seminar - why financial crime compliance and risk management fails    Hong Kong,

   Jakarta,

   London.

 

   June 2019

 

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GlobalKYC.com is crowd-sourced information for the financial crime risk management community.

AirAsia is a superb airline. Its aircraft are well maintained and clean, its crew are great. Yes, its ability to be anywhere near its scheduled departure and arrival times are the stuff of legend - for their persistent failures. It has an ultra-slick website that whizzes through the pages. but it's the website that is the real reason that one has to think twice about booking a flight. That's because so much of it, outside the core part of finding flights, doesn't work. Cheap fares are one thing - but not when buying them is so frustrating. But a failure today takes the biscuit.

CoNet Section: 

If there's a way to force non-FB group users into the fold, Facebook is going to find it. Within the past few days, it has removed one of the most useful features of Instagram: the ability of millions of mobile users to "lurk" and read comments posted on a page. Why? Because it's failed to force them to sign up by an utterly obtrusive "splash screen" that's a bugger to remove because the X is in the wrong place. For now, it's latest change does not affect desktop users but, just as FB itself has made it increasingly difficult to access supposedly public information without an account, surely that's going to change.

The UK's Department for International Trade has issued a new, contingency version of the Open General Export Licence (OGEL) for dual use goods exported to countries within the UK.

The bringing into force of the new licence is contingent upon the UK leaving the European Union without a deal. If there is a deal, the existing arrangements will continue at least during the transitional period. However, there is something odd going on..

Following the release of market sensitive information last week (see Embarrassment for regulator with premature release of market sensitive information) there's an apology, of sorts. Is it fair dinkum or a feeble excuse?

CoNet Section: 

The Board of Supervisors for the City and County of San Francisco are a long, long, long way down the pecking order when it comes to legislation. Unlike the US Congress, where Members can pass motions that amount to comment not law, the Board of Supervisors can pass law - but it may well have no practical effect. So exactly what is the newly announced law and how much weight will it carry?

Peter Lee

It's not fake news. it's false conversations and it's satire.

As California's San Francisco's Board of Supervisors passes a law to ban the use of facial recognition by law enforcement and other agencies operating within the city. The news reached an incredulous Malaysian Transport Minister who is in the process of implementing a low-tech solution - blacked out car windows through which will defeat all visual surveillance methods.

The phoenix is a creature of ancient Greek mythology, It was creature of Paradise and, when it became old and frail, it would self-immolate and a younger, stronger, even more beautiful version of itself would rise from the flames. It is also to be found in Egyption myth where, as the "Lord of Jubilees" it symbolised a fresh start The symbolism of the old going down in flames and something new and shiny, but essentially the same creature, replacing it is a far from mythical part of the corporate landscape. Unlike the bird, a corporate phoenix is rarely a good thing.

CoNet Section: 

It has become fashionable to talk of "The Three Lines of Defence" in relation to money laundering, terrorist financing, etc. Is it just more more quasi-militaristic buzzwords, so loved by Americans, and a pretence of intellect or is there genuine merit here?

The Australian Consumer and Competition Commission (ACCC) has issued a notice opposing a "merger" proposal involving TPG Telecom Limited (TPG) and Vodafone Hutchison Australia Pty Ltd (Vodafone). The reasons include that TPG has been "disruptive" in a complacent market and is "the best prospect Australia has for a new mobile network operator to enter the market." But it's a far more complex picture than that.

CoNet Section: 

Here's an interesting situation. A competition regulator, by definition in possession of market sensitive information, has "inadvertently published on line" information relating to a proposed "merger."

CoNet Section: 

They were claimed to be the solution to fossil fuels. Acres of land and sea have been devoted to the alien structures that make even power-grid towers seem inconspicuous. Now about two decades into what was the future, has the promise of Wind Turbines turned into reality? Are there unintended consequences and are they good or bad?

Research by the UK's National Oceonography Centre (NOC) and the University of Manchester forms part of a broad international collaboration. It reveals that micro-plastics often accumulate on the deep sea floor in the same place as diverse and dense marine life communities. That's no big surprise. But how it gets there is.

Case Summary: 

A joint liquidator of a company "dishonestly redirected" a substantial sum of money from the company's administration account to an account he controlled and then used the money for his own purposes. He has been jailed for seven years.

Type of conduct: 
Fiduciary fraud

Any business that does business in or via the USA, including doing business in US Dollars is subject to US sanctions law. The USA frequently punishes foreign businesses which it says has breached its sanctions law. While the media focus is usually on action against UK and EU banks, the simple fact is that successful actions have been brought against, even, individuals buying and selling goods via eBay. So, when the US Treasury says "this is how to design your compliance system," it makes a great deal of sense to pay attention. Yesterday, that's what it said. So pay attention.

Publication: 

A report by the Australian Competition and Consumer Commission says that there has been an increase of 5% in the number of reports by the elderly of fraud committed against them. The total losses, however, increased by 22%. And they are not the only victims, the ACCC found.

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