the legal and financial world the effects can take Nations to the edge of the abyss and spell personal and economic disaster for citizens and organisations not protected. The scandals of sub-prime mortgages, Libor and Payment Protection Insurance (PPI) provide a sobering reminder of what happens when professionals don’t follow the rules. This presentation exposes a risk that is often unseen – translation.
In his presentation, David will:
• Discuss the factors that contributed to recent financial scandals;
• Ask why scandals such as PPI went undetected for so long despite being identified a decade earlier.
• Highlight the nature of threat society faces from financial crime; and the new tougher enforcement approach being adopted by regulators.
He will then shed light on a major compliance risk that has had little or no coverage to date: The use of translation and interpreting to facilitate fraud and money laundering and misinform customers of their rights and obligations.
He will consider the potential scale of the problem and outline weaknesses in current practices in the professional services sector that poses a significant risk.
David advocates ‘drawing a line in the sand’ and offers 5 steps to help regulated professionals to defuse the multilingual time bomb before it explodes into another major scandal.
In this 1-hour webinar, Vamsi Chemitiganti, Hortonworks GM for Financial Services, will discuss the key business issues and technology considerations in moving a financial services anti-money laundering (AML) regime onto Hortonworks Connected Data Platforms and the key benefits in doing so. Banks and capital markets firms can use Hortonworks Data Platform and Hortonworks DataFlow to process huge amounts of transaction-related data from both traditional and non-traditional sources. Compliance teams can then analyze that data-in-motion and data-at-rest for actionable intelligence required for Suspicious Activity Reports—to discover illegal activity and provide detailed reporting to authorities. There will be time for Q&A at the end of the presentation.Read more >
In 2015, it goes without saying that Banking is an increasingly complex as well as a global business. Leading Banks now generate a large amount of revenue in Global markets and this is generally true of all major worldwide banks. Financial crime is a huge concern for banking institutions given the complexity of the products they offer their millions of customers, large global branch networks and operations spanning the spectrum of financial services. The BSA (Bank Secrecy Act) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, to file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. After the terrorist attacks of 2001, the US Patriot Act was passed into law by Congress. The Patriot Act augments the BSA with Know Your Customer (KYC) legislation which mandates that Banking institutions be completely aware of their customer’s identities and transaction patterns with a view of monitoring account activity. This webinar discusses the key business issues and technology considerations in moving your AML regime to a Hadoop based infrastructure and the key benefits in doing so.Read more >
In a recent case the DOJ dubbed a “wake-up call,” the SEC and DOJ charged four individuals for their roles in a massive international bribery scheme, which the SEC discovered during a periodic examination of a broker-dealer. The agencies allege that employees of Direct Access Partners, LLC (“DAP”), a registered broker dealer, paid illicit bribes to high-ranking officials of Banco de Desarrollo Economico y Social de Venezuela (“BANDES”), the state-owned economic development bank of Venezuela. The action illustrates how conduct that has traditionally formed the basis of a Foreign Corrupt Practices Act (“FCPA”) case might also subject individuals and entities to a much broader array of charges under US law, including charges under anti-money laundering laws and the Travel Act.
Join an experienced panel of government enforcement experts to learn how multi-national organizations in all industries can ensure that they have developed and implemented robust compliance programs that address these overlapping regulatory schemes.
Making it Big in Bangladesh: Do Business Prospects and Opportunities outweigh Political and Security Risks for firms?
In the current global scenario – plagued by economic slowdown and unrest, India and South Asia have emerged as one of the brighter spots for investment, stability and business growth. Bangladesh represents the new South Asia with its consistent GDP growth, its pivotal location between India, China and Southeast Asia, a thriving business environment, young aspirational population, a stable democratic government and competitive costs. However, Bangladesh also poses several serious questions to investors. These are concerns around terrorism, security, infrastructure, political rivalry, money laundering, large-scale corruption, corporate governance and operational challenges of doing business in the country.
The webinar will discuss whether Bangladesh is a stable and favourable country to conduct business in, what are the business risks, opportunities and regulatory issues involved and whether the reporting on security challenges and business concerns is obsessive or justified. How can businesses be smart and successful in doing business in Bangladesh?
Managing, matching, and analyzing cultural name data continues to be one of the most challenging aspects of recognizing those masking or misrepresenting their identities. For instance, long before the attacks on the USS Cole, Pentagon and World Trade Center, there was the 1993 shooting at the CIA Headquarters in Langley Virginia. There Mir Aimal Kansi, a Pakistani militant, killed two CIA employees and wound three others. Kansi had entered the U.S. under the family name Kasi. Kansi (not Kasi) was on all of the watch lists at the borders and consulates issuing visas, but it was entered as ‘Kansi' vs Kasi. So, how might have instances like this been avoided?
