Podcasts about enforcements

International leaders (the few who were there) reached agreement on carbon trading, development bank financing and a loss and damage fund at the COP 29 summit in Baku, Azerbaijan. In this last episode of the series, Henry Engler, senior editor in New York, joins Alex Robson, managing editor in London, to discuss the annual United Nations climate summit and some of the wins for developing countries. It is estimated that emerging market economies need at least $1 trillion per year to combat climate change.They also discuss the re-election of Donald Trump to the White House and the implications for ESG legislation (spoiler alert: not good). Trump, a climate change denier, is expected to once again withdraw the United States from the Paris Agreement when he takes office in January.The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices.See the links below for more information on the podcast and additional resources.Links:COP29 - Global climate financing goal for emerging economies in doubt; smaller wins achieved (paywall): http://go-ri.tr.com/X2fztBCOP29 agrees international carbon market standards: https://unfccc.int/news/cop29-agrees-international-carbon-market-standardsFund for responding to loss and damage: https://unfccc.int/loss-and-damage-fund-joint-interim-secretariat Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In the ninth episode of Season 12 of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert, is joined by Brett Wolf for an insightful discussion on the TD Bank unprecedented fine related to the banks numerous AML failures.Brett Wolf, is an award winning journalist and our resident expert on AML, financial crime, and sanctions for Thomson Reuters Regulatory Intelligence.In this episode, Brett and Todd discuss what occurred at TD Bank leading, multiple U.S. banking regulators and law enforcement agencies to cumulatively fine the bank and its subsidiaries more than $3 billion after finding that the bank engaged in systemic and willful AML failures.Additionally, regulators and the Department of Justice have imposed very restrictive and harsh remediation demands on the bank which could impact it for years to come.For more information on the podcast and additional resources, see the links below.Links: Todd Ehret LinkedIn: https://www.linkedin.com/in/todd-ehret-91827264/Brett Wolf LinkedIn: https://www.linkedin.com/in/amlwolf/Link to recent articles by Brett Wolf:DOJ statement that includes links to the court documents: https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18bArticle about TD Bank plea:https://www.linkedin.com/posts/amlwolf_us-action-against-td-bank-activity-7250564774063714304-xkEV?utm_source=share&utm_medium=member_iosArticle on TD AML employee who allegedly stole customer information and shared it on Telegram to fuel check fraud scheme:https://www.linkedin.com/posts/amlwolf_td-aml-staffer-allegedly-stole-customer-data-activity-7260710359504683008-Acvs?utm_source=share&utm_medium=member_iosFinCEN Consent Order with TD Bankhttps://www.fincen.gov/sites/default/files/enforcement_action/2024-10-10/FinCEN-TD-Bank-Consent-Order-508FINAL.pdf Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

It has been more than 15 months since the UK Financial Conduct Authority (FCA) introduced the Consumer Duty for current products and over three months since its introduction for closed products. During that time, the FCA has gone from helping firms prepare for the duty's impact to scrutinising how they have implemented it.The FCA's approach to supporting firms prior to implementation won praise from many quarters. With "dipstick" progress surveys to reviews that explored good and bad practices, the FCA issued extensive documentation to help firms prepare, understand and implement its expectations.But as Sheldon Mills, executive director for consumers and competition at the FCA, said in a speech on the deadline date for duty implementation for closed products in July 2024, "this is not the beginning of the end…but the end of the beginning."In that speech, Mills highlighted FCA planning, including thematic work across sectors and targeting specific sectors, products or services and a focus on pricing and value outcomes.In this episode, Alex Robson, managing editor at Regulatory Intelligence, talks to Mike Cowan, senior regulatory intelligence expert, about the progress being made to embed the Consumer Duty in financial services firms, what recent enforcement activity means as the FCA looks to assess how firms are implementing the duty and what firms can do in future.LinksCOLUMN: TSB fine for mistreating financially distressed customers cites value of relationships over procedure: http://go-ri.tr.com/xte3nfIMPACT ANALYSIS: Volkswagen's FCA fine in drives a lesson in customer outcomes: http://go-ri.tr.com/jLXAR7IMPACT ANALYSIS: FCA fines PwC over not reporting London Capital & Finance suspicions: http://go-ri.tr.com/yKHVnC Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

The FCA's recent victory (http://go-ri.tr.com/Ee9lhf) in the Court of Appeal against BlueCrest Capital Management presented an interesting reversal of a tribunal decision last year (http://go-ri.tr.com/0olu4N) which sided with BlueCrest.Whether the case now goes to a full hearing at the tribunal or an appeal to the Supreme Court on these preliminary issues remains to be seen.Whatever the outcome, it could have serious implications for both regulated firms and the regulator.In this week's podcast, senior regulatory intelligence expert Helen Parry discusses the case and its ramifications in conversation with Trond Vagen, senior editor, UK & Europe.The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices.Links:http://go-ri.tr.com/Ee9lhfhttp://go-ri.tr.com/0olu4Nhttp://go-ri.tr.com/fWunnjhttp://go-ri.tr.com/hGFF7rhttp://go-ri.tr.com/6vyBxe Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

