Compliance Alert

Compliance Alert Overview June 2011(click here for .ppsx file)
What added value, can Compliance Alert add to my business-structure?
Our practical approach to compliance is always tailored to the needs of your business. And our deep experience with compliance reporting ensures that your compliance program is designed and implemented efficiently without disruption to your current operations.

As a professional body, we provide a full range of services that help you meeting regulatory requirements by using a proactive approach, largely to financial sector, companies and compliance professionals, we offer full service assistance to foreign financial institutions to ensure an effective FATCA compliance...

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Obama: More reforms needed to wring risk from banks

U.S. President Barack Obama said on Wednesday he wants additional financial reforms to make sure banks are not tempted to make risky bets that can pay off handsomely for a few if they succeed but can cause widely felt disruptions if they flop.

Obama said in an interview with American Public Media’s “Marketplace” that he is looking for ways to reform the bank profit and compensation structures to rein in incentives for traders to take big risks.

Reforms put in place after the financial crisis that triggered the painful 2007-2009 recession were a good start, but more is needed, he said, according to a transcript.

“That is an unfinished piece of business,” he said in a radio interview scheduled to air on Thursday.

“The problem is that for 60 years, we’ve seen the financial sector grow massive...

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A new relationship between Risk, Compliance and Internal Audit

Internal audit, risk and compliance have traditionally been distinct and separate in financial services firms. Internal audit is the independent third line of defence assessing the efficacy of the controls infrastructure, with compliance and risk functions acting as the second line of defence in an advisory and monitoring capacity, with oversight of the quality of compliance and risk management in the first line of defence business units. The shifting focus towards culture and conduct risk and the need to assess the adequacy of culture in day-to-day business practices is driving a shift and realignment in the previous operating relationship between compliance, risk and internal audit.

The need for greater alignment

The major driver for change in rules, requirements and expectations regardi...

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A Grieving Father Pulls a Thread That Unravels BNP’s Illegal Deals

bus bombing two decades ago — and a New Jersey father’s quest for justice — inadvertently set off a chain of events that led American prosecutors to accuse some of the world’s biggest banks of transferring money for nations like Iran.

On Monday, that crackdown culminated with the guilty plea of BNP Paribas, which admitted to doing billions of dollars in deals with Iran and other countries blacklisted by the United States and agreed to pay a record $8.9 billion penalty to state and federal authorities.

The trail that ultimately led to BNP began in 2006, when the Manhattan district attorney’s office came upon a lawsuit filed by the father, who blamed Iran for financing the Gaza bus bombing that killed his 20-year-old daughter...

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France’s former President Sarkozy detained by police in corruption probe

Former French President Nicolas Sarkozy was held for questioning for 15 hours on Tuesday over suspicions he used his influence to secure leaked details of an inquiry into alleged irregularities in his 2007 election campaign.

It was the first time a former French head of state has been held in police custody and is the latest blow to Sarkozy’s hopes of a comeback after his 2012 election defeat by Socialist rival Francois Hollande. The conservative politician denies all wrongdoing in a string of investigations involving him.

Sarkozy arrived early on Tuesday to be quizzed by police investigators at their offices in Nanterre, west of Paris. He spent all day and evening in police custody but at about 11:40 p.m...

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Spain: Suspect fingers ex-king in royal corruption case

A key suspect in a corruption case looking at the business dealings of the brother-in-law of Spain’s King Felipe claimed on Monday the Royal Palace was intricately involved in the day-to-day activities of the business.

Diego Torres made the claim in his appeal against a recent ruling by Spanish judge Jose Castro which would see him and his wife in the dock on fraud and money laundering charges along with Spain’s Princess Cristina and her husband Iñaki Urdangarin.

Judge Castro made the ruling after a two-year investigation into the so-called Nóos case in which it is alleged that Urdangarin and Torres, his partner, embezzled €6 million ($8 million) in public funds via the Nóos Institute, a charitable sports foundation.

Diego Torres made the claim in his appeal against a recent rulin...

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Job vacancies at the FATF Secretariat

The FATF Secretariat in Paris is looking for Policy Analysts and Senior Policy Analysts.

Key areas of work for these positions include:

  • assessments of AML/CFT measures of countries against the revised FATF Recommendations, and
  • development of FATF policy papers

These vacancies are open to nationals of OECD member countries and of FATF member economies.

For more information please see the OECD’s recruitment information at 

Closing date for applications: 17 August

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FATF Public Statement – 27 June 2014

Paris, 27 June 2014 - The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT). In order to protect the international financial system from money laundering and financing of terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT standards, the FATF identified jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to the international financial system.

Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing (ML/FT) risks emanating from the jurisdic...
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FATF – Improving Global AML/CFT Compliance: on-going process – 27 June 2014

Paris, 27 June 2014 - As part of its on-going review of compliance with the AML/CFT standards, the FATF has to date identified the following jurisdictions which have strategic AML/CFT deficiencies for which they have developed an action plan with the FATF. While the situations differ among each jurisdiction, each jurisdiction has provided a written high-level political commitment to address the identified deficiencies. The FATF welcomes these commitments.

A large number of jurisdictions have not yet been reviewed by the FATF. The FATF continues to identify additional jurisdictions, on an on-going basis, that pose a risk to the international financial system.

The FATF and the FATF-style regional bodies (FSRBs) will continue to work with the jurisdictions noted below and to report on the pr...

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FATF: Risk of terrorist abuse in non-profit organisations

Terrorist organisations and non-profit organisations have very different objectives, but often rely on similar logistical capabilities:  Funds, material, personnel and public influence are key resources for non-profit organisations (NPOs).  Terrorist organisations seek the same resources to further their cause, which makes NPOs vulnerable for abuse by terrorists or terrorist networks.

FATF Recommendation 8 requires that countries review their laws and regulations to ensure that NPOs cannot be abused for the financing of terrorism.

This typologies report examines in detail, how and where NPOs are at risk of terrorist abuse...

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FATF – Virtual Currencies: Key Definitions and Potential AML/CFT Risks

In a short period of time, virtual currencies, such as Bitcoin, have developed into a powerful payment method with ever growing global acceptance. Virtual currencies offer an innovative, cheap and flexible method of payment. At the same time, the unique and often unfamiliar business model of virtual currencies poses a challenge to regulators around the world who are unsure how to deal with this payment method.  The policy responses vary considerably, with some countries embracing this new technology and others severely or totally limiting its legitimate use.

The FATF conducted research into the characteristics of virtual currencies to make a preliminary assessment of the ML/TF risk associated with this payment method...

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