Financial Services

Earlier this month the New York State Department of Financial Services announced proposed anti-money laundering and terrorist financing regulations. If adopted, the proposed rules will subject investment advisers to Bank Secrecy Act requirements for financial entities. Regulatory and private scrutiny of compliance programs is expanding, as is the cost of compliance...

New Global Salary Study Shows Certified Professionals Earn a Median 42 Percent More than their Non-Certified Counterparts MIAMI – September 17, 2015 – The United Nations Office of Drugs and Crime estimates the amount of money laundered globally in one year is 2 to 5 percent of the global GDP, or as much as USD $2 trillion. Spotting and thwarting money...

Medical device firms have long loaned hospitals their equipment rent free with the understanding that the institutions will give them a certain amount of business in other areas. While this business model is pervasive in the health care industry and has generally gone unchallenged, it may in fact be a form of bribery. The risks with this arrangement are many,...

There are a number of factors contributing to the success -- or failure -- of an anti-money laundering compliance program. Arguably one of the best predictors of an AML compliance program's effectiveness, however, is its support and oversight by senior management and the Board of Directors. Read on for details on some of the other key indicators.

To get ahead of -- or get a handle on -- purchasing card fraud, your company needs a two-pronged approach: a cross-system view of expenses and an ongoing, consistent analysis of card transactions. If left unchecked, credit card fraud can run rampant in your organization. It's astounding how many workers justify risky purchases or blatant p-card misuse...

Though it won't take effect until early in 2017, the time is now for audit committees to start adopting the new accounting regulations. Let's not think that audit committees need to go at implementation alone, however. Warren Stippich advises a cross-functional approach involving players throughout the organization. Here's what you need to know...

There are a number of “tells” indicative of anticompetitive conduct. If you’ve witnessed this behavior firsthand, or if you suspect that it’s going on, an antitrust audit is in order. This underused tool is often eschewed because it’s believed to be costly and disruptive, but the benefits of an antitrust audit in terms of risk avoidance can far outweigh the...

According to the Association of Certified Fraud Examiners, fraudulent use of purchase cards, or p-cards, is one of the most commonly occurring types of employee fraud, and a 2013 survey reveals that risk related to internal fraud and abuse is an area of highest concern.