The increasing focus on trade based money laundering as a conduit of illicit financial flow follows years of ever tightening anti money laundering controls. Those seeking to move funds illicitly have had to innovate, and international trade offers many opportunities. Jesse Spiro, Global Head of Threat Finance and Emerging Risks at Thomson Reuters chats to Khalid Shaikh, Senior Vice President – Head of Compliance and Bank MLRO, Masreqbank, about how why it is important that compliance executives prepare for upcoming regulation.

The increasing focus on trade based money laundering as a conduit of illicit financial flow follows years of ever tightening anti money laundering controls. Those seeking to move funds illicitly have had to innovate, and international trade offers many opportunities. Jesse Spiro, Global Head of Threat Finance and Emerging Risks at Thomson Reuters chats to Khalid Shaikh, Senior Vice President – Head of Compliance and Bank MLRO, Masreqbank, about how why it is important that compliance executives prepare for upcoming regulation.

Trade Based Money Laundering

Financial inclusion is key to economic growth, yet many banks and financial institutions are choosing to de-risk by suspending services to entire sections of the business population. While there are many reasons for derisking, cost is undoubtedly a factor, yet de-risking potentially endangers the stability of the financial system. James Swenson, Head of Enhanced Due Diligence and Screening Services, Thomson Reuters, chats to Ibtissem Lassoued, Partner – Financial Crime, Al Tamimi &amp; Co, about the extent of the problem of de-risking in MENA and what regulators are doing about it.

Financial inclusion is key to economic growth, yet many banks and financial institutions are choosing to de-risk by suspending services to entire sections of the business population. While there are many reasons for derisking, cost is undoubtedly a factor, yet de-risking potentially endangers the stability of the financial system. James Swenson, Head of Enhanced Due Diligence and Screening Services, Thomson Reuters, chats to Ibtissem Lassoued, Partner – Financial Crime, Al Tamimi &amp; Co, about the extent of the problem of de-risking in MENA and what regulators are doing about it.

De-Risking: The Impact in MENA and Globally

The Financial Action Task Force (FATF) facilitates scheduled peer review evaluations that help governments to benchmark their anti money laundering efforts against a global standard. In the run up to an evaluation it is usual for government policy to be scrutinised and upgraded where necessary, and this will have an impact on organizations. David Shepherd, Market Development Lead for Risk in MENA chats to Dr. Hans-Peter Bauer, Member of the Board, Basel Institute on Governance &amp; Senior Advisor, Wolfsberg Group about what organizations can expect.

The Financial Action Task Force (FATF) facilitates scheduled peer review evaluations that help governments to benchmark their anti money laundering efforts against a global standard. In the run up to an evaluation it is usual for government policy to be scrutinised and upgraded where necessary, and this will have an impact on organizations. David Shepherd, Market Development Lead for Risk in MENA chats to Dr. Hans-Peter Bauer, Member of the Board, Basel Institute on Governance &amp; Senior Advisor, Wolfsberg Group about what organizations can expect.

FATF Mutual Evaluations

According to experts, less than 1% of the proceeds of financial crime is identified in the financial system and recovered. Despite increasing financial regulation, illicit money transfers still flow freely. Regulators are looking at the potential of the sharing of financial information as a way of stemming the tide. Listen to Jorg Schaper, our Global Head of Proposition for Third Party &amp; Customer Risk, ask Nick Maxwell, Head of the Future of Financial Intelligence Sharing Program, why the sharing of financial information has become a key factor in the fight against financial crime.

According to experts, less than 1% of the proceeds of financial crime is identified in the financial system and recovered. Despite increasing financial regulation, illicit money transfers still flow freely. Regulators are looking at the potential of the sharing of financial information as a way of stemming the tide. Listen to Jorg Schaper, our Global Head of Proposition for Third Party &amp; Customer Risk, ask Nick Maxwell, Head of the Future of Financial Intelligence Sharing Program, why the sharing of financial information has become a key factor in the fight against financial crime.

The Future of Financial Information Sharing

The Financial Crime in MENA Report tracks changing norms and standards in compliance across the region. Now in its 4th year, we note moderating budgets while the regulatory burden continues to increase for compliance departments. 

