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Compliance & Risk Management

CEO of online travel company resigns over relationship with employee

A successful CEO’s resignation over a code of conduct violation highlights the importance of company conduct policies as well as employee compliance with such policies. The CEO of a major online travel booking company has resigned following an investigation by the company’s board of directors. The company’s press release stated

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REUTERS/Brian Snyder REUTERS/Brian Snyder

Study finds money laundering in Germany is far worse than expected

Germany’s strong economy, its love of cash and a lack of transparency contribute to an estimated 15,000 to 28,000 money laundering transactions each year. Germany’s Finance Ministry commissioned a study that recently reported more than 100 billion Euros in money-laundering deals take place every year in Germany, an amount double

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REUTERS/Hannibal Hanschke REUTERS/Hannibal Hanschke

Is KYC compliance driving corporates too far?

Corporates say Know Your Customer (KYC) demands are detrimental to their banking relationships, according to a Thomson Reuters survey. An alarming 89% of corporates say that they have not had a good Know Your Customer (KYC) experience, with 13% of respondents indicating that they have had to change banks as

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Photographer: Pawel Kopczynski Photographer: Pawel Kopczynski

Report finds anti-bribery and corruption efforts need work despite increased momentum

Kroll Compliance and Ethisphere’s recently released 2016 Anti-Bribery and Corruption Report: A Year of Global Expansion and Enforcement (the Report) shows that organizations are making headway in their efforts to reduce bribery and corruption risks. At the same time, compliance professionals anticipate that global expansion and an escalating number of

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REUTERS/Petar Kujundzic REUTERS/Petar Kujundzic

Blockchain answers, part 3: can blockchain assist in the fight against financial crime?

The race is on to harness the power of blockchain. In the final part of our series, we consider its potential role in the fight against crime and examine the outlook for this fintech phenomenon. The potential for blockchain to help understand global transactions in real-time could prove to be

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Photographer: Yannis Behrakis Photographer: Yannis Behrakis

UK responds to pressure to increase efforts against financial crime and money laundering

According to the Financial Conduct Authority’s (FCA) Business Plan for 2016-17, it aims to make the UK financial system ‘a hostile sector for money launderers’. This announcement follows recent criticism of the UK’s Anti-Money Laundering (AML) regime, as well as urgent calls for government action to curtail and disrupt terrorist financing

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Companies unite against exploitation of pay-to-work migrants

Exploitation of low-skilled migrant workers often includes paying high fees just to secure work. Their plight is being addressed by the Institute for Human Rights and Business (IHRB) and five leading global companies, who have committed to the Employer Pays Principle. Recently, in a crowded room in Doha, Nazma Akter, the leader

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Photographer: Amit Dave Photographer: Amit Dave

Terror attacks lead to calls for swift implementation of EU’s fourth anti-money laundering directive

Like everyone else, terrorists need money to function and survive. To them, however, money represents the ability to mask their identities and operations, buy weapons and explosives, plan attacks and market their message of hate and fear. Understanding this, governments are increasing their effort to stem terrorist financing; this, in

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REUTERS/Russell Boyce REUTERS/Russell Boyce

Blockchain answers, part 2: how are regulators approaching blockchain?

Blockchain, the technology behind the virtual currency bitcoin, is promising to shake up financial markets. But how prepared are governments and regulators for this part of the Fintech revolution? Blockchain, which was initially meant to implement bitcoin’s currency business model, is now finding its own way into mainstream financial markets.

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Photographer: Luke MacGregor Photographer: Luke MacGregor