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Curated by Dev Odedra.

 

 

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Should financial institutions consider the character of customers as a risk factor? A recent case in Australia suggests that it might be wise to do so.

FCRO Subsection: 

Yesterday, the USA's Financial Crimes Enforcement Network (FinCEN) today issued an Advance Notice of Proposed Rulemaking(ANPRM) to solicit public comment on a wide range of questions pertaining to potential regulatory amendments under the Bank Secrecy Act.

Industry: 
Financial Crime Compliance / Risk Management (inc AML/CFT)

London 14 September 2020 From buccaneers and pirates to modern day providers of financial services, the offshore sector has always been about protecting and enhancing the value of assets.

A new e-learning course examines the history of the offshore financial sector, private banking and family offices.

I abandoned using slides in presentations in Europe in the 1990s. Working in Asia, there was an expectation that there would be slides and if they were not used - and handed out to the audience - there was considerable criticism. In many cases, that persists. But in the 2000s, I reverted to presentations without slides which puts the onus on the audience to make notes. It's a policy I have extended to e-learning with intra-course Scenario pages and reinforcement for which note-taking is encouraged. It's why we chose against including a notepad in our e-learning system. My view was simple: I knew that the stuff I remembered best was the stuff I wrote down - even though my handwriting was so poor that, often, I couldn't read it back. The simple act of making notes locked information into my memory, even when I was doing it almost on autopilot whilst listening to what was being said. If it worked for me, I reasoned, it would work for everyone. New research by Hetty Roessingh, Professor...

BIScom Subsection: 

Financial Crime Risk and Compliance Training (our sister division) has added five pages to its course "Essentials: lawyers and money laundering, etc." New court judgments in Australia are set to revise attitudes to notices compelling delivery of documents.

CoNet Section: 

This is so amateur that it's worth our publishing it. The "reply to" address is at a free and anonymous mail account in Hungary: georgievakristalina01@vipmail.hu . But there is something interesting.

FCRO Subsection: 

Deutsche Bank will, in the not too distant future, become a cause of study in universities, colleges and business schools across the world. It will become the iconic example of how not to run a bank.

Publication: 

For the background to this story, see here: https://www.pleasebeinformed.com/publications/Financial_Crime_Risk_Officers/persistence_cryptotrading_fraudsters and here: https://www.pleasebeinformed.com/publications/Financial_Crime_Risk_Officers/get_rich_quick_scheme_being_pumped_linkedin

Now the fraudsters, or their associates, are back. And this time they have new telephone numbers.

FCRO Subsection: 

Australia has once more taken action against an overseas corporation in respect of the terms and conditions it imposes on purchasers in Australia.

Is Australia's approach to policing e-commerce workable in a global economy?

CoNet Section: 

RIZWAN HUSSAIN has been jailed in the Central London Country Court (a court of first instance) by HH Lethem, J. Hussain has squirmed, wriggled and lied so as to remain in a flat he rented in South West London.

BIScom Subsection: 

Dots, here's a line. We hope you like being joined up.

The Australian Consumer and Competition Commission has "granted authorisation" for a scheme to collect and recycle batteries. The scheme, known as "The Battery Stewardship Council," was originally launched in 2918. In December 2017, Elon Musk's Tesla company installed the then biggest Lithium-Ion battery in the world in South Australia. This week, it's been announced that its size has been increased.

You know that thing about airport security, where no one gets on a flight if they aren't who they say they are? And you know that the USA is so obsessed with airport security under its "war on terror" thing that all flights are locked down tighter than a tight thing?

It's not true and this document fraud shows how lax security really is in the US aviation industry. Remember this the next time some one questions a detail on your ticket at check-in. It's the old thing - the bigger the lie, the less people are likely to spot it.

FCRO Subsection: 

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