Articles

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From Awkward to Organic

I don’t really know how to talk about business ethics to my team. This is a phrase that many ethics and compliance professionals have heard from front-line supervisors. They are afraid of sounding preachy. Or of not knowing the answers. Or looking soft. If you are one of these supervisors, here’s an easy way to...

Wall Street in New York

Financial Crime Compliance Costs Spiked 33% in 2020. Will They Correct in 2021?

Between COVID-19 disruptions, KYC challenges, paused account onboarding and altered due diligence practices, 2020 saw financial crime compliance costs increase by roughly one-third. It remains unclear to what extent those trends will continue this year. There’s no doubt 2020 has brought many unforeseen hurdles to financial institutions (FIs) like banks and investment, asset management and...

Grain silos sit under a blue sky in a field.

Investment Firms Struggle to Gather Timely Data – and Information Silos Are Growing

An overstressed data-gathering process can generate information silos, and the process of proving data-backed valuations can be laborious. Greater data transparency is needed to ultimately facilitate, rather than impede, compliance efforts. While investment firms seem to be doing well handling compliance during the pandemic, some wonder if strong financial markets are actually covering up shortfalls....

Explosions from Israeli rockets fired into Gaza are seen on the horizon past a mosque minaret.

Within Missile Range

A family trip to Israel to honor the memory of my father-in-law turned into a war story. News of people displaced from their homes, followed by protests and riots, police blockades, and then missiles fired towards Jerusalem came on the day of the gravesite service. We woke the next morning to warnings of unprecedented civil...

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The Trump Administration Allowed an Estimated $84B in EIDL and PPP Fraud. Now Congress Is Revamping Oversight.

The Biden administration, in a March memo, estimated EIDL and PPP fraud has totaled $84 billion to date. Numerous federal entities and civil servants have been empowered to investigate. Organizations should expect an increase in enforcement and prepare accordingly. On March 25, 2021, House Committee on Oversight and Reform Chairwoman Carolyn Maloney and the Select...

The moneygram sign outside of a retail location

MoneyGram Agrees to Pay OFAC $34K for Sanctions Violations

OFAC's recent enforcement action against MoneyGram underscores organizations' need for robust screening to ensure AML compliance and prevent sanctions violations. MoneyGram, a global payments service, has settled with OFAC for $34,329 for 359 sanctions programs violations. According to OFAC, the transactions totaled $105,627 in value and were processed on behalf of approximately 40 individuals on...

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Keep Your Thoughts in Check

According to several studies, we have over 6,000 thoughts every day. Eighty percent of them are negative, and 95% of them are repetitive. Let that sink in. Ninety-five percent of the thoughts you will have today are thoughts you had yesterday, and the vast majority will be negative. It sheds new light on the expression...

Illustration of a computer displaying a zoom videoconference.

“It Lets Me Pass the Flame.” This Virtual Compliance Networking Event Has Connected Hundreds Over the Course of the Pandemic

Early in the pandemic, a chance virtual meeting via a webinar appearance sparked the creation of a monthly compliance networking event now led by an all-volunteer team of compliance professionals. Compliance Career Connection now has reached hundreds of professionals across six continents -- spawning two copycat groups in other countries -- and continues to help...

Horses and riders in a horse race round a corner on the track

A Perfect Perfecta: Amid New FRTB Reporting Requirements, Don’t Bet on the Wrong Horse

The Fundamental Review of the Trading Book (FRTB) affects capital calculations and substantially impacts one's risk monitoring framework. Richard Moss encourages readers to avoid betting on the long shot. Financial institutions may be facing higher capital requirements based on the Basel Committee on Banking Supervision (BCBS) changes to FRTB. The deadline for implementing the new...

The Crystal Ball in the Boardroom: 2021 Board Agenda Topics

The Crystal Ball in the Boardroom: 2021 Board Agenda Topics

Deloitte's quarterly assessment of board focus finds that diversity, equity and inclusion subjects are a paramount concern for many companies across sectors. DEI beat out the ongoing response to COVID-19 and ESG for most entities. Once each quarter, Deloitte’s Center for Board Effectiveness and the Society for Corporate Governance collaborate to produce the Board Practices...

3 Priorities for Forward-Thinking Boards

3 Priorities for Forward-Thinking Boards

The COVID-19 pandemic is still a major concern. But as vaccination efforts continue, now is the time to turn to the future. Boards need to address issues that cropped up during 2020 and prepare for what comes next. In 2020, corporate boards faced a host of unexpected challenges, and the challenges haven’t stopped coming. But...