Join Dr. Leonard Shaefer, a pioneer in automated name processing and co-founder of Language Analysis Systems (LAS), for this informative discussion on overcoming the complexity of managing multicultural name information. The solutions Dr. Shaefer created at LAS were used by the U.S. government to track 9-11 terrorists to their Florida connection and formed the basis of the solution now sold by IBM as Global Name Recognition (GNR). Dr. Shaefer advises top-tier government agencies across missions including anti-terrorism, money laundering, transportation and immigration.
This webinar will look at the less covered track of cybercrime, namely getting away with it. Whereas much focus is on the hack, the actor, and the target, little focus is placed on the payment mechanisms for cybercrime, and even less so on the laundering of illicit funds.
Based on the recent McAfee Whitepaper entitled Jackpot! this webinar will look at the role of online gambling from a money laundering perspective. Is this really an issue? And if so why are criminals looking at these services to launder illicit gains.
• Insights from the 2012 State of Anti-Corruption Compliance Survey
• Critical elements of a robust anti-corruption and due diligence programme
• Effectively assessing, investigating and monitoring third-party risk
Alternative payment options, including mobile payments and virtual currencies, are gaining traction among consumers. Smartphones and other mobile devices are increasingly used to make payments to businesses and other consumers. Banks and non-bank providers of payment services that seek to innovate in the mobile space are well served by considering the vast regulatory regime that applies to consumer payments.
Virtual currencies also introduce legal considerations for banks and other entities active in the space. For example, anonymity – viewed as central by some to virtual currency transactions – creates particular challenges, such as the risk of money laundering, for banks and other regulated entities (eg non-bank money transmitters).
This webinar will provide an overview of the legal issues related to mobile payments and virtual currencies, highlighting trends in the market and related regulatory developments.
- Obrea Poindexter, Morrison & Foerster
- Jeremy Mandell, Morrison & Foerster
- Danielle Myles, IFLR (moderator)
With nearly 40 percent of the Dodd-Frank Act yet to be implemented, numerous new consumer protection requirements taking effect this year, and the continued strong focus on anti-money laundering and sanctions compliance, regulatory compliance will remain a major challenge for the financial services industry in 2014.
Join Protiviti's Tim Long, Scott Jones, John Atkinson, Steven Stachowicz and Nicole Weber on Wednesday January 29, as they help compliance, risk and internal audit professionals identify some of the important regulatory issues and developments for 2014 that will need to be included in internal audit and compliance programs.
Topics will include:
• Consumer Financial Lending and Deposits Products
• Anti-Money Laundering and Sanctions
• Broker-Dealers and Investment Advisers
• The impact of the Current Environment on Compliance and Internal Audit organizations
CPE credits will be provided to qualifying attendees.
We look forward to having you join us. If you have any questions, contact Esther Veenhuizen at 212.708.6350 or firstname.lastname@example.org.
The Foreign Account Tax Compliance Act (“FATCA”) is likely the most far-reaching statute to combat offshore tax evasion in recent history. FATCA generally mandates foreign financial institutions (“FFI”) and non-financial foreign entities (“NFFE”) to identify accounts owned by, or for the beneficial interest of, United States taxpayers to the Internal Revenue Service. The penalty for non-compliance is steep: a 30% withholding tax on certain payments.
This webcast provides an overview of FATCA and examines the legal and regulatory impacts on foreign financial institutions.
What You Will Learn:
--The Law and IRS Guidance
Who Should Attend:
Representatives from Compliance, Tax, Operations, Legal and Client Services from financial institutions. Also, in-house and outside counsel interested in or currently working on matters involving international tax, anti-money laundering or anti-corruption will benefit from this program.
Please join Richard Kando and Jeffrey Locke of Navigant Consulting, and Philip West, Esq., a partner at Steptoe and Johnson LLP, as they address these issues as well as your questions.
Webcast - Managing Fraud Risks in Term Partnering Contracts. Fri 13/03/09 2.00pm GMT. This webcast will consider the issue of how to manage fraud risks in the context of Term Partnering Contracts such as TPC 2005. It will provide useful insight and pointers for both client organisations and principal contract holders. visit http://www.brighttalk.com/webcasts/3046/attend for more detailsRead more >