Harry Cassin
Publisher and Editor
Andy Spalding
Senior Editor
Jessica Tillipman
Senior Editor
Bill Steinman
Senior Editor
Richard L. Cassin
Editor at Large
Elizabeth K. Spahn
Editor Emeritus
Cody Worthington
Contributing Editor
Julie DiMauro
Contributing Editor
Thomas Fox
Contributing Editor
Marc Alain Bohn
Contributing Editor
Bill Waite
Contributing Editor
Shruti J. Shah
Contributing Editor
Russell A. Stamets
Contributing Editor
Richard Bistrong
Contributing Editor
Eric Carlson
Contributing Editor
One of the shared features of the FTX, Theranos, and Madoff disasters — through which a combined $50 billion or so of investors’ money disappeared — is the presence of ultra-sophisticated investors whose due diligence apparently failed to reveal ridiculously visible red flags.… Continue Reading
Problems with integrity often start from behaviors. Poor culture may drive misconduct and poor outcomes. The behavioral risk needs to be managed. Do we all agree on this? I think so.… Continue Reading
The recent news that U.S. FinCEN records have been leaked to journalists from the ICIJ, BBC, and BuzzFeed News surprised me much more than their predecessor revelations, the Panama and Paradise Papers.… Continue Reading
For compliance professionals and the programs they run, politically exposed persons are a big deal. PEPs trigger money laundering and corruption concerns and therefore attract enhanced due diligence. So, I always assumed PEPs are easy to identify.… Continue Reading
According to Good Jobs First’s “Violation Tracker,” since 2000, HSBC has accrued $4.8 billion in penalties in 23 criminal and civil enforcement actions.
This figure does not include violations committed by the company’s subsidiaries.… Continue Reading
South Africa President Jacob ZumaThe UK Serious Fraud Office may review whether HSBC and Standard Chartered helped launder money linked to a South Africa corruption scandal, the BBC reported Thursday.… Continue Reading
The use of corporate monitors by judicial and regulatory government agencies to verify an organization’s compliance with settlement agreements and orders resolving corporate accountability continues to rise. The growing use of monitors has raised questions about the privacy of their reports and the public’s access to their findings.… Continue Reading
HSBC CEO Stuart Gulliver opened an account at the bank’s Swiss affiliate in the name of a Panama-based company while he was based in Hong Kong.
His bonuses were paid to the account in Geneva.… Continue Reading
Regulators in the United States, Britain, and Switzerland penalized five banks $3.3 billion for rigging foreign-exchange benchmarks.
The U.S. Commodity Futures Trading Commission, Britain’s Financial Conduct Authority, and the Swiss Financial Market Supervisory Authority fined Switzerland’s UBS AG $800 million.… Continue Reading
A customs official at the Qingdao port that’s under investigation for commodity financing fraud was found dead last week from “unnatural causes.”
Qingdao Customs Deputy Commissioner Bian Peiquan died on August 5, according to state media Xinhua.… Continue Reading
Job Title: Financial Crime Compliance Manager
Employer: HSBC
Location: Hong Kong
Description
Monitor and track the progress of various in-country work streams and initiatives underway which fall under the umbrella of Financial Crime Risk and Global Standards, provide policy advice related to all business line products, services and clients, and ensure that the Financial Crime Compliance function is able to address the risks associated with all business lines .… Continue Reading
Boards of directors in global companies are showing an increased interest in establishing financial crime committees and hiring notable experts to advise them.
Several well-publicized enforcement actions have provided the impetus by requiring companies to establish such board-level committees and add to their financial crime expertise.… Continue Reading
