Finance

Companies in the US that are placed under a monitorship must engage thoroughly and completely with the monitor. Once a monitor is in place and agreement has been reached on the terms of the enforcement agreement, engagement letter and scope of work to be performed, what should the company do to ensure a successful outcome?

The area of financial crime management at banks is vast with scope encompassing customer due diligence, sanctions & screening, fraud prevention and AML compliance. Over the years the combination of technology & operations supporting this area has become mature and internal service provided include effective prediction and prevention of the movement

The Sustainable Development Goals provide a blueprint for achieving inclusivity and sustainability, and participation from the financial sector is crucial. COVID-19 has complicated efforts to accomplish the SDGs by 2030 in the Asia-Pacific region, but ESCAP, empowered by innovation, is partnering with public and private sectors to succeed.

Increasing regulatory enforcement, legislation and geopolitical changes, record-setting monetary fines make adequate AML and sanctions risk management a significant challenge for financial institutions. Norton Rose Fulbright’s survey reveals how FIs are confronting AML and sanctions compliance and suggests steps to improve their tactics.

Yemen, the victim of a conflict that has torn it apart from within since the Houthi rebels’ 2014 uprising, is teetering on the economic cliff. As the value of its currency plummets, this nation, heavily dependent on food exports, faces a combination of catastrophic circumstances, with more foreign aid possibly the only viable solution.

The recent riots in South Africa sparked by the imprisonment of the country’s former president, Jacob Zuma, left a path of property damage and lost lives. The root causes go much deeper than the ex-president’s arrest, and fixing the country’s underlying economic problems will be a complicated but essential process for the government.

egulatory standards play an important role in safeguarding consumers, financial institutions and the global financial industry. As regulatory scrutiny in areas such as anti-money laundering (AML) and Counter-Terrorism Financing (CTF) continues to grow, so does the opportunity to streamline and enhance compliance efforts to tackle financial crime more efficiently and effectively.

Financial services have typically lagged behind other industries when it comes to embracing digital transformation. Banks have traditionally been slower to adopt new technology due to legacy systems, cultures that have been built over hundreds of years and security concerns. A huge shift in customer expectation, however, meant that banks had to adapt or risk losing customers to challenger banks such as Monzo.

Data may be the world’s most valuable resource, especially in financial services, which depends on harnessing insightful data. Structures are needed to make growing banks of data decipherable and useful, such as knowledge graphs—interlinked descriptions of relevant objects and their relationships and powerful aids in understanding data.

Equal pay and equal opportunity make sense, but gender inequalities persist in financial services. However, progress is being made, with more women being installed in senior management and board positions in financial firms. There is much room for more progress, though. Chief executive positions, for example, remain largely filled by men.