Financial institutions, financial crime and regulation
23 September, 2022Risk webinar
Derek Leatherdale, Managing Director, GRI Strategies
Dr Viri Chauhan , Managing Director , Themis
Katarina Cook, Fund Manager, Brewin Dolphin
Andrew Cunningham, Chair of the Editorial Board, Centre for Governance, Risk and Regulation
Financial institutions, financial crime and regulation - New priorities for directors and managers as they respond to regulatory pressure
Financial institutions are under more pressure than ever to ensure that they aren't used by financial criminals to launder money, finance terrorism, or facilitate other criminal activity.
The costs of poor compliance can be huge, with large fines being imposed for control failures even when they don't lead to criminal activities.
Last year, ABN AMRO was fined €480m by the Dutch authorities for lax controls in areas related to client on-boarding and transaction monitoring. And earlier this year, NatWest settled criminal charges related to the receipt of hundreds of millions of pounds in cash through a branch in the English Midlands.
Navigating the regulation
How should directors and managers of financial institutions navigate this increasingly hostile regulatory and legal environment? What practical steps should they take? What do regulators and law makers expect to see?
This webinar was presented by LIBF's Centre for Governance, Risk and Regulation and addressed three themes:
the key events that have led standard setters, regulators and lawmakers to put more pressure on financial institutions to prevent money laundering and the financing of terrorism
the most important standards, regulations and laws governing how financial institutions must now address their money laundering (ML) and trade finance (TF) risks
the action directors and managers should take to ensure that they are complying with new regulatory and legal expectations.
Listen to our after show podcast where the speakers dive deeper into the topic: