The Human Cost of Money Laundering – Part One

It is very easy to silo oneself when immersed in the world of investigating money laundering and to forget that actually it isn’t just about currency, commodities and hidden profits, but it’s about people. I have investigated a plethora of cases during my career and the focus is usually centred upon the villain and the criminal gains. How often do we actually sit down and examine how many people have been damaged along the road to the conviction? We get the conviction, we take back the proceeds of crime via the machinations of POCA and we send the villain to jail. Do we know what happened to all the others that were affected somewhere along the way to the Courtroom steps? Just like fraud, I

So what happens on May 26th?

25th May…. It’s the date we have all been working towards, some of us for many months. But what happens on 26th May, and the day after that? Well, initially we all have a well-deserved rest over a bank holiday weekend, and then it’s business as usual from Tuesday 29th May. But what is ‘business as usual’? For those who have not been able to complete their GDPR preparations prior to 25th May, you should have an action plan to take you through the following weeks and month on the journey to compliance with the principles of the GDPR and to demonstrate ongoing accountability. But if you have completed your preparations it doesn’t mean that you don’t have any ongoing work to do. In order to d

Technology for compliance

At the recent Teal Annual Conference, I spoke to the delegates about Technology in Compliance. I’d like to pose some of the questions we talked about during the session. How would your firm answer? How do your current systems and processes work for you? As a firm, are you all working on the same system or is it a mix? Are you confident that all your employees are using the same versions of documents such as your Client care letters and Terms of Business? How often do you review your systems and processes? The answers to the above questions are fairly self explanatory when it comes to assessing how effectively a firm is using technology to support their compliance function. There are common t

14 day countdown to GDPR

With just 14 working days to go until GDPR implementation day, what should you be focusing on? At our conference on 26th April, 57% of those attending said they had nearly completed all of the changes they needed to make in advance of 25th May, 4% stated that they were ready. So, what about the 22% who said they had only just started, or the 17% who didn’t know what GDPR was?? The key is DO NOT panic. It’s not Y2K all over again, the world will not end if you haven't completed all of your preparations by 25th May. What you do need is a plan…… Transparency is the key – prioritise those documents which tell your clients/customers what you will do with their personal data – how do you collect

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