Audit & Governance Weekly Financial News 5th February 2021

Company News

Published on: Friday, February 5, 2021 by Paul Stanbridge

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In the news this week the UAE has been threatened by EC to tighten up AML and CT financing by June 2021… The UAE in the same week has fined 11 banks for AML failings. That’s quick work! (see below)

The ever-popular Risk.Net is running a three-part series on the reg outlook this year. I’ve always found Risk Net to be a rich source of RIsk news one worth tuning into….. link to the installments can be found here: https://www.risk.net/regulation/7740191/the-outlook-for-2021-frtb

And lastly…

We will all have had some experience of the horrors of online meetings. If you are in the UK you will undoubtedly have seen small clips of the now-viral, Handforth Parish Council Zoom Meeting. The full version is 120 mins so here are the 18 min highlights (https://www.youtube.com/watch?v=lgGmYeAm0jk&t=24s) …

I hope you enjoy this week’s offering.

Paul
In the news this week…
GERMAN WATCHDOG ORDERS GOLDMAN SACHS TO COMPLY WITH MONEY LAUNDERING RULES

Germany’s financial watchdog has ordered Goldman Sachs’ European arm to comply with rules to prevent money laundering and terrorist financing.. (https://legal.thomsonreuters.com/blog/synthetic-identity-fraud-worrying-u-s-regulators/) read more (https://www.reuters.com/article/us-goldman-sachs-regulator/german-watchdog-orders-goldman-sachs-to-comply-with-money-laundering-rules-idUSKBN2A41PQ?il=0)
KEY TOPICS AND EVOLVING CHALLENGES TO SHAPE CAPITAL MARKETS PARTICIPANTS IN 2021.

This three-part audio-cast series explores some of the key topics and evolving challenges that will shape the agenda for capital markets participants in 2021…. read more (https://www.risk.net/regulation/7740191/the-outlook-for-2021-frtb)

JOINT REGULATORS STATEMENT FOR COMPANIES, AUDITORS, AND USERS OF FINANCIAL ACCOUNTS

The Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) have today published updated guidance for companies and auditors to ensure high-quality financial information continues to flow to users to support decision-making… read more (https://www.frc.org.uk/news/january-2021-(1)/joint-regulators-statement-for-companies,-auditors)
HUGE AML REFORM SUGGESTS A BUSY YEAR FOR US REGULATORS

The United States has passed reforms to its anti-money laundering regime, bringing digital asset exchanges and others dealing in digital assets further within the reach of regulators. The reforms became law on 1st Jan 2021 as part of the country’s sweeping annual defense bill… (https://www.businessinsider.co.za/4-million-african-web-addresses-have-been-stolen-woolworths-nedbank-also-hit-2021-1) read more (https://coingeek.com/massive-anti-money-laundering-reform-suggests-busy-year-for-us-regulators/)
UAE: BRUSSELS THREATENS UNITED ARAB EMIRATES WITH BLACKLIST

The European Commission said it will place the United Arab Emirates on the EU’s anti-money laundering and counter-terrorist financing list if it has not made significant progress in the fight against money laundering and terror financing by June 2021… (https://www.fca.org.uk/news/statements/fca-response-iba-proposed-consultation-intention-cease-us-dollar-libor) read more (https://uk.finance.yahoo.com/news/money-laundering-terror-financing-brussels-080007524.html)
UAE THREATENS AML CRACKDOWN AS 11 BANKS FINED

The UAE’s central bank has fined 11 banks a combined total of US$12.5mn for anti-money laundering failings, following warnings that the ME state was looking to shed its reputation as a financial crime hotspot… read more (https://www.gtreview.com/news/mena/uae-threatens-anti-money-laundering-crackdown-11-banks-fined/)
HOW BLOCKCHAIN CAN USHER IN A NEW ERA IN CRYPTO REGULATORY COMPLIANCE

When it comes to issues over crypto regulations and compliance, answers could be found in blockchain technology, writes Rachid Ajaja of AllianceBlock… (https://www.fca.org.uk/news/statements/fca-response-iba-proposed-consultation-intention-cease-us-dollar-libor) read more (https://forkast.news/blockchain-technology-crypto-regulation-compliance-rach/)
AI CAN FORM PART OF ANTI-MONEY LAUNDERING ARMOURY, LAW FIRMS TOLD

New technologies such as biometrics, machine learning and artificial intelligence can now form part of the anti-money laundering (AML) armoury, law firms have been told… read more (https://www.legalfutures.co.uk/latest-news/ai-can-form-part-of-anti-money-laundering-armoury-law-firms-told)

** 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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