Big Compliance Festival 1. Change and Culture

I survived. Part one of The Big Compliance Festival, that is. All six speakers, including David Blunt from the FCA talked about the importance of culture in compliance. Let me oversimplify this. Regulators and supervisors don’t want to see firms being compliant because they have to be; they want to see firms being compliant, becauseContinue reading “Big Compliance Festival 1. Change and Culture”

Working Safely during COVID-19 in shops and branches

The Department for Business, Energy and Industrial Strategy (BEIS) has issued Guidance for employers, employees and the self-employed. Purpose “This document is to help employers, employees and the self-employed in the UK understand how to work safely during the COVID-19 pandemic, keeping as many people as possible 2 metres apart from those they do notContinue reading “Working Safely during COVID-19 in shops and branches”

Sanctions: In, out, in, out, shake it all about.

In June, I wrote about the conflicting advice on sanctions and specifically on dealing with Iran. A couple of months later, the international community will surely have sorted that out. Ah. Not exactly. Federica Mogherini, the EU’s high representative for foreign affairs, said Brussels would not let the 2015 agreement with Tehran die, and she urgedContinue reading “Sanctions: In, out, in, out, shake it all about.”

De-risking – an epidemic?

I was talking to an estate agent. He was negotiating his exit from his current firm to set up on his own. “All going smoothly?” I asked. “Well, apart from the Bank.” I assumed that the Bank was exercising caution over extending a loan to a new business. “No, they are happy to lend meContinue reading “De-risking – an epidemic?”

When consensus fails.

I wrote here in thanks for the antics of “The Donald”, which served as a useful way of engaging an audience that otherwise was less than enthused by AML Compliance Training. However, his new, combative approach to, well, pretty much everything, does undermine the concept of international consensus being at the core of the globalContinue reading “When consensus fails.”

HMRC MSB Review

More properly, the title is; ‘HM Revenue and Customs AML/CTF Thematic Review of anti-money laundering compliance in the Money Service Business. The report in itself is worth reading, but my interest was piqued by the following; ‘Due to concerns that MSBs may be easily abused by criminals and terrorist financiers, some banks have withdrawn servicesContinue reading “HMRC MSB Review”

HMRC wants MSB Customer data

HMRC has issued a consultation document. They are looking to extend the scope of existing powers to include MSBs. The data-gathering powers are used to help identify businesses that are evading tax. In a nutshell, MSBs will be expected to provide regular ‘bulk’ data on customers and transactions. The consultation document asks 11 questions ofContinue reading “HMRC wants MSB Customer data”