Conor Hyland’s Post

🚨Join Securities Industry Development Corporation (SIDC) Public Programme – Case Studies: Wirecard’s Reluctant Whistleblower and Other Financial Deceptions on 15 October 2024! Ready to dive deep into some of the biggest financial scandals? Pav Gill, the whistleblower behind the Wirecard scandal, is here to share the lessons on corporate governance and whistleblower protection that every business needs to know. This is your chance to learn how to 𝗱𝗲𝘁𝗲𝗰𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗱𝗲𝗰𝗲𝗽𝘁𝗶𝗼𝗻 before it’s too late! But that’s not all! Lee Min On, a Corporate Governance Advocate and Practitioner will also be giving a break down the laws on market misconduct with 𝗥𝗘𝗔𝗟 𝗰𝗮𝘀𝗲 𝘀𝘁𝘂𝗱𝗶𝗲𝘀 like 𝗧𝗿𝗮𝗻𝘀𝗺𝗶𝗹𝗲 𝗚𝗿𝗼𝘂𝗽, 𝗧𝗿𝗶𝘃𝗲 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗚𝗿𝗼𝘂𝗽, 𝗮𝗻𝗱 𝗩𝗶𝘇𝗶𝗼𝗻𝗲 𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀. Explore the enforcement process, penalties, and the impact on businesses. 🗓️ 𝗗𝗮𝘁𝗲: 𝟭𝟱 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟬𝟮𝟰 🕘 𝗧𝗶𝗺𝗲: 𝟵:𝟬𝟬 𝗔𝗠 - 𝟱:𝟯𝟬 𝗣𝗠 📍 𝗩𝗲𝗻𝘂𝗲: 𝗠𝗜𝗧𝗘𝗖, 𝗞𝘂𝗮𝗹𝗮 𝗟𝘂𝗺𝗽𝘂𝗿 ✅ 𝗛𝗥𝗗 𝗖𝗼𝗿𝗽 𝗖𝗹𝗮𝗶𝗺𝗮𝗯𝗹𝗲, 𝗖𝗣𝗘/𝗖𝗣𝗗 𝗔𝗰𝗰𝗿𝗲𝗱𝗶𝘁𝗲d 📍 If you’re in compliance, legal, or finance, 𝘁𝗵𝗶𝘀 𝗶𝘀 𝗧𝗛𝗘 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 to elevate your understanding of corporate fraud and regulatory measures. 📧 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝗻𝗼𝘄: https://buff.ly/3TdH1DG   #SIDC #wirecard #corporatefraud #whistleblowerprotection #marketmisconduct #financial regulations #governance #compliance 

Harness the Power of Accurate Records: Why Beneficial Ownership Matters! 📊💼 The Benefits of Maintaining Accurate Beneficial Ownership Records Keeping accurate records of Beneficial Ownership is more than just a regulatory requirement—it's a game-changer for your business! 🌟 Accurate records ensure transparency, build trust, and protect your business from financial crimes. Why Should You Care? 🤔 - Enhanced Transparency: Clear ownership records make your business more trustworthy to clients and partners. - Regulatory Compliance: Avoid hefty fines and legal issues by meeting FINCEN and IRS requirements. - Fraud Prevention: Protect your business from fraudulent activities by knowing who really owns it. Ready to Secure Your Business? Take the first step towards a more secure and compliant business. Contact our Founder & CPA, Anshul Goyal, at anshul@incencred.com or schedule a meeting by visiting incencred.com. Let's ensure your business thrives with transparency and compliance! 🚀✨ #TaxCompliance #BeneficialOwnership #BusinessSecurity #CPA #FinancialTransparency #FraudPrevention #ComplianceMatters #USExpatTaxes #TaxTips #GlobalBusiness

What do these recent 'Dear CEO' letters from the FCA indicate? The most recent letter published yesterday was directed towards Annex 1 firms highlighting four common areas of weakness among their money laundering controls. But dig deeper, and you'll see the FCA moving towards an era of increased accountability across the industry. Not only is the regulator now following a data-led approach to identifying firms to review, but they recently announced that they would name and shame financial firms under investigation. A huge move considering that the FCA up until now has only named firms after an investigation has been completed and outcomes established. 👉 What does this mean for your firm? Prioritise your compliance and make sure your compliance team have enough resources to implement their policies and procedures, along with ongoing monitoring and due diligence. 📲 If this means investing in RegTech to help establish and evidence your compliance processes, then it might be a good idea to increase those compliance budgets before the regulator makes an example out of your firm.