The Financial Crime in MENA Report tracks changing norms and standards in compliance across the region. Now in its 4th year, we note moderating budgets while the regulatory burden continues to increase for compliance departments.

Financial Crime in the Middle East & North Africa 2018

Trade based money laundering is receiving increasing attention from regulators. It involves a complex and sophisticated layering of paperwork and touchpoints, and can be difficult to unravel. We speak to Ibrahim El-Adawi, Senior Compliance Consultant at Thomson Reuters, about how organizations can protect themselves.

Trade based money laundering is receiving increasing attention from regulators. It involves a complex and sophisticated layering of paperwork and touchpoints, and can be difficult to unravel. We speak to Ibrahim El-Adawi, Senior Compliance Consultant at Thomson Reuters, about how organizations can protect themselves.

Recent surveys in the MENA region reveal that the issue of ‘derisking’ – when larger, international banks withdraw their correspondent relationships with smaller regional banks – has become a substantial concern for many MENA-based banks. David Shepherd, Market Development Lead – Risk (Middle East &amp; North Africa), Thomson Reuters, chats to Antoine Hobeiche from React … Adapt … Lead Consulting and Dr Ali Awdeh from the Union of Arab Banks about the scale of the issue and the steps that banks can take to protect their relationships with their international partners.

Recent surveys in the MENA region reveal that the issue of ‘derisking’ – when larger, international banks withdraw their correspondent relationships with smaller regional banks – has become a substantial concern for many MENA-based banks. David Shepherd, Market Development Lead – Risk (Middle East &amp; North Africa), Thomson Reuters, chats to Antoine Hobeiche from React … Adapt … Lead Consulting and Dr Ali Awdeh from the Union of Arab Banks about the scale of the issue and the steps that banks can take to protect their relationships with their international partners.

Derisking in MENA – how should banks respond?

The task of complying with anti money laundering regulation has never been so complicated. The collection, analysis and management of client data to meet regulatory demands and find hidden risk has become an increasingly complex and laborious task. Automation will help to reduce some of the burden of the task, yet the growing role of technology in compliance brings is own set of challenges.  Martin Wood, the Head of Financial Crime for Thomson Reuters, chats with Khaled Alhuneidi and Adrianus Schrool, both of whom are AML specialists and lawyers with Allen &amp; Overy in Dubai, about the future of AML and the challenges of data management.

The task of complying with anti money laundering regulation has never been so complicated. The collection, analysis and management of client data to meet regulatory demands and find hidden risk has become an increasingly complex and laborious task. Automation will help to reduce some of the burden of the task, yet the growing role of technology in compliance brings is own set of challenges. Martin Wood, the Head of Financial Crime for Thomson Reuters, chats with Khaled Alhuneidi and Adrianus Schrool, both of whom are AML specialists and lawyers with Allen &amp; Overy in Dubai, about the future of AML and the challenges of data management.

Emerging threats and technologies facing AML practitioners in the world today

FATF assessments can have a substantial impact on countries and on the organizations that are based there. Andy Critchlow, the Middle East editor for Breakingviews, chats to Abdul Hafiz Mansour, the Secretary General of the Special Investigation Commission FIU Lebanon &amp; Vice Chairman, Egmont Group, about the impact of FATF on the MENA region.

FATF assessments can have a substantial impact on countries and on the organizations that are based there. Andy Critchlow, the Middle East editor for Breakingviews, chats to Abdul Hafiz Mansour, the Secretary General of the Special Investigation Commission FIU Lebanon &amp; Vice Chairman, Egmont Group, about the impact of FATF on the MENA region.

FATF in the MENA Region

Risk management of the supply chain has been a constantly expanding and challenging task over the past few years, but as we enter 2017, the need for a robust and effective compliance policy has never been stronger. James Swenson, Global Head of Proposition for Risk Managed Services at Thomson Reuters, speaks to Carla Koffel, Executive Director at The Pearl Initiative, the Gulf business-led, non-profit organisation that works to promote a corporate culture of accountability and transparency as a key driver of competitiveness across the region.