It can't have escaped anyone's notice that there is a presidential election in the United States on Tuesday, November 5. The polls are too tight to call and the fight for the White House between former President Donald Trump and Vice-President Kamala Harris is going right down to the wire.In this episode of Compliance Clarified, Alexander Robson, managing editor, Regulatory Intelligence, in London chats with Henry Engler, senior editor, and Todd Ehret, senior regulatory intelligence expert in New York, about the possible outcomes, the polls and betting markets, and, specifically, what a decisive result for either candidate would mean for financial regulation. They discuss the possible impact on banking and crypto regulation and how House/Senate races beyond the presidential election might shape the outcome.Will Fed Chair Jay Powell survive under Trump? What is the future of Fed vice chair for supervision Michael Barr under Trump given Wall Street's hostility towards his Basel endgame plans? What would a Harris administration focus on? Henry and Todd discuss these questions and more.The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices.LinksKalshi Markets: https://kalshi.com/marketsPolymarket: https://polymarket.com/event/presidential-election-winner-2024Predictit: https://www.predictit.org/markets/detail/7456/Who-will-win-the-2024-US-presidential-electionU.S. appeals court clears Kalshi to restart elections betting (paywall): http://go-ri.tr.com/aOPu3sINSIGHT: U.S. CFTC proposes rule to clarify ban on listed derivative bets on elections and other events (paywall): http://go-ri.tr.com/yIZWLmHow could Trump overhaul US financial regulators if he wins on Nov. 5?: https://www.reuters.com/markets/us/how-trump-could-overhaul-us-financial-regulators-if-he-wins-nov-5-2024-10-10/ Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode, Helen Chan, regulatory intelligence expert and Rachel Wolcott, senior editor discuss financial crime compliance risks in luxury hospitality and the luxury goodssectors. They run through recent developments and sanctions compliance in high-risk geographies and what that means for multinational luxury groups.Rachel shares an overview of regulatory requirements implemented in the U.S. and anticipated reforms applicable to businesses in the luxury sector in Europe and the United Kingdom. Rachel and Helen highlight compliance takeaways for financial institutions, luxury groups and dealers of high value assets such as art and real estate.Links:Displays of wealth on social media draw scrutiny:https://regintel-content.thomsonreuters.com/document/ICBBF93E0701C11EFB351F8E4C03DB09C/COMMENTARY:-Displays-of-wealth-on-social-media-draw-regulatory-scrutiny--11-09-2024Kim Jong Un drives Putin during state visit to North Korea (Korea Central Television)https://www.youtube.com/watch?v=DNHHtFVibK8Factsheet: FinCEN issues final rule to increase transparency in residential real estatetransfers: https://www.fincen.gov/sites/default/files/shared/RREFactSheet.pdfLafarge pleads guilty to conspiring to provide material support for terrorist organizations: https://www.justice.gov/opa/pr/lafarge-pleads-guilty-conspiring-provide-material-support-foreign-terrorist-organizationsContact us:Helen.chan@thomsonreuers.comRachel.wolcott@thomsonreuters.com Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In the fourth episode of Season 12 of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert, is joined by Henry Engler for an insightful discussion on the Basel III endgame.Basel III was originally developed in response to the financial crisis of 2008- 2009. The Basel Committee for Banking Supervision finalization of Basel III, known as Basel III endgame, introduces extensive changes, especially in the calculation of risk-weighted assets (RWA). These changes will significantly impact business models, compelling banks to reconsider their capital allocation strategies.On July 27th, 2023, the US Federal Reserve and FDIC published their Notice for Proposed rulemaking for Basel III endgame. After months of criticism and discussion, on September 10, the Federal Reserve announced a re-proposal of the much discussed and awaited Basel III Endgame.Henry Engler is a Senior Editor for North America for Thomson Reuters Regulatory Intelligence based in New York. Henry joined Thomson Reuters after a decade in the financial industry in which he has served in roles as an executive or managing consultant overseeing compliance-related and other projects. Henry is also a trained economist and has served as a financial journalist and business strategy executive at Reuters. Henry has edited books on the European Monetary Union and the future of banking and is also the author of "Remaking Culture on Wall Street: A Behavioral Science Approach for Building Trust from the Bottom Up."For more information on the podcast and additional resources, see the links below.Links: Todd Ehret LinkedIn: https://www.linkedin.com/in/todd-ehret-91827264/Henry Engler LinkedIn: https://www.linkedin.com/in/henry-engler-29133/Link to recent article by Henry Engler:U.S. Basel Endgame enters uncertain phase as regulators jostle behind the scenes: https://www.linkedin.com/feed/update/urn:li:activity:7246539010406252546/ Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In the third episode of Season 12 of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert, is joined by Brett Wolf for an insightful discussion on his takeaways from the recent ACAMS conference in Las Vegas.Brett Wolf is