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Hi *|FNAME|*

AML and Fraud dominate the news [again] with more fines and C&D orders in the U.S.

Citigroup has had its fair share of regulatory admonishment in the last few months, with a $400M fine and a cease and desist order for failing to correct deficiencies in Enterprise Risk Management, Compliance Risk Management, Data Governance, and Internal Controls (story below). Regular readers will remember on 20th Aug I reported that Citi made one of Wall Street’s largest errors, mistakenly transferring $900M. The bank are now in the midst of running multiple lawsuits to recover funds sent in error to lenders of cosmetics company Revlon. Citi says defective software dating from the 1990’s was the cause of the $900M wire transfer. Citi’s woes continue as they contend with a fine of $4.5M by the CFTC for deleting millions of audio files.

In other news, the EU are pushing to ‘lock out London’. It should be no surprise if you read last weeks email that the EU Bloc’s new commissioner has reiterated the EU’s position on moving away from dependence on the UK for access to FS Markets (see below).

And lastly… It wouldn’t be news without mentioning Wirecard -Germany pushes forward with DAX reforms. (https://medtech.news/deutsche-borse-pushes-for-dax-overhaul-after-wirecard-debacle/) ..The overhaul comes as a result of the German regulators search for a way to prevent a repeat of the supervisory failures that allowed Wirecard to construct the €1.9bn gap in it’s accounts before it later became insolvent.

That’s all for this week.

Enjoy

Paul
In the news this week…
CITI – RISK MANAGEMENT & CONTROLS FINE

OCC fines Citigroup $400M plus cease and desist order for failing to correct deficiencies in enterprise-wide risk management, compliance risk management, data governance, and internal controls… read more (https://www.finextra.com/newsarticle/36713/regulators-lose-patience-with-citi-over-risk-management-flaws)
FINCEN

In the leaked files, the intelligence division of FinCEN called the UK a “higher risk jurisdiction”, and compared the country to Cyprus because of the number of UK registered companies that appear in SARs… read more (https://www.bbc.co.uk/news/uk-54226107)
BAE – BANKS UNABLE TO MANAGE AML RISK

BAE cyber arm reports that Banks are unable to keep up with the 22 crimes defined by the EU’s 6th AMLD notably human trafficking. BAE found 36.p.c. of FS professionals aren’t confident in spotting signs of human trafficking… read more (https://www.baesystems.com/en-financialservices/insights/the-global-state-of-anti-money-laundering)
LSE – NEW PLANS TO BLOCK SUSPECT COMPANIES

MPs fear stock exchange is vulnerable to foreign powers – Consultation taking place now… read more (https://www.cityam.com/rishi-sunak-mulls-plans-to-block-suspect-companies-listing-on-stock-exchange/)

BREXIT – EU SAYS THE CITY CAN EXPECT ‘LESS FLUID’ TRADING FROM JANUARY

Bloc’s new finance commissioner reiterates EU’s position that banks and financial services should move away from reliance on London… read more (https://www.cityam.com/eu-says-the-city-can-expect-less-fluid-trading-from-january/)
FCA – IS YOUR FIRM USING THE FCA LOGO?
Advisers have been warned not to use the Financial Conduct Authority’s logo on their website or marketing amid concern some are breaking the regulator’s rules…
read more (https://www.ftadviser.com/regulation/2020/10/07/advisers-warned-over-using-fca-logo/)
FRAUD – FOREX AGENTS BANNED FOR MISUSING £8M OF CLIENT CASH

Two foreign exchange agents banned for total of 24 years after securing more than £9 million from clients only to use the funds to payback previous clients… read more (https://www.gov.uk/government/news/forex-agents-banned-after-misappropriating-9-million)
CRYPTO – UK WATCHDOG BANS BITCOIN-BASED PRODUCTS

Britain’s financial watchdog said on Tuesday it will ban the sale to retail investors of products that track the price of crypto assets like Bitcoin, saying most people lose money on them… read (https://uk.investing.com/news/stock-market-news/uk-watchdog-bans-bitcoinbased-products-for-retail-investors-2227190) more (https://uk.investing.com/news/stock-market-news/uk-watchdog-bans-bitcoinbased-products-for-retail-investors-2227190)

** Hiring for your Internal Audit team?
————————————————————
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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