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.
Analytics in compliance
With the industry also increasingly encouraging the commoditisation of various compliance products and serv...
Thanks for subscribing
Error - something went wrong!
Other content in this Stream
The Red Flag Group® launches seventh generation due diligence reports
After months of intense consultation, market research and client engagements, The Red Flag Group® is launching the seventh generation of IntegraCheck® due diligence reports on 1 October 2018.
Understanding Peer Benchmarking and Business Risk Ratio
When conducting due diligence background checks on your business partners, do you go a step further to check how they are performing when you compare them with others operating in the same industry...
Contract-free Due Diligence
The Red Flag Group® is now offering Pay-As-You-Go (PAYG) business intelligence reports online – meaning clients can order and receive due diligence reports without a contract...
IntegraRating® is The Red Flag Group®’s proprietary 10-points risk rating system which is replacing the generic traffic light system commonly used to assess and determine risks.
Interjurisdictional data research and analysis
Mary Chicklet Millo was able to identify the target individual by cross-referencing records in Lebanon, sources in the United States, and court records in Mexico.
Webinar: Third-party due diligence and remediation | How to effectively deal with red flags
If your due diligence assessment indicates issues that require further attention, it is important to consider the types and source of information that are available and necessary to make a sound...
Pre-acquisition due diligence
A Resource Guide to the US Foreign Corrupt Practices Act, released by the DOJ and SEC in November 2012, was the first time that many compliance practitioners considered conducting pre-acquisition due
Best practices in conducting FCPA / anti-bribery due diligence
Any organisation that sells through channel partners should have a due diligence programme in place, where it conducts proactive integrity analysis on its channel partners prior to engaging them.
Sporting a culture of corruption
FIFA, the International Cricket Council (ICC) and the Fédération Internationale de l’Automobile (FIA) have each opted to structure their organisations in different ways.
Database screening for third party compliance
Companies have a number of choices when deciding how to quantify and deal with the compliance risks related to their partners. For higher-risk partners, active due diligence exercises can be...
Things to think about when conducting bespoke due diligence
What is the purpose of setting standard scopes when conducting due diligence? When considering the level of diligence that is due for any particular activity, there tends to be a balance between...
Due diligence challenges and possible remediation steps in India
Conducting due diligence in India differs significantly from conducting due diligence in other countries. In particular, foreign corporations need to understand the Indian business environment,...
G8 Open Data Charter – the implications for due diligence
The Charter sets out the principles and best practice G8 nations will follow to release more data, in standard formats, for the private sector to use in delivering digital services to the public....
Ongoing maintenance options for partner due diligence
Many companies look at the on-going nature of due diligence and look at repeating due diligence at regular intervals. There are a number of ways that this can be performed, and it depends on.
Managing privacy risks when conducting due diligence
The source of much modern privacy legislation can be traced to the OECD Guidelines on the Protection of Privacy and Transborder Flows of Personal Data, which were issued in 1980. Rather than...
Webinar: Using technology to optimise and improve the management of your Gifts, Travel and Entertainment (GTE) programme
Gifts, Travel and Entertainment (GTE) webinar
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...
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.
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.
IntegraWatch® | Compliance Screening - Product Developments