an award-winning journalist and our resident expert on AML, financial crime, and sanctions for Thomson Reuters Regulatory Intelligence.Brett shares his insight on various discussions at ACAMS and FinCEN's recently proposed rule that would amend financial institutions' AML program requirements. He also offered his take on the latest developments with AI and the industry efforts surrounding the nascent technology and the Corporate Transparency Act and beneficial ownership reporting as FinCEN continues its push to implement the statute.For more information on the podcast and additional resources, see the links below.Links: Todd Ehret LinkedIn: www.linkedin.com/in/todd-ehret-91827264/Brett Wolf LinkedIn: www.linkedin.com/in/amlwolf/Link to recent article by Brett WolfU.S. FinCEN reviews comments on proposed changes to AML program rule, bank regulators still accepting feedback: www.linkedin.com/posts/amlwolf_fincen-rulemaking-activity-7245212104629051392-Nu36?utm_source=share&utm_medium=member_desktopThomson Reuters Regulatory Intelligence content https://regintel-content.thomsonreuters.com/ Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode Lindsey Rogerson and Rachel Wolcott, senior editors in London discuss the growing risk – both reputational and regulatory for financial firms invested or lending to methane-intensive corporates. Methane has 28 times the warming effect of CO2. The two main sources of man-made methane are agriculture and fossil fuels, and increasingly lawmakers are pushing responsibility for reigning in emissions onto the financial services firms. Lindsey and Rachel discuss the various regulations that are in place or in train to ensure banks and investment firms are collecting data on the methane intensity of their loan books and portfolios. These include the Sustainable Financial Disclosure Regulation (SFDR), the Corporate Sustainability Reporting Directive (CSRD), the EU Methane Regulation and the EU Deforestation Regulation. They go on to discuss the growing public interest in who is funding agribusiness and the fossil fuel industry. And how the satellites coming online to monitor methane leaks will increase the scrutiny on banks. And Rachel can't resist a cow joke or two. Links: Planet Tracker Hot Money report: https://planet-tracker.org/wp-content/uploads/2023/01/Hot-Money.pdfBanking on Climate Chaos report from Rainforest Alliance: https://www.bankingonclimatechaos.org/wp-content/uploads/2024/05/BOCC_2024_vF1.pdfEnvironmental Defense Fund Missing Methane: A European Perspective Report: https://business.edf.org/insights/missing-methane-a-european-perspective/Article on satellite monitoring: https://www.thomsonreuters.com/en-us/posts/esg/deforestation-carbon-reduction-technology/The GreenShed project: https://www.sruc.ac.uk/connect/about-sruc/major-projects/greenshed/Article on academic research on bark absorbing methane: https://theconversation.com/weve-discovered-the-worlds-trees-absorb-methane-so-forests-are-even-more-important-in-the-climate-fight-than-we-thought-235233Article on feeding seaweed to cows: https://caes.ucdavis.edu/news/feeding-cattle-seaweed-reduces-their-greenhouse-gas-emissions-82-percent#:~:text=New%20Long-Term%20Study%20Could,the%20University%20of%20California%2C%20Davis.EU deforestation regulation (supply chain); https://environment.ec.europa.eu/topics/forests/deforestation/regulation-deforestation-free-products_enUK deforestation rules (supply chain): https://www.legislation.gov.uk/ukpga/2021/30/schedule/17 Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode, Lindsey Rogerson and Rachel Wolcott, senior editors for Regulatory Intelligence in EMEA discuss the UK Financial Conduct Authority's (FCA) approach to Freedom of Information Act (FOIA) compliance.In the UK, most public bodies are subject to FOIA. That means members of the public can request information held by public authorities or by persons providing services to them. That includes the FCA, the Prudential Regulation Authority and the Bank of England. Lindsey and Rachel discuss the importance of using FOIA in their work to uncover information that helps readers and listeners better understand how the regulators work. They talk through several examples of information they've been able to request, including about whistleblowing, enforcement statistics, as well as bullying and harassment allegations made by FCA employees. Recently, however, many of their FOIA requests have been met with resistance from the regulator. Lindsey and Rachel talk about how they appealed the FCA's use of FOIA exemptions —and won. The process brought valuable insights into how the regulator manages FOIA compliance. LINKS FCA response to FOI on guidance for supervisors investigation allegations made by whistleblowers after ICO intervention June 2024: https://www.whatdotheyknow.com/request/protocol_for_supervisors_when_in/response/2684994/attach/4/FOI10712%20Amended%20Response%2020240619.pdf?cookie_passthrough=1 Redacted FCA document: Supervision: Whistleblowing ‘How to Guide' for SPC & Authorisation Divisions: https://www.whatdotheyknow.com/request/protocol_for_supervisors_when_in/response/2684994/attach/5/Annex%20A.pdf?cookie_passthrough=1 Article: FCA report shows "host" ACD compliance has not improved in a decade, s 166s imposed: https://word-edit.officeapps.live.com/we/FCA%20report%20shows%20%22host%22%20ACD%20compliance%20has%20not%20improved%20in%20a%20decade,%20s%20166s%20imposed Article on: UK FCA is still assessing more than 1,100 whistleblower reports from 2023/24: https://nam02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fgo-ri.tr.com%2FO3tB1r&data=05%7C02%7Crachel.wolcott%40thomsonreuters.com%7Cba01669a1154474d690a08dcd2715851%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C638616631473549097%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=DODZq3z11tZ%2FDZsQvMvYSJWDHOs4gJi7eVZRLslaqGA%3D&reserved=0 H2O decision notice: https://www.fca.org.uk/publication/final-notices/h2o-am-llp-2024.pdf FCA warning notice on Woodford Investment Management Ltd and Neil Woodford: https://www.fca.org.uk/publication/warning-notices/warning-notice-statement-24-3.pdf First Tier Tribunal decision in Paul Carlier v ICO: https://www.bailii.org/uk/cases/UKFTT/GRC/2024/257.htmlArticle on FOIA request about MiFID II recordkeeping investigations: https://www.linkedin.com/posts/rachelwolcott_mifid-enforcement-action-activity-7199352605670555649-BLwt/?utm_source=share&utm_medium=member_desktopArticle: FCA to merge FOIA, personal data disclosure unit into comms team: https://www.linkedin.com/posts/rachelwolcott_fca-to-merge-idt-fully-with-communications-activity-7163815206140239873-HFex/?utm_source=share&utm_medium=member_desktopUK FCA's FoIA request reputational risk assessments, guidelines for journalists' requests are inappropriate –expert (paywall): http://go-ri.tr.com/xqNUHXMeta FOIAsFOI6522, FOI9427, FOI9980 (scroll to the bottom for links. For two of them you may need to request access from the FCA) FCA's response to Lindsey and Rachel's questions: Is the FCA's approach to FOIA and DPA in line with its stated values of acting with integrity and delivering in the public interest? "Yes" Does the FCA still circulate FOI responses to large number of staff in the CEO's office and the COO for comments and sign off? "As we mentioned in our last response to you in March, our approach is in line with ICO guidance and the law." What are the latest IDT performance statistics? "Over the last 12 months from September 2023 to August 2024 (inclusive), we responded to 92% of FOIA requests and 98% of DSARs within the statutory deadline." Has the ICO asked the FCA to perform any remedial work on IDT? Has ICO advised/queried the FCA about safeguards for FOIA and DPA in the new combined IDT/press office arrangements? "No. When we answered your questions in March, we explained that it had been our intention that the information disclosure team would move to a different department within the communications directorate as part of a planned restructure later this year. That move has now happened." Has the FCA stopped internal circulation of lists of new FOIA requests with names of requestors? If not why not?"We continue to circulate the details of new requests, which generally include the names of the requesters, to a limited number of internal stakeholders. We are satisfied that our internal processes are appropriate and lawful, including that our processes are compliant with FOIA and data protection legislation." What further steps has the FCA taken to train IDT/comms staff about using FOIA exemptions?"All IDT staff and internal reviewers have received formal training on the application of the FOI Act and many members of the team are qualified FOIA practitioners. In addition, IDT works closely with our legal division, which provides expert guidance in the interpretation of the most complex aspects of the Act." Has the FCA reviewed its approach to labelling FOIA requests as vexatious following the First-Tier Tribunal case Paul Carlier v Information Commissioner and the FCA? If yes, how? "The FCA continues to consider each request on a case by case basis, in line with the requirements of relevant legislation, ICO guidance and case law. In this case, the ICO agreed with our view the requests were vexatious. The Tribunal, however, decided 'by a narrow margin' they were not, a conclusion it reached 'with some hesitation.' We have therefore been happy to reconsider the requests." From the evidence we have reviewed the FCA's approach to FOIAs and DPAs seemed to be top-down with many senior executives signing off requests and even correcting grammar errors. We are also aware from our own FOIs that there is often months-long delays in responding to requests and appeals. Given this, what is the FCA doing to ensure a more efficient process in line with the legislation? "We have improved our performance on the statutory deadlines for FOIAs and DSARs over the last year. We recognise that we need to do more to improve our performance in processing FOIA Internal Reviews and DSAR complaints. We are currently considering how the existing process can be streamlined to improve its efficiency. Our internal processes are focused on ensuring a clear and quality response, not preventing disclosure which is determined by the law."FOI6522: https://www.whatdotheyknow.com/request/foi6522_request_for_further_info#incoming-2714347FOI9427: https://www.whatdotheyknow.com/request/foi9427_request_for_information#incoming-2713882FOI9980: https://www.whatdotheyknow.com/request/foi_9980_request_for_information#incoming-2711477 Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