Risk management of the supply chain has been a constantly expanding and challenging task over the past few years, but as we enter 2017, the need for a robust and effective compliance policy has never been stronger. James Swenson, Global Head of Proposition for Risk Managed Services at Thomson Reuters, speaks to Carla Koffel, Executive Director at The Pearl Initiative, the Gulf business-led, non-profit organisation that works to promote a corporate culture of accountability and transparency as a key driver of competitiveness across the region.

Why It’s Important To Reduce Supply Chain Risks in 2017

Many businesses are overwhelmed with regulatory updates and information, our series of podcasts on the subject of risk is designed to help organizations cut through the clutter and focus on the important issues. Our subject matter experts will present short, concise and practical analysis that helps organizations to connect, simplify and perform. We believe that compliance shouldn’t be seen as a burden or a constant challenge, but an opportunity to accelerate business growth and discover new opportunities.

MENA Talks Financial & Risk

Financial transparency has become a priority for many governments and agencies around the world, ensuring that effective due diligence is now mission critical for certain organizations. It is no longer possible to enter into a contract or business relationship without detailed, documented knowledge of the target entity without incurring substantial risk. Until recently, it was possible to keep financial interests confidential, but the regulatory environment has tightened to such an extent that this is no longer possible. Governments keen to attract investment are eager to show that they offer a healthy environment to do business, and that there is no place for corruption, fraud, human trafficking or threat finance, as well as many other ills. Financial secrecy doesn’t always hide financial wrongdoing, however. It is entirely possible to be on the right side of the law but be ethically challenged. We saw this in the release of the Panama Papers – whilst there was little evidence of financial crime, it was not for nothing that people chose to place their money in offshore bank accounts, and that was to avoid scrutiny. While no law has been broken, this creates a great deal of public unease and a sense of injustice, and heightens the risk of regulatory degradation. The Panama Papers therefore serve to illustrate the importance of conducting proper due diligence. It is now vitally important to identify the ultimate beneficial owner of any companies you may have an interest in – a failure to do so can result in a substantial fine and / or reputational damage. Unfortunately, regulators appear to assume that the task of obtaining ownership information is straightforward, it is however anything but. While ownership documentation is often required as part of the onboarding process, the task of continuously monitoring ownership changes and verifying client-provided details can present serious challenges due to the lack of transparency, especially for privately-held companies. In this podcast, James Swenson, Head of Financial Crime and Reputational Risk Managed Services at Thomson Reuters, speaks to Former Rear Admiral Chris Parry about the various issues of understanding ultimate beneficial ownership and why it is an increasing challenge for compliance officers.

Financial transparency has become a priority for many governments and agencies around the world, ensuring that effective due diligence is now mission critical for certain organizations. It is no longer possible to enter into a contract or business relationship without detailed, documented knowledge of the target entity without incurring substantial risk. Until recently, it was possible to keep financial interests confidential, but the regulatory environment has tightened to such an extent that this is no longer possible. Governments keen to attract investment are eager to show that they offer a healthy environment to do business, and that there is no place for corruption, fraud, human trafficking or threat finance, as well as many other ills. Financial secrecy doesn’t always hide financial wrongdoing, however. It is entirely possible to be on the right side of the law but be ethically challenged. We saw this in the release of the Panama Papers – whilst there was little evidence of financial crime, it was not for nothing that people chose to place their money in offshore bank accounts, and that was to avoid scrutiny. While no law has been broken, this creates a great deal of public unease and a sense of injustice, and heightens the risk of regulatory degradation. The Panama Papers therefore serve to illustrate the importance of conducting proper due diligence. It is now vitally important to identify the ultimate beneficial owner of any companies you may have an interest in – a failure to do so can result in a substantial fine and / or reputational damage. Unfortunately, regulators appear to assume that the task of obtaining ownership information is straightforward, it is however anything but. While ownership documentation is often required as part of the onboarding process, the task of continuously monitoring ownership changes and verifying client-provided details can present serious challenges due to the lack of transparency, especially for privately-held companies. In this podcast, James Swenson, Head of Financial Crime and Reputational Risk Managed Services at Thomson Reuters, speaks to Former Rear Admiral Chris Parry about the various issues of understanding ultimate beneficial ownership and why it is an increasing challenge for compliance officers.

