Hong Kong’s securities regulator has reported a huge surge in the number of occasions when financial institutions in the city have failed to comply with anti-money laundering (AML) guidelines. In its annual report for 2015-2016, the Securities and Futures Commission (SFC) confirmed that the number of rule breaches in the year ending 31 March had risen by an astonishing 91 percent from 117 to 223 incidents. Financial penalties imposed during the year were also up by 58 percent to US$11.2 million, and this included a penalty of almost US$4 million imposed on JP Morgan in December for a series of control failures. The results of the SFC report are a reminder to companies of the need to implement a rigorous know-your-customer (KYC) process.
Webinar: 'Outsourcing your third parties' compliance management programmes
Does your company’s business model heavily rely on a multitude of third parties in many different countries...
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Get on top of your compliance in high risk countries
In the wake of the latest events surrounding China’s Huawei Technologies Co. Ltd, the compliance community is once again weighing-in on what constitutes proper due diligence and the roles of...
Why a multifaceted due diligence is an important part of a compliance programme
Benny Chew conducted several enhanced searches and found that the individual’s address closely matches the address of a shipping company in Shanghai, China.
How well do you trust your third party?
Eva Tung performed extensive background checks on the company and found no information suggesting that the target company had business dealings in Sudan.
Webinar: Using technology to optimise and improve the management of your Gifts, Travel and Entertainment (GTE) programme
Gifts, Travel and Entertainment (GTE) webinar
Supplier Integrity® | Supply Chain Risk Management - Product Developments
A few years ago we recognised that the supply chain was a very weak link in the compliance, integrity and risk world. Suppliers were vetted for so many things but rarely anything that was reputation..
Compliance Managed Services - Product Developments
The Red Flag Group experienced continued growth of Compliance Managed Services in 2017.
IntegraCall® | Secure Compliance Hotline - Product Developments
There is no doubt that having a secure, accessible and anonymous ethical hotline in place is an essential and effective tool for reducing misconduct in an organisation.
IntegraWatch® | Compliance Screening - Product Developments
This year we have created a new business unit, Information Services, to focus on gathering the data that our clients need to properly manage their compliance risks.
ComplianceDesktop® | Compliance Technology Platform - Product Developments
Our focus as an organisation is targeted at evolving the ComplianceDesktop® | Compliance Technology Platform and making it an intuitive and flexible solution to manage all aspects of compliance...
IntegraCheck® | Integrity Due Diligence - Product Developments
In this coming year, we will be introducing IntegraCheck® | Integrity Due Diligence 7.0 to further meet our clients’ specific needs...
The Market Outlook for 2018
This year has probably been one of significant change and warrants a little more time than previous years to gauge the focus of the industry as it moves forward...
Letter from our CEO & Executive Chairman
We remain convinced that our success will be dependent on effectively managing our technology assets, our data assets and our people.
Expanding your compliance programme globally
By developing the compliance programme on a global standard, compliance functions can more easily expand the compliance programme to new business units, and employees there can realise...
Developing a whistleblowing culture in the APAC region
This changing environment gives an insight into why this personal communication channel would be perceived as private and secure by potential whistleblowers in the Asia-Pacific region.
Blowing the whistle by encouraging a culture of ethics
Before whistleblowers report illegal activity within an organisation, they will first weigh up their safety options and determine what is at stake for them...
The National Supervision Commission - China’s newest solution to low level corruption. What will change and how should you adapt?
The new, hard-hitting NSC is China’s most comprehensive corruption prevention law to date. Its effective implementation means that standard Chinese practices, such as hospital suppliers treating...
4 details NOT to miss in preventing bidding irregularities
According to the ACFE 2016 Report to The Nations, a purchasing function remains the highest risk of corruptions. Moreover, bidding misconducts are one of the most common fraud scams found...
Common issues with hotlines, and what you can do to solve them
A simple, affordable and intelligent hotline platform that enables you to instantly take action and follow up a case, wherever it comes from, while ensuring you are compliant to any local...
Don’t expect the business to manage third party onboarding tasks
The former best practice of burdening business teams with managing time-consuming onboarding tasks may be ending. While the business owns relationships with its third parties...
Why app-based misconduct reporting solutions work better than traditional landline hotlines