It's been quite a month for elections in Europe, but in this episode, Regulatory Intelligence's Lindsey Rogerson, Mike Cowan, and Rachel Wolcott pick out what financial services should be aware of after the Labour party's win in the UK election on July 5. The financial services sector certainly will play a part in Labour's growth plans. The party's financial services plan, published in January said: “We will unashamedly champion our financial services sector as one of the UK's greatest assets.”Rachel Reeves, the new Chancellor of the Exchequer and the first woman to hold the post in 800 years, has been warmly received by women working in Britain's finance sector. Her appointment as well as the increase in diversity in members of parliament across all parties was called a break-through moment at this week's Women in Finance summit held in London. Tulip Siddiq was appointed as City Minister as the podcast was going to press. She had been Labour's shadow City Minister since 2021. On July 8 Reeves told an audience of financial services and green industry leaders that economic growth is a national mission. She also announced Labour will go ahead with a national wealth fund with a remit to invest in and catalyse private sector investment in new and growing industries.This discussion was recorded on 8th July, things will change when the government gets going with its first King's Speech setting out its legislative agenda and announces its budget in the fall. There will be a wait to hear whether the new government prioritizes crypto and pushes forward with that regulatory workstream, where it lands on economic crime and how it will push forward the green finance agenda as well as changes to the car insurance market—to name but a few items in its bulging inbox. Perhaps the biggest question now, however, is whether the government will do something for financial services when it comes to doing business with the European Union. LinksLabour's financing growth plan: https://labour.org.uk/updates/stories/financing-growth-labours-plan-for-financial-services/ UK Finance publishes financial services manifesto: https://www.ukfinance.org.uk/news-and-insight/press-release/uk-finance-publishes-financial-services-manifesto Contact us:Rachel.Wolcott@thomsonreuters.com, Lindsey.Rogerson@thomsonreuters.com, mike.cowan@thomsonreuters.com. Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode, Helen Chan, regulatory intelligence expert in Hong Kong is joined by Lindsey Rogerson and Rachel Wolcott, senior editors in the UK, to examine use cases for artificial intelligence (AI) powered regtech in culture and conduct risk management. They discuss the potential pitfalls of employee surveillance, endowment bias and instances where AI goes awry. Lindsey and Rachel highlight emerging enforcement risk from the United States' Securities and Exchange Commission (SEC) over AI-washing and the importance of tracking data lineage in the incorporation of generative AI tools for financial institutions.Links:The European Insurance and Occupational Pensions Authority - Report on the digitalisation of the European insurance sector: www.eiopa.europa.eu/publications/eiopas-report-digitalisation-european-insurance-sector_enRegulators in Asia lay down foundation for regulation of AI ethics (paywall): http://go-ri.tr.com/aWnKkVConduct tech may fail to deliver insights, while increasing data privacy risk, ethical issues: http://go-ri.tr.com/PN8Rvm SEC Charges Two Investment Advisers with Making False and Misleading Statements About Their Use of Artificial Intelligence: www.sec.gov/newsroom/press-releases/2024-36SEC Charges Founder of AI Hiring Startup Joonko with Fraud: www.sec.gov/newsroom/press-releases/2024-70#:~:text=The%20Securities%20and%20Exchange%20Commission,Joonko's%20customers%2C%20the%20number%20of Finos' AI Readiness: www.finos.org/press/finos-launches-ai-readiness Contact us:Helen.Chan@thomsonreuters.com; Lindsey.Rogerson@thomsonreuters.com; Rachel.Wolcott@thomsonreuters.comFor more information about Regulatory Intelligence please search for Thomson Reuters Regulatory Intelligence or click here: legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode, Lindsey Rogerson, senior editor and Mike Cowan senior regulatory intelligence expert discuss the UK Finance Conduct Authority's actions in the first year of its flagship Consumer Duty initiative. The FCA has hit the ground running with the Consumer Duty since its launch on July 31, 2023. No sector has been left untouched as the regulator has run its rule over how firms are delivering the Duty's requirement for firms to evidence and deliver fair outcomes to their customers. The conversation is split into two parts, a review of the first 11 months of the duty applying to open book products followed by a discussion as to how firms should be preparing for the arrival of the duty to closed product books from July 31. Links: FCA research into trading apps: https://www.fca.org.uk/publication/research-notes/research-note-digital-engagement-practices-trading-apps-experiment.pdfConsumer Duty: spotting and handling financial abuse of vulnerable customers: http://go-ri.tr.com/zv2gGfCustomer vulnerability: an extra layer to the UK FCA Customer Duty: http://go-ri.tr.com/zAurSHUK FCA's motor finance complaints pause hands: http://go-ri.tr.com/WlImYgANALYSIS: Motor finance: UK firms face months of uncertainty, say experts: http://go-ri.tr.com/wLpB5IINSIGHT: FCA finds deficiencies in insurance claims handling when valuing written-off or stolen vehicles: http://go-ri.tr.com/RHfs7hOPINION: FCA fines HSBC £6.2 million for arrears handling failures: http://go-ri.tr.com/2WEPxuOPINION: 10 things UK compliance officers must consider when dealing with customer's deposit accounts: http://go-ri.tr.com/9Bf43IOPINION: FCA to review firms' approach to dealing with vulnerable customers in 2024: http://go-ri.tr.com/1aAjZQUK FCA allows four firms to resume selling GAP insurance: http://go-ri.tr.com/ZYv1yLFor more information about Regulatory Intelligence please search for Thomson Reuters Regulatory Intelligence or check the show notes for a link https://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Today is Friday, June 21. Here are some of the latest headlines from the Fargo, North Dakota area. InForum Minute is produced by Forum Communications and brought to you by reporters from The Forum of Fargo-Moorhead and WDAY TV. For more news from throughout the day, visit InForum.com.