Understanding Ultimate Beneficial Ownership

Every oil and gas company wants to achieve optimum exploration, production and efficient processing. The management of risk in the supply chain plays an essential role in achieving this. Supply chains have become increasingly complex and fluid, making them challenging to manage at a time of growing regulatory risk. Quite often the management of supply chains is the responsibility of the procurement department, but with the inherent risk of these chains, there is the suggestion that senior executives oversee the function. Yet with dramatically falling oil prices, reductions in headcount and uncertainty about the future, the global oil and gas industry is under mounting pressure to make every penny count. Companies are looking for immediate cost savings, but the question is, what function gets sacrificed? Rising labour costs are placing the industry’s productivity levels under increasing pressure and leaving organizations vulnerable. There is no longer the headcount that there used to be, and many of the headcount reductions are said to occur in the purchasing and supply chain departments. This means that there is no longer the resource to conduct proper validation, prequalification and auditing of their suppliers. It’s crucial during such times, when everyone is feeling the pinch, that risk is carefully and cautiously managed, especially supply chain risk. Failure to carry out reviews of suppliers puts main contractors in a significant position of risk, since supply chain problems can affect firms’ financial position and reputation. How do compliance professionals cope, what steps do they take to reduce risk and is there a point when they have to follow their conscience? MENA Talks speaks to Tamer Nasser, Head of Compliance for Dragon Oil, about supply chain risk in the oil and gas industry, and asked him how best to manage, not just supply chains, but senior management.

Every oil and gas company wants to achieve optimum exploration, production and efficient processing. The management of risk in the supply chain plays an essential role in achieving this. Supply chains have become increasingly complex and fluid, making them challenging to manage at a time of growing regulatory risk. Quite often the management of supply chains is the responsibility of the procurement department, but with the inherent risk of these chains, there is the suggestion that senior executives oversee the function. Yet with dramatically falling oil prices, reductions in headcount and uncertainty about the future, the global oil and gas industry is under mounting pressure to make every penny count. Companies are looking for immediate cost savings, but the question is, what function gets sacrificed? Rising labour costs are placing the industry’s productivity levels under increasing pressure and leaving organizations vulnerable. There is no longer the headcount that there used to be, and many of the headcount reductions are said to occur in the purchasing and supply chain departments. This means that there is no longer the resource to conduct proper validation, prequalification and auditing of their suppliers. It’s crucial during such times, when everyone is feeling the pinch, that risk is carefully and cautiously managed, especially supply chain risk. Failure to carry out reviews of suppliers puts main contractors in a significant position of risk, since supply chain problems can affect firms’ financial position and reputation. How do compliance professionals cope, what steps do they take to reduce risk and is there a point when they have to follow their conscience? MENA Talks speaks to Tamer Nasser, Head of Compliance for Dragon Oil, about supply chain risk in the oil and gas industry, and asked him how best to manage, not just supply chains, but senior management.

Compliance Challenges – Oil & Gas

We are nearing the 10th anniversary of the global financial crisis and banks now face a new challenge – that of potential disruption to a degree never before experienced by their sector. Experts foresee opportunities for agile and sophisticated start-ups to meet the growing demand of a technology savvy consumer base, but how will banks respond? Andy Critchlow, the Middle East editor for Breakingviews, speaks to Bryan Stirewalt, Managing Director, Supervision, Dubai Financial Services Authority, about the future of financial institutions.

We are nearing the 10th anniversary of the global financial crisis and banks now face a new challenge – that of potential disruption to a degree never before experienced by their sector. Experts foresee opportunities for agile and sophisticated start-ups to meet the growing demand of a technology savvy consumer base, but how will banks respond? Andy Critchlow, the Middle East editor for Breakingviews, speaks to Bryan Stirewalt, Managing Director, Supervision, Dubai Financial Services Authority, about the future of financial institutions.

