Can Artificial Intelligence Be the Next Step in GRC’s Evolution?

How IT Can Leverage AI to Prevent Major Cybersecurity Incidents The need for artificial intelligence (AI) in IT governance, risk and compliance (GRC) is growing quickly. As companies expand their digital footprints, cybersecurity vulnerabilities worsen due to an increased amount of data being produced from IT security monitoring and performance tools. At its recent Ignite…

Director’s Group Compliance – Marios Skandalis, Interview on the essential strategies for a cultural compliance change

Marios Skandalis will be participating as a panellist at C5’s 6th Annual Conference on Economic Sanctions and Financial Crime to take place in London on 15-16 of November 2017. This is the largest Anti-Financial Crime event in London and Marios will take part in a discussion of large financial institutions on integrated approaches and other…

Strengthening Compliance With AML-As-A-Service

A Tectonic Shift in Operating Models? Financial services has always been a heavily regulated industry. And while anti-money laundering and counter-terrorist financing regulations are getting more stringent by the day, financial criminals continue to find ways to bypass the strict monitoring rules employed by banks. Banks face increased regulatory scrutiny, heavy fines for compliance breaches…

Transaction Laundering: Top News Stories 2017

Merchant Service Providers (MSPs) are required by law to ensure that the merchants they service and the payments they process are both known and legitimate. However, the rapid expansion in both volume of ecommerce transactions combined with the wide variety of payment methods available, have created a situation where Merchant Service Providers often fail to…

Compliance Apologists: Being Liked vs. Being Respected

I see a lot of compliance articles and presentations that are essentially, “How to get people to like compliance.” Some compliance folks don’t want to look like cops. They want people to like compliance training. Instead of telling people they should be grateful that we found a problem early and they won’t need to be…

One-Third of Global Orgs Don’t Understand GDPR Compliance

A global survey that explores how well organizations understand Europe’s General Data Protection Regulation (GDPR) and their readiness for it has uncovered widespread confusion about GDPR compliance criteria and an overall lack of preparation. A survey from WatchGuard Technologies that examined the views of more than 1,600 organizations across the globe found that with the…

Firms should brace for the MiFID II challenge

With only months to go, the heat is on to become compliant with MiFID II, a major regulatory overhaul that will affect any investment firm doing business in the EU. The Markets in Financial Instruments Directive (MiFID) and the accompanying Markets in Financial Instruments Regulation (MiFIR) come into effect in the European Union on 3…

EC Whistleblower Award Sends Message to Government Employees

The Securities and Exchange Commission told most government employees last week that they too should apply for whistleblower rewards if they bring information that leads to an enforcement action. A $2.5 million award announced by the SEC last week didn’t include the name of the agency where the person worked, the company involved in the…

Controversial German Anti-Money Laundering Law

On 26 June 2017, the new German anti-money laundering law (Geldwäschegesetz) entered into force. The law implements the 4th EU Anti-money laundering Directive (AMLD) that was adopted in June 2015. The development of the law was marked by various controversies, which will be discussed further below. At the same time the Geldwäschegesetz (GWG) 2017 does…