Audit & Governance Weekly Financial News 19th March 2021

Company News

Published on: Friday, March 19, 2021 by Paul Stanbridge

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It seems RBS doesn’t get to run away that easily from ‘toxic image’… It was just over a year ago (18 Feb 2020 issue of this blog) that RBS is to be renamed NatWest Group as the bank attempts to rescue its tarnished image after more than a decade of scandals and a £45 billion taxpayer bailout. This week the BBC reports that NatWest faces a criminal case over money laundering. The FCA claims NatWest’s systems and controls failed to adequately monitor and scrutinise deposits made into a UK account totaling £365m between 2011 and 2016 – £264m of which was in cash. The sums involved are enormous and, if convicted, the fines NatWest could face are unlimited. (see below).

Two Internal audit publications came to my attention this week that readers might be interested in. EY’s paper on the challenges and controls that IT Audit needs to consider when moving systems to the cloud and, Provident Financial’s Group Head of Audit discussing Audit leadership and innovating teams – both worth a look.

And lastly… Due Diligence fail (https://editorpen.com/finance/crypto-firm-cred-failed-due-diligence-set-ex-uk-fugitive-in-charge-of-capital-raising/) of the year award goes to… cryptocurrency investment platform Cred, who unwittingly put a convicted financial criminal and UK fugitive in charge of raising and deploying the firm’s capital before its collapse into bankruptcy, a court-appointed examiner said.

I hope you enjoy this week’s offering.

Paul
In the news this week…
NATWEST FACES CRIMINAL CASE OVER MONEY LAUNDERING

The FCA alleges NatWest’s systems and controls failed to adequately monitor and scrutinise this activity. The Financial Conduct Authority (FCA) claims deposits were made into a UK… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.bbc.co.uk/news/business-56412393)
JPMORGAN STAFF SAID A $1.1 BILLION DEAL MIGHT BE CORRUPT. THE BANK SENT THE MONEY ANYWAY

Before a mammoth oil deal turned into an international scandal, high-level managers inside one of the world’s biggest banks knew of serious risks… read more (https://www.buzzfeednews.com/article/tomwarren/jpmorgan-corruption-risk-nigeria-oil-deal)
IT AUDIT – THE MOVE TO CLOUD COMPUTING FOR FINANCIAL SERVICES

Is your head really in the cloud(s)? Jonathan Roffey, Associate Partner at EY…. read more (https://www.linkedin.com/pulse/your-head-really-clouds-jonathan-roffey/?trackingId=EHEhcfu7SE%2B8mwdu3CqHhA%3D%3D)

AUDIT LEADERSHIP: A FOCUS ON TALENT MANAGEMENT

Register for Wolters Kluwer Webinar – Inspiring people at the forefront of Audit innovation addressing the big questions affecting today’s audit teams. Gareth Cronin – Chief Auditor Provident Financial Group… read more (https://register.gotowebinar.com/register/9082136882609380107?source=Bambu&utm_source=bambu&utm_medium=social&utm_campaign=taa_tm_advocacy&blaid=1313694)
AUTHORITIES ISSUE FRESH GUIDANCE ON TRADE FINANCE MONEY LAUNDERING RISKS

New guidance from the Financial Action Task Force (FATF), an influential global standards-setting body. The document was produced in collaboration with the Egmont Group, an international organisation of various countries’ financial intelligence units… read more (https://www.gtreview.com/news/global/authorities-issue-fresh-guidance-on-trade-finance-money-laundering-risks/)
FCA MULLS USE OF CITY’S LISTING RULES TO BOOST GENDER DIVERSITY

FCA – ‘I want to consider whether the diversity of management teams – and the inclusivity of the management culture they create – could be part of our consideration of senior manager applications.”… read more (https://www.ftadviser.com/fca/2021/03/17/fca-warns-it-may-vet-senior-managers-for-diversity/)

UK TRADE BODY URGES CHANCELLOR TO STEP IN OVER CRYPTO REGISTER SAGA

CryptoUK, the trade association representing more than 50 crypto firms, has called on chancellor Rishi Sunak to intervene over a delayed anti-money laundering registration process that has trapped hundreds of crypto startups in limbo… read more (https://www.theblockcrypto.com/post/98313/trade-body-chancellor-crypto-register-saga)
ABN AMRO SHARES DROP AS CONCERNS OVER SIZE OF MONEY LAUNDERING FINE GROW

ABN Amro shares were down by 4 per cent this morning following reports that the Dutch bank could face a much higher-than-expected fine in an ongoing money laundering investigation.. read more (https://www.cityam.com/abn-amro-shares-drop-as-concerns-over-size-of-money-laundering-fine-grow/)

** Hiring for your Internal Audit team?
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We have an extensive network of immediately available Internal Audit candidates. Call Paul on 0203 397 1774
Paul Stanbridge
Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
Contact:
[email protected] (mailto:[email protected])
Craig Phipps

Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.
Contact:
[email protected] (mailto:[email protected])

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