The Future of Financial Institutions

Many organizations in MENA are looking to expand globally and connect with businesses across borders. This brings them into contact with various counterparties around the world. While these counterparties are critical to the growth and success of an organization, they bring with them certain risks. With the increased focus by regulators on maintaining financial stability, it’s important that organizations understand the nature of the risk involved so that they know the steps to take to reduce their exposure as far as possible. In this podcast, Thomson Reuters’ Head of Operations and Delivery for IntegraScreen, James Swenson, chats to David Hall, Director for Integrity Diligence Practice at E&amp;Y, about hidden counterparty risk and practical steps that can be taken to reduce this risk.

Many organizations in MENA are looking to expand globally and connect with businesses across borders. This brings them into contact with various counterparties around the world. While these counterparties are critical to the growth and success of an organization, they bring with them certain risks. With the increased focus by regulators on maintaining financial stability, it’s important that organizations understand the nature of the risk involved so that they know the steps to take to reduce their exposure as far as possible. In this podcast, Thomson Reuters’ Head of Operations and Delivery for IntegraScreen, James Swenson, chats to David Hall, Director for Integrity Diligence Practice at E&amp;Y, about hidden counterparty risk and practical steps that can be taken to reduce this risk.

Enhanced Due Diligence & Investigation to Identify The Hidden Counterparty Risk

The issue of cyber crime is fast becoming one of the biggest global challenges to business, although action to reduce the threat it is still perhaps muted, partly due to a lack of regulation. indeed, it is a difficult issue to regulate against, yet the threat to organizations of a cyber attack is high and needs to be attended to. While compliance professionals are not expected to be technological experts, the task of reducing cyber crime risk is increasingly falling within their remit and for many compliance executives, it is becoming their responsibility to raise awareness of the risk of cyber crime throughout the organization, and to ensure that any controls are complied with and monitored. Even with the best policies and controls in place, a company remains susceptible to cyber risk through the event of human error. Training and retraining therefore becomes an essential component of a successful cyber crime policy, and in today’s high risk environment it is advisable. Over the past few years there has been a spike in high profile cases, and cyber criminals often target the larger organizations. Should Know Your Customer data be targeted during a cyber attack, it could cause significant harm to many people and become a much wider issue than the organization under attack. This can result in severe reputational damage and business loss. Extra precautions need to be taken, but with the complexity of the issue, many executives are unsure how to prepare against a potential cyber intervention. Investing large sums of money in high tech solutions, although helpful, is often not enough to reduce the risk of penetration significantly. The best anti-cyber crime software in the world can be rendered useless through lack of attention to detail. Relying too much on technology and not taking care that the human aspect of the operational process is monitored closely enough is a common issue, so while a technological solution is beneficial and necessary, it is the interaction between human intelligence and sophisticated technology that impacts more profoundly on risk. Over the next few years we can expect to see growing regulation to help combat cyber crime. Once the regulation is in place, cyber policies will become increasingly important, and despite a growing remit, the compliance officer is likely to become responsible for ensuring the success of an integrated cyber crime policy. We speak to Abdulhafiz Mansour, Secretary of the Special Investigation Commission, Lebanon &amp; Vice Chairman, MENA, Egmont Group, about the future of cyber strategy and practical steps that can help.

The issue of cyber crime is fast becoming one of the biggest global challenges to business, although action to reduce the threat it is still perhaps muted, partly due to a lack of regulation. indeed, it is a difficult issue to regulate against, yet the threat to organizations of a cyber attack is high and needs to be attended to. While compliance professionals are not expected to be technological experts, the task of reducing cyber crime risk is increasingly falling within their remit and for many compliance executives, it is becoming their responsibility to raise awareness of the risk of cyber crime throughout the organization, and to ensure that any controls are complied with and monitored. Even with the best policies and controls in place, a company remains susceptible to cyber risk through the event of human error. Training and retraining therefore becomes an essential component of a successful cyber crime policy, and in today’s high risk environment it is advisable. Over the past few years there has been a spike in high profile cases, and cyber criminals often target the larger organizations. Should Know Your Customer data be targeted during a cyber attack, it could cause significant harm to many people and become a much wider issue than the organization under attack. This can result in severe reputational damage and business loss. Extra precautions need to be taken, but with the complexity of the issue, many executives are unsure how to prepare against a potential cyber intervention. Investing large sums of money in high tech solutions, although helpful, is often not enough to reduce the risk of penetration significantly. The best anti-cyber crime software in the world can be rendered useless through lack of attention to detail. Relying too much on technology and not taking care that the human aspect of the operational process is monitored closely enough is a common issue, so while a technological solution is beneficial and necessary, it is the interaction between human intelligence and sophisticated technology that impacts more profoundly on risk. Over the next few years we can expect to see growing regulation to help combat cyber crime. Once the regulation is in place, cyber policies will become increasingly important, and despite a growing remit, the compliance officer is likely to become responsible for ensuring the success of an integrated cyber crime policy. We speak to Abdulhafiz Mansour, Secretary of the Special Investigation Commission, Lebanon &amp; Vice Chairman, MENA, Egmont Group, about the future of cyber strategy and practical steps that can help.

