Governance, Risk & Compliance

U.S. compliance education expands as demand increases – Part Three: other countries

As companies spend more on compliance to meet regulatory imperatives on financial crime, data privacy, supply-chain management and others, the focus on compliance officers and their skill set has expanded. But when it comes to formal training programs, countries outside the United States have often led the way. (more…)

Exchange Magazine: Open for business


In the new issue of Thomson Reuters Exchange Magazine we turn our focus to an important topic in the financial industry: Open. It is a concept that touches every aspect of the business, whether it is open data, open platforms or open messaging.

Highlights from this issue include Thomson Reuters Tim Baker, Head of Content Strategy and Innovation, and Andrew Fletcher, Senior Manager Data Innovation Lab, on how to transform open data into intelligence; Vincenzo Dimase, FX Market Development Manager, on the growing role of bitcoin and what’s next for the cryptocurrency market; Corey Cherr, Thomson Reuters Head of Agriculture, Weather Research and Forecasts explains why it’s so important to get out in the field to harvest truly valuable agricultural data; and a feature on China, the world’s largest economy.

Also in this issue:

Get your free copy of Exchange on iOS and Android tablet devices in the Apple App Store, Google Play and Amazon Appstore. Or visit the Thomson Reuters Exchange Website to read individual articles.

Compliance education expands as demand rises: Part Two: certification programs

Compliance education expands as demand rises: Part Two: certification programs

This second installment of three-part series on compliance career training explores what a few companies and professional membership groups are offering for future and current compliance professionals and how they help them advance in their careers. It also gives the view of executive recruiters on whether training options are making a difference in terms of hiring patterns. (more…)

INTERVIEW: U.S. Fed’s culture focus will take more dialogue with banks – Wells Fargo’s Callahan

Patricia Callahan is the Chief Administrative Officer for Wells Fargo, responsible for corporate communication and government relations among her numerous duties. A 36-year veteran of the company, Callahan has served as head of Compliance and Enterprise Risk Management, providing regulatory compliance oversight for the company. She spoke recently with Thomson Reuters about banking culture, what it means for Wells Fargo, and how the Federal Reserve might assess culture in its supervisory review process. (more…)

U.S. compliance education expands as demand increases – Part One: law schools

REUTERS/Adam Hunger

As companies spend more on compliance to meet regulatory imperatives on financial crime, data privacy, supply-chain management and others, the focus on compliance officers and their skill set has expanded.

This has in turn put a focus on preparation for the increasingly challenging role of compliance officer, the subject of this three-part series. The first installment looks at how some U.S.-based law schools are starting to realize that they are well-suited to offer programs that will prepare students for this role, and it seems likely more will follow. (more…)

Challenged with “Know Your Customer” regulations?

The heightened focus of regulators on KYC policies has added significantly to the administrative burden faced by financial institutions and their clients, resulting in increased workloads, sky-rocked costs and longer delays for organizations attempting to access funds. Our recent thought leadership article discusses this topic further including the evolving KYC landscape and managing customer due diligence.

To help customers comply and avoid the challenges they currently face, we have developed an innovative industry wide solution: Accelus Org ID. This is a managed service offering which provides financial institutions and end clients with a global, independent and trusted solution.  Find out more about Accelus Org ID.

Know Your Customer

Compliance: Now it’s getting personal


We may be on the brink of a new era in compliance – or at least in enforcement. This week the Bank of England Governor Mark Carney earned headlines around the world when he suggested that individuals’ base pay as well as their bonuses could be at risk if they failed to act properly. And he was not alone as other regulators and policymakers publicly voiced whether the current regulatory curbs were actually succeeding in improving behaviors in financial services.

We know that financial fines are getting bigger. In 2013, the UK regulator issued fines some 18 times greater than its predecessor had in 2008 – but that is by no means the whole story. Our survey on the rising costs of non-compliance – published this week – highlights the increased focus among regulators on greater accountability and personal liability for the individuals involved in compliance breaches. Enforcement cases now routinely see the departure of senior executives and the clawing back of any recent bonuses. In market abuse cases individuals rightly face prison sentences.

The pressure is on compliance departments, therefore, to keep their businesses – and their bosses – on the right side of their regulators, certainly, and where possible to future-proof their business activities by monitoring and anticipating the latest thinking among the world’s regulators. (more…)

American Express recruits college students to bolster anti-money laundering ranks

With qualified anti-money laundering professionals in short supply and reciprocal poaching of talent the norm at U.S. financial services firms, American Express Co has begun recruiting university students to fill its junior ranks straight out of college, a senior compliance executive with the company said last week at a compliance conference in Washington.

American Express has developed a successful program that involves hiring graduates as entry-level analysts to do account-monitoring work and training and developing them to do more in an effort to ”manage the expertise drain,” said Rick Small, a senior vice president who heads enterprise anti-money laundering, anti-corruption and international regulatory compliance. (more…)

Need for focused and consistent enforcement drove IRS decision to stop seizing ‘structured’ deposits, official says

The Internal Revenue Service’s recent decision to stop using civil enforcement powers to seize legitimate money deposited into bank accounts in a clandestine manner stemmed from a review process that revealed a need to make better use of agents’ time, the law enforcement official who enacted the new policy said Sunday at a money laundering conference in Washington.

Richard Weber, chief of the Internal Revenue Service – Criminal Investigation (IRS-CI) said that “many, many months ago” he launched a review of agents who pour through so-called Suspicious Activity Reports (SARs) filed by banks to see if the agents were spending their time wisely. He disputed speculation that the policy change came in response to a New York Times report on the agency’s seizure practices.  (more…)

New IRS enforcement policy ignites debate on value of bank ‘structuring’ reports

REUTERS/Larry Downing

An announcement by the Internal Revenue Service last week that it will no longer try to seize and forfeit money from those who merely evade government-mandated paperwork when making large cash deposits has ignited a debate about the value of bank efforts to document such acts.

Some bankers believe it would be wise to spend less time completing reports on established customers who deal in cash – and those who side-step such paperwork – and instead focus on rooting-out more nefarious criminals, said Rob Rowe, a lawyer with the American Bankers Association (ABA), a trade group.  (more…)