🚨 𝗘𝗫𝗣𝗢𝗦𝗘𝗗: 𝗧𝗵𝗲 𝗛𝗶𝗱𝗱𝗲𝗻 𝗗𝗮𝗻𝗴𝗲𝗿𝘀 𝗼𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗙𝗿𝗮𝘂𝗱! 🚨 Ready to dive deep into some of the biggest financial scandals? Pav Gill, the whistleblower behind the Wirecard scandal, is here to share the lessons on corporate governance and whistleblower protection that every business needs to know. This is your chance to learn how to 𝗱𝗲𝘁𝗲𝗰𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗱𝗲𝗰𝗲𝗽𝘁𝗶𝗼𝗻 before it’s too late! But that’s not all! Min On Lee will also be giving a break down the laws on market misconduct with 𝗥𝗘𝗔𝗟 𝗰𝗮𝘀𝗲 𝘀𝘁𝘂𝗱𝗶𝗲𝘀 like 𝗧𝗿𝗮𝗻𝘀𝗺𝗶𝗹𝗲 𝗚𝗿𝗼𝘂𝗽, 𝗧𝗿𝗶𝘃𝗲 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗚𝗿𝗼𝘂𝗽, 𝗮𝗻𝗱 𝗩𝗶𝘇𝗶𝗼𝗻𝗲 𝗛𝗼𝗹𝗱𝗶𝗻𝗴𝘀. Explore the enforcement process, penalties, and the impact on businesses. 🗓️ 𝗗𝗮𝘁𝗲: 𝟭𝟱 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟮𝟬𝟮𝟰 🕘 𝗧𝗶𝗺𝗲: 𝟵:𝟬𝟬 𝗔𝗠 - 𝟱:𝟯𝟬 𝗣𝗠 📍 𝗩𝗲𝗻𝘂𝗲: 𝗠𝗜𝗧𝗘𝗖, 𝗞𝘂𝗮𝗹𝗮 𝗟𝘂𝗺𝗽𝘂𝗿 ✅ 𝗛𝗥𝗗 𝗖𝗼𝗿𝗽 𝗖𝗹𝗮𝗶𝗺𝗮𝗯𝗹𝗲, 𝗖𝗣𝗘/𝗖𝗣𝗗 𝗔𝗰𝗰𝗿𝗲𝗱𝗶𝘁𝗲d 📍 If you’re in compliance, legal, or finance, 𝘁𝗵𝗶𝘀 𝗶𝘀 𝗧𝗛𝗘 𝘀𝗲𝘀𝘀𝗶𝗼𝗻 to elevate your understanding of corporate fraud and regulatory measures. 📧 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝗻𝗼𝘄: https://buff.ly/3TdH1DG #SIDC #WirecardExposed #CorporateFraud #WhistleblowerProtection #MarketMisconduct #TransmileCase #SIDCevents #FinancialRegulations #Governance

Another week, another 'Dear CEO' letter from the FCA... This one targeted to Annex 1 firms around their money laundering controls (or lack of). The FCA highlight four common areas of weakness: 1. Discrepancies between a firms' registered business model and their actual activities 2. Weaknesses in Business Wide Risk Assessments and Customer Risk Assessments 3. Lack of detail in Policies and Procedures, alongside lackluster Ongoing Monitoring and Due Diligence 4. Lack of resources for Governance, Management Information and Training and absence of a clear audit trail for Financial Crime related decision-making The FCA is moving towards a data-led approach to identify firms for review, and announced recently that they will be naming and shaming firms under investigation. 👉 The bottom line? It's time to prioritise compliance in your firm and allocate higher budgets toward your compliance department so they can properly implement policies and procedures alongside ongoing monitoring and due diligence. Part of this includes investing in any RegTech that might assist. 🛑 Ignore compliance, and the FCA will make an example out of you. 🛑

The FCA are asking for industry comment following their paper published on 18 July of their UK domestic PEPS review. An interesting point is how quickly after a PEP leaves office is declassification considered? Surely if you were corrupt you would wait until you had left office to process your 'gains'? Or leave any ill gotten assets dormant for a while until you're declassified then launder away? Would love to hear people's views on this. Appreciate generally most PEPs are law abiding but as history has proven, not always the case sadly. https://lnkd.in/eWQ8ZT2w

The Financial Conduct Authority has released its long-awaited review of the treatment of politically exposed persons (PEPs) in the UK. The review assesses how well firms follow the FCA’s guidance on PEPs for AML purposes. The review is based on a detailed review of 15 firms, after initial data-gathering from a wider selection across five retail sectors, plus responses from 65 PEPs. The review found that although most firms have systems in place and generally do not subject PEPs to excessive checks, there is room for improvement. Recommended measures include: 🔺 Refining definitions of PEPs and their relatives and close associates (RCAs) as per the law. 🔺 Reviewing the status of PEPs (and RCAs) promptly once they have left public office. 🔺 Enhancing clarity in communications between firms and PEPs. It has also proposed changes to its guidance in line with recent updates to the Money Laundering Regulations and set up a consultation on these changes, which remains open until October. Read the full review on the FCA's website here: https://lnkd.in/eAAhnTjN

One of the most apt pieces of career advice for compliance professionals is simple: “Be comfortable with being uncomfortable.” That might go double for practitioners in the financial services space. No industry faces greater regulatory scrutiny, and the stakes are only getting higher for compliance and risk practitioners themselves. While agencies like the U.S. Securities and Exchange Commission are rapidly pushing through new rules, concerns of keeping pace are on the rise. Compliance Week’s Financial Crimes and Regulatory Compliance Summit will address these matters head-on. The event, taking place at Fordham University School of Law in Manhattan, New York, on June 10-11, will feature more than 50 prominent speakers representing government agencies, regulators, banks, investment advisers, and more tackling the top-of-mind risk areas facing the financial services industry. Read Editor In Chief Kyle Brasseur's preview at the link below. #financialservices #compliance #risk #NewYork #financialcrimes #regulatorycompliance #event

Do you have any Politically Exposed Persons on your Board? If so, you'll be interested in the consultation launched by the FCA. In response to concerns that some firms are applying the FCA's Guidance on PEPs in a disproportionate way. The FCA has carried out a Review - and now wants your view on it's findings. You have until October 2024 to respond. https://lnkd.in/eAAhnTjN When was the last time you looked at the external appointments of your Board members? #PEP #governance #board #directors

Niall Hearty wrote a piece about the main features of the Financial Conduct Authority’s Business Plan 2024-25. In his article, which was published by Lexology, he summarises the challenges that the FCA outlines in its plan. Niall also details how the FCA aims to focus on reducing and preventing financial crime, putting consumers’ needs first and strengthening the UK’s position in global wholesale markets. https://buff.ly/3TU2RwM #fca #fraud #financialcrime #legal #law