Global Trends in Cyber Crime

The third annual survey on financial crime in the MENA region, a joint initiative of Thomson Reuters and Deloitte, follows two previous surveys on the same topic. The surveys are conducted in the same month of each year with the same audience sample and contain a set of core questions. The reports from the survey will eventually form part of a longitudinal study that tracks changing norms and standards in the fight against financial crime in the MENA region. From the responses, we identified four key themes: • Pressure to comply intensifies • Regulatory game changer • Senior leadership – missing in action? • The continued rise of technology Last year’s top concern was how to cope with regulatory updates, and we saw that regulatory fatigue was becoming a very real concern for many compliance departments. Unfortunately, this survey’s results showed that the situation remained the same and whilst it may be understandable in the face of a regulatory avalanche, regulatory fatigue is not an acceptable defense. Getting support from senior managers and securing their assistance to create the appropriate culture and awareness was a particularly notable theme in last year’s report, and this year responses revealed that many compliance officers are still struggling with what they perceive is a lack of support from senior management. It seems that active communication from senior management with the rest of the staff, as a method of raising awareness of the importance of compliance, and setting the right tone within the organization, is not a priority for many members of senior management. Any increases in the compliance budget are spent on improving the sophistication of the compliance program as a way of coping with the increased pressure, but there is a need to be able to justify the substantial associated costs. Money laundering remains a top concern for compliance officers, and cybercrime, an issue that seemed to be somewhat neglected in previous years, is beginning to receive more attention. Reputation is still one of the biggest concerns for executives, and is probably a major driver of the surge in risk assessment requests in a bid to measure progress. It was noted, however, that almost half of risk assurance processes relied on internal resources only, which may not always deliver objective reporting. With the growing demand for an increasing sophisticated technological response to compliance pressure, it’s not surprising that there is equal growth in demand for a specific skill set. It is no surprise therefore that training is becoming a more topical issue for many compliance and senior executives, especially as they need to be able to justify their investment in expensive technology. To maximize the usefulness and potential of the expensive technology requires the right skill set.

The third annual survey on financial crime in the MENA region, a joint initiative of Thomson Reuters and Deloitte, follows two previous surveys on the same topic. The surveys are conducted in the same month of each year with the same audience sample and contain a set of core questions. The reports from the survey will eventually form part of a longitudinal study that tracks changing norms and standards in the fight against financial crime in the MENA region. From the responses, we identified four key themes: • Pressure to comply intensifies • Regulatory game changer • Senior leadership – missing in action? • The continued rise of technology Last year’s top concern was how to cope with regulatory updates, and we saw that regulatory fatigue was becoming a very real concern for many compliance departments. Unfortunately, this survey’s results showed that the situation remained the same and whilst it may be understandable in the face of a regulatory avalanche, regulatory fatigue is not an acceptable defense. Getting support from senior managers and securing their assistance to create the appropriate culture and awareness was a particularly notable theme in last year’s report, and this year responses revealed that many compliance officers are still struggling with what they perceive is a lack of support from senior management. It seems that active communication from senior management with the rest of the staff, as a method of raising awareness of the importance of compliance, and setting the right tone within the organization, is not a priority for many members of senior management. Any increases in the compliance budget are spent on improving the sophistication of the compliance program as a way of coping with the increased pressure, but there is a need to be able to justify the substantial associated costs. Money laundering remains a top concern for compliance officers, and cybercrime, an issue that seemed to be somewhat neglected in previous years, is beginning to receive more attention. Reputation is still one of the biggest concerns for executives, and is probably a major driver of the surge in risk assessment requests in a bid to measure progress. It was noted, however, that almost half of risk assurance processes relied on internal resources only, which may not always deliver objective reporting. With the growing demand for an increasing sophisticated technological response to compliance pressure, it’s not surprising that there is equal growth in demand for a specific skill set. It is no surprise therefore that training is becoming a more topical issue for many compliance and senior executives, especially as they need to be able to justify their investment in expensive technology. To maximize the usefulness and potential of the expensive technology requires the right skill set.

