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.
Human rights and multinational business
This paper demonstrates that the sanctions and best-practice recommendations on the energy and resources se...
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Most Recent Flipbooks
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Certified for Compliance
Certified For Compliance® is The Red Flag Group’s suite of ISO advisory services designed to ensure organisations meet ISO best practice requirements.
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A new method of online compliance learning uses adaptive training techniques to train an entire employee population with one compliance course that changes with employees’ unique tasks at a company.
Our Annual Report 2016/2017
The Firm saw another record year in revenue in 2016/17. Growth was seen across all regions and products, with some of our largest clients now located outside of the United States.
Using human resources to make compliance more effective
While many practitioners do not initially consider HR as a key component of a compliance solution, it can be one of the linchpins in spreading a company’s commitment to compliance throughout the...
Analytics in compliance
With the industry also increasingly encouraging the commoditisation of various compliance products and services, it is more important than ever that compliance professionals seek holistic solutions.
The complete guide to the 23 risk areas
Understanding your third party is more than just knowing the list of your third parties. Knowing your third party means that, you understand precisely the work they do for you, how they do it and why.
Integrity due diligence in 30 points
The Red Flag Group has seen a significant increase of interest into a variety of risks that extend beyond the previously narrow focus of many companies.
Human rights and multinational business
This paper demonstrates that the sanctions and best-practice recommendations on the energy and resources sector consequently extend to all producers and consumers.
Policy management and compliance
With competing requests, IT often don’t get a chance to make changes to websites (they have bigger and better things to manage). Left unmanaged, intranet pages become a confusing mess of policies.
Special report: Recurring third party due diligence
Lots of firms think that once they have a contract with a supplier then it becomes a trustworthy part of the team, which is not true.
Special report: Work with a dedicated compliance partner to better serve your clients
Many companies see the value in working with compliance-specific consulting firms such as The Red Flag Group to conduct due diligence, background checks, risk assessments, and improve compliance.
Best practices in distributor audits
An audit of distributors needs to be focused, with appropriate methods used to obtain information that is useful, relevant and, above all else, actionable.
Importance of a KYC process for every company
While there are regulatory requirements for banks and insurance companies to ‘know’ their customers, there is no legal obligation for non-financial organisations to conduct integrity screenings.
Supplier codes of conduct
Many companies are starting to recognise the importance and value of having a written code of conduct for their suppliers and other third parties.
Building effective compliance programmes for third parties
As the compliance function becomes increasingly sophisticated, organisations are realising that it is the third parties acting on its behalf that actually causes the most significant compliance risk.
European codes of conduct
The best practices for codes are evolving. Companies that have never had a code are drafting them for the first time.
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.
The importance of corporate gift and entertainment policies