We generally assume that the prosecution of crime acts as a deterrence to others who may think about committing the crime. One of the key factors in fraud is opportunity. If the wrongdoer thinks they can not get away with the violation, they are less likely to commit the violation. At least that is the … Read more »
Tag: FSA
FSA Berates Compliance Officers in Crackdown on Data Security Breaches
Joanne Wallen of Complinet writes about the reaction of the U.K.’s Financial Service Authority: FSA Berates Compliance Officers in Crackdown on Data Security Breaches (.pdf). The FSA focused on compliance officers for not putting enough focus on data security. Examples of good practice at firms that the FSA visited included encrypting laptops and using secure … Read more »
Financial Services Authority Anti-Money Laundering Handbook
The United Kingdom’s Financial Services Authority has their full handbook online including a section on compliance. Read more »
Money Laundering Reporting Officer Fined
The Financial Servies Authority of the United Kindom fined Sindicatum Holdings Limited £49,000 and its money laundering reporting officer (MLRO), Michael Wheelhouse, £17,500 for not having adequate anti-money laundering systems and controls in place for verifying and recording clients’ identities. [FSA fines firm and MLRO for money laundering controls failings] Apparently this is the first … Read more »