Financial Crime in MENA 2017

We are in an era of enhanced regulatory scrutiny, increasing fines and increasing cooperation between authorities. Regulatory pressure has been building on organizations around the world for some time and we can expect this to continue. Thomson Reuters looked at compliance trends for the year ahead, and one trend that stood out was the swing towards personal liability by authorities. This focus on personal liability means that there is an increase in personal risk for senior executives, those who are in a position of responsibility which meant that they ‘should have known’. There is therefore increased emphasis on senior individuals’ ability to identify, manage and mitigate their own personal regulatory risks. Many compliance officers are also reportedly feeling vulnerable. Thomson Reuters has gained insight and views from a wide range of expert sources across the financial services industry through its global events and as part of a series of surveys. In all, well in excess of 2,000 risk and compliance practitioners have contributed their views to the Thomson Reuters analysis on personal liability. The regulatory focus on accountability and introduction of new regimes appears to be exacerbated by an apparent lack of oversight or awareness from senior managers. This is reinforced by half (49 percent) of participants in the personal liability survey reporting that senior managers do not ‘really know what is going on in their business’. The widespread expectation that personal liability is set to increase was emphasized by results of voting at the Thomson Reuters New York customer summit where 94 percent of practitioners expected the personal liability of compliance officers to increase in the next year (64 percent expected a significant increase). In London the question was asked as to whose job related personal liability was likely to increase most with a resounding 59 percent responding with the compliance officer. We explore this theme in our podcast: ‘Global trends in anti-money laundering in 2016’

We are in an era of enhanced regulatory scrutiny, increasing fines and increasing cooperation between authorities. Regulatory pressure has been building on organizations around the world for some time and we can expect this to continue. Thomson Reuters looked at compliance trends for the year ahead, and one trend that stood out was the swing towards personal liability by authorities. This focus on personal liability means that there is an increase in personal risk for senior executives, those who are in a position of responsibility which meant that they ‘should have known’. There is therefore increased emphasis on senior individuals’ ability to identify, manage and mitigate their own personal regulatory risks. Many compliance officers are also reportedly feeling vulnerable. Thomson Reuters has gained insight and views from a wide range of expert sources across the financial services industry through its global events and as part of a series of surveys. In all, well in excess of 2,000 risk and compliance practitioners have contributed their views to the Thomson Reuters analysis on personal liability. The regulatory focus on accountability and introduction of new regimes appears to be exacerbated by an apparent lack of oversight or awareness from senior managers. This is reinforced by half (49 percent) of participants in the personal liability survey reporting that senior managers do not ‘really know what is going on in their business’. The widespread expectation that personal liability is set to increase was emphasized by results of voting at the Thomson Reuters New York customer summit where 94 percent of practitioners expected the personal liability of compliance officers to increase in the next year (64 percent expected a significant increase). In London the question was asked as to whose job related personal liability was likely to increase most with a resounding 59 percent responding with the compliance officer. We explore this theme in our podcast: ‘Global trends in anti-money laundering in 2016’

Global Trends in AML – What to expect in 2016

The best episodes for anyone looking to learn more about topics such as happiness, fulfillment, depression and psychology/mental health in general. With interviews with industry experts, personal stories of individuals, this topic has lessons applicable to everyone. Add episodes you're interested into your queue below!

Best Episodes on Mental Health, Emotions & Thoughts

The best podcast episodes on physical health. Episodes talk about your diet, sleep, exercise and all the things that people do to improve their physical health and live a healthier life. This topic is for everyone, with applications in all of our everyday lives. Add episodes you're interested into your queue below!