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.
Compliance monitors: necessity or nuisance?
Much has been made of the role that compliance monitors play when they are appointed to an organisation. Th...
Want to receive exclusive updates?Subscribe
Other content in this Stream
Webinar: Taking a systems-based approach to due diligence
Creating information workflows, instead of silos of data, by integrating due diligence into your business processes through your ERP or CRM.
Driving integrity into the supply chain | Report and optimise
Having a supply chain programme to simply meet regulatory requirements may not help you identify and effectively manage risks created by suppliers. How organisations can report and optimise...
Helping clients address their anti-bribery and anti-corruption challenges
Corruption is undoubtedly one of the most pressing challenges facing both public and private sectors globally.
2019 Reputational Risk Study
Examine current trends along with best practices, so you can acknowledge your compliance gaps to avoid internal and external reputational damage.
How to select a due diligence provider
Recent cases involving high-profile entities and c-suite executives have tarnished reputations of well-known global companies for spying and initiating surveillance on former employees...
Integrating export control and trade sanctions into anti-corruption compliance programmes
The residual financial, reputational and operational trauma resulting from an export control prosecution can far outlast the effects of operating under a deferred prosecution agreement in an FCPA...
The risk of clean energy projects
The effects of climate change and global warming are pushing large investments into renewable energy generated from clean sources; wind, biomass, solar, geothermal and hydro, away from conventional...
U.S. Government spotlights the need for whistleblower protection
The United States Government’s recent legislative activities have highlighted employee accountability as an essential factor of a successful compliance programme.
Preparing for the California Consumer Privacy Act
Businesses are required to be CCPA-compliant or risk monetary liability or civil action. What actions do you need to prepare for compliance with the California Consumer Privacy Act?
Driving integrity into the supply chain | Trust, but verify
Explore how an organisation can establish an effective programme for verifying their supply chain partners.
Offset agreements and hidden compliance risks
Although often legitimate, offset agreements have been known to be used to cover bribes and kickbacks. All compliance officers should be aware that these risks do exist and know how to identify them.
Avoiding successor liability
Understanding the background of your target, prior to transacting, plays a crucial role in minimising exposure to potential liabilities and risks.
Five most common red flag zones in China
China is increasing efforts to align itself with international anti-corruption standards by taking stronger action and enforcements against wrongdoers under its Anti-bribery Laws.
Driving Integrity into the Supply Chain | Report and Optimise
Webinar: Driving Integrity into the Supply Chain | Report and Optimise
Measuring success in any compliance programme
Measuring success in a compliance programme goes beyond the policies and procedures. Having policies and procedures alone is simply not good enough unless you have regular auditing and...
Driving Integrity into the Supply Chain | Trust but Verify
Webinar: Driving Integrity into the Supply Chain | Trust but Verify
Developing and maintaining a policy lifecycle management system
Technology tools can play an integral role in helping organisations minimise risk in this area. The Red Flag Group’s ComplianceDesktop® Technology Platform manages the lifecycle of policies...
Are your due diligence reports providing maximum value for your business
There is no shortage of due diligence providers but the quality of the reports can vary drastically from one provider to another. We highlighted 10 indicators that tell if your due diligence...
Why ESG compliance can’t be ignored
The compliance landscape is becoming even more complex resulting from increased pressure for companies to publicly prove their commitment and disclose how they are addressing ESG risks and compliance.
Supply chain and compliance in the agricultural sector