In this episode, Rachel Wolcott senior editor in the UK speaks to Natalia Kubesch, a lawyer for Redress.org a non-governmental organization in London. This episode is about the victims of war crimes and crimes against humanity and why the current approach to sanctions and asset confiscation does not do enough to help them. Natalia specializes in using Magnitsky Sanctions to provide accountability for serious human rights violations. Redress represents victims of torture and helps them seek accountability and justice. Part of Natalia's work is advocating for the use of sanctions and asset confiscation to respond to serious human rights abuses and corruption.Natalia talks about work to confiscate assets related to Bashar al-Assad's uncle, the former Syrian vice president Rifaat al-Assad to be used to support the Syrian people. The Swiss Federal Prosecutor's office filed charges (https://www.srf.ch/news/schweiz/graeueltaten-in-syrien-bundesanwaltschaft-klagt-gegen-onkel-von-baschar-al-assad) against Rifaat al-Assad in March this year. He is accused of crimes against humanity and war crimes. The UK has frozen an estimated £161 million in assets related to the Assad regime since 2011 when the Syrian civil war began. These assets could be used to help victims of the al-Assad regime, Natalia says.Redress is also working with civil society groups in Myanmar to expose the use of shell companies domiciled in UK overseas territories to avoid sanctions and provide funding for its military junta. Redress and its partners have reported these possible sanctions breaches by to UK law enforcement. Lastly, Natalia calls on the UK government to improve its approach to sanctions implementation and enforcement as well as to break the two-year impasse with Roman Abramovich, the former owner of Chelsea Football Club. He pledged £2.5 billion from Chelsea FC's sale to help Ukrainians, but that help has not materialized. Natalia explains why.Links:UK should legislate to confiscate Russian state assets, accelerate financial crime enforcement, MPs hear (paywall) go-ri.tr.com/s2pP2aNew U.S. sanctions target Russian financial system, blacklist its operations in China and India and bolster 'secondary sanctions' risk (free) https://regintel-content.thomsonreuters.com/document/IC3FF985028EE11EFA4C58DA52BBFD8DA/New-U.S.-sanctions-target-Russian-financial-system,-blacklist-its-operations-in-China-and-India-and-bolster-'secondary-sanctions'-risk-13-06-2024FATF standards used by authoritarian regimes to justify suppression -RUSI report (free) https://regintel-content.thomsonreuters.com/document/I5D740E40271811EFA4C58DA52BBFD8DA/FATF-standards-used-by-authoritarian-regimes-to-justify-suppression--RUSI-report-11-06-2024Redress.org's evidence to the UK parliament's Treasury Committee https://committees.parliament.uk/writtenevidence/129074/html/Charities criticize delay to release £2.5 billion Chelsea FCA sale funds https://www.civilsociety.co.uk/news/charities-criticise-delay-to-release-2-5bn-chelsea-fc-sale-funds-two-years-since-pledge.html Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode of Compliance Clarified Helen Chan, regulatory intelligence expert in Hong Kong speaks to Rachel Wolcott, a senior editor in the UK about the current state of stablecoin regulation and financial crime trends in stablecoins and crypto. They unpick attempts at putting a dollar value on illicit crypto flows, and try to pin down the global approach to stablecoin regulation. Helen and Rachel discuss stablecoins use in superapps like South East Asia's Grab and the use of tether in Telegram. Will these use cases run into the same financial crime issues as traditional finance has with open banking? They also highlight the risks and concerns stablecoins paired with weak know-your-customer and financial crime systems and controls pose to tradfi. Links: Steno Research on tether: https://stenoresearch.com/crypto-moves/the-european-unions-mica-removes-tether-from-the-market/Alison Jimenez on challenges assessing the scale of illicit crypto flows: https://docs.house.gov/meetings/BA/BA21/20231115/116579/HHRG-118-BA21-Wstate-JimenezA-20231115.pdfUK Financial Conduct Authority's stablecoin discussion paper: https://www.fca.org.uk/publications/discussion-papers/dp23-4-regulating-cryptoassets-phase-1-stablecoinsUK snap election leaves crypto regulation in limbo (paywall): https://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522PimebR%252522%25257D%2522%257D&bhcp=1 United States of America vs Enhua Fang (pre-trial detention motion): https://www.linkedin.com/feed/update/urn:li:activity:7188558094350589952/Tether partners with Telegram press release: https://tether.io/news/tether-collaborates-with-ton-foundation-and-oobit-to-create-seamless-crypto-payment-solution/Clarity for Payment Stablecoins Act of 2023 (U.S. Bill): https://www.congress.gov/bill/118th-congress/house-bill/4766Contact us:Helen.Chan@thomsonreuters.com & Rachel.Wolcott@thomsonreuters.com For more information about Regulatory Intelligence please search for Thomson Reuters Regulatory Intelligence or check the show notes for a link legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode Lindsey Rogerson and Rachel Wolcott, senior editors in London talk through the UK Financial Conduct Authority's (FCA) changing approach to enforcement. They look at the number of enforcement cases closed since April 2023 when the former head of enforcement left. In all 155 cases have been closed with only 28 resulting in an enforcement action—about 18%. That discussion leads to a broader consideration of the FCA's publication of enforcement data, its resistance to some Freedom of Information Act requests for more information and a look at some of the detail it recently revealed in letters to UK lawmakers. Lindsey and Rachel assess the FCA's proposals to announce some enforcement investigations. This plan was first announced in February and has since been rebranded as "naming and shaming" by those opposed to the measures. Lindsey and Rachel question whether this description is justified, run through the ways investigations are sometimes announced, and make a case for the more frequent publication of richer, more descriptive enforcement data. Links: 2017 report about the HK SFC closing cases (paywall) https://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522BRKGDI%252522%25257D%2522%257D&bhcp=1UK FCA seeks speedy closure for cases with "no future (paywall) https://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522skxHi9%252522%25257D%2522%257D&bhcp=1UK FCA is still assessing more than 1,100 whistleblower reports from 2023/24 (paywall) https://signon.thomsonreuters.com/?productId=TRRIP&returnto=https%3A%2F%2Fregintel.thomsonreuters.com%2F%23login%2F%257B%2522redirect%2522%253A%2522ri%252Fresolve%252Fshorturl%252F%25257B%252522shortUrl%252522%25253A%252522O3tB1r%252522%25257D%2522%257D&bhcp=1Season 10, Episode 6: Insider dealing lists: lessons from a conviction https://podcasts.apple.com/gb/podcast/season-10-episode-6-insider-dealing-lists-lessons-from/id1548510826?i=1000647506230Season 9, Episode 4: The FCA and its difficulties dealing with whistleblowing https://open.spotify.com/episode/1l3pvrXW1J6LcJv2LOunRo FCA Board Minutes April 2023 https://www.fca.org.uk/publication/minutes/fca-board-minutes-27-april-2023.pdfFCA letter to House of Lords Financial Services Regulation Committee https://www.fca.org.uk/publication/correspondence/fca-response-lfsrc-april-24.pdfFCA letter to Treasury Committee https://committees.parliament.uk/publications/44666/documents/221907/default/FOIA request about recording keeping and messaging appshttps://www.whatdotheyknow.com/request/refined_request_foi10578_recordi#incoming-2645944 UK FCA opened no investigations into communications retention; opened first Mifid II transaction reporting investigation (article) https://www.linkedin.com/feed/update/urn:li:activity:7199352605670555649/FOIA request for updated enforcement data to show closed investigations https://www.whatdotheyknow.com/request/enforcement_data_update_of_foi10#incoming-2661174CP 24/2 Our enforcement guide and publicizing enforcement investigations—a new approach (the naming and shaming one ;-)) https://www.fca.org.uk/publication/consultation/cp24-2.pdfUK Finance response to CP24/2 https://www.ukfinance.org.uk/system/files/2024-04/UK%20Finance%20%20response%20to%20FCA%20enforcement%20guidance%20CP24-2.pdf Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Today we're joined by Klaus Moosmayer, Chief Ethics, Risk and Compliance Officer for Novartis, the Swiss pharmaceutical giant.Klaus has had a distinguished career. He joined Novartis in 2018 after serving 18 years at Siemens where he was Chief Compliance Officer. He began his career as a lawyer in Germany, specializing in white collar crime, business law and litigation.His views on compliance, ethics and risk are widely sought after and we first got to know him years ago when Klaus took part in a Regulatory Intelligence conference. The focus at the time was on how the financial industry might learn how other industries deal with issues of misconduct and culture.We're here today to discuss a new article by Klaus, entitled ETHICS AND INTEGRATED ASSURANCE: THE CHALLENGE OF BUILDING ‘TRUST'. The article argues for a new organizational model for compliance.Here is a link to the article: https://riskandcompliancemagazine.com/ethics-and-integrated-assurance-the-challenge-of-building-trust-apr24-open Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In the second episode of Season 11 of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert, is joined by Jacob Denman for a wide-ranging discussion on the growing trend of elder financial exploitation.Jacob Denman is with Thomson Reuters Risk and Fraud Solutions and Partnerships and Alliances. Prior to joining Thomson Reuters, Jacob worked in law enforcement and then for several large banks in their financial crimes and special investigations departments. Jacob is on the Board of Directors of the Minneapolis St. Paul chapter of the Association of Certified Fraud Examiners (ACFE). He is also a Certified Anti-Money Laundering Specialist with ACAMS. In the past few weeks, the Financial Industry Regulatory Authority (FINRA), the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), and the non-profit organization AARP (formerly known as the American Association of Retired Persons) have all issued crucial warnings and guidance on the pressing issue of elder financial crime.Denman sheds light on the alarming surge in scams and frauds targeting the elderly. He attributes this rise to two key factors: the rapid advancements in technology and the isolation experienced by the elderly during the Coronavirus pandemic, which led to a shift in their financial management from in-person to technology-based methods.For more information on the podcast and additional resources, see the links below.Links: FINRA Threat Guidance: www.finra.org/rules-guidance/key-topics/senior-investors/tip-protecting-vulnerable-adult-senior-investorsFinCEN Elder Financial Exploitation Alert: www.fincen.gov/news/news-releases/fincen-issues-analysis-elder-financial-exploitationThomson Reuters Special Report on the soaring number of SARs filings: www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2023/06/Suspicious-Activity-Reports-2023.pdfAARP Report: https://press.aarp.org/2024-05-08-AARP-Report-Elevated-Risks-of-Fraud-Are-Pervasive-in-AmericaTodd Ehret LinkedIn: linkedin.com/in/todd-ehret-91827264/Jacob Denman LinkedIn: linkedin.com/in/jacob-denman/Thomson Reuters Regulatory Intelligence content: regintel-content.thomsonreuters.com/ Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In the first episode of Season 11, Lindsey Rogerson, senior editor, is joined by Rachel Wolcott, senior editor in London and Todd Ehret, senior regulatory expert in New York to discuss the growing impact of finfluencers – financial influencers – on the public's investment decision-making. According to research from the CFA Institute, some found that 37% of Gen-Z investors in the United States and 38% in the United Kingdom cited social media influencers as a major factor in their decisions to invest. But who are these people? They are not just celebrities like Kim Kardashian or Tom Brady, but also bloggers sitting in their bedrooms. The discussion moves on to discuss how regulators are attempting to clamp down. And the limitations on what regulators can be expected to achieve. Links: FCA finfluencer infographic: https://www.fca.org.uk/multimedia/fca-and-asa-team-warn-finfluencers-risks-promoting-illegal-get-rich-quick-schemesEuropean Securities and Markets Authority finfluencer research: https://www.esma.europa.eu/sites/default/files/2024-02/ESMA74-1103241886-912_Warnings_on_Social_Media_and_Investment_Recommendations.pdfFINRA M1 Finance fine:https://www.finra.org/media-center/newsreleases/2024/finra-fines-m1-finance-850000-violations-regarding-use-social-mediaCFA Institute research:https://rpc.cfainstitute.org/en/research/reports/2024/finfluencer-appealOff message: EU and UK approaches to social media promotions and finfluencers Paywall: http://go-ri.tr.com/jSgT5bOpenweb: https://regintel-content.thomsonreuters.com/document/I12480010110211EF9891F1C9B4067FAC/Off-message:-EU-and-UK-approaches-to-social-media-promotions-and-finfluencers-15-05-2024UK-registered cryptos still advertise with non-compliant UK affiliate marketer; FCA has not issued new warnings: https://regintel-content.thomsonreuters.com/document/IBF8E49A00D5111EF8367C78DC6A8BA08/UK-registered-cryptos-still-advertise-with-non-compliant-UK-affiliate-marketer-FCA-has-not-issued-new-warnings-09-05-2024 Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode of the Safety Perspectives From Region 6 podcast series, shareholders John Surma (Houston) and Frank Davis (Dallas) discuss OSHA programs and enforcement of those safety programs at the national, regional, and local levels. John and Frank specifically talk about managing inspections, including communicating with compliance officers, recording interviews, and capturing an accurate record of the inspection. John and Frank also cover recent programmatic and personnel changes in Region 6 and review regional and local emphasis programs, whether industry or hazard specific.

In this episode Lindsey Rogerson, senior editor, is joined by Trond Vagen, senior editor for European Financial Markets Regulation, to discuss the mounting sustainability-related workload for bank and investment compliance officers. Trond discusses the European Central Bank's (ECB) expectations for banks to accurately assess the climate and environmental risks on their balance sheets. With just nine months remaining before the deadline and the possibility of daily fines, increased capital requirements and a fit and proper assessment for institutions that get it wrong, time is running out.Lindsey runs through the additions to sustainability legislation made in the last few weeks. The EU parliament's five-year term is drawing to an end and there has been a wave of regulations and directives in the sustainability space that will impact the work of compliance officers for years to come.There has also been some tinkering with regulations that have already passed as politicians seeking re-election strive to appease some of their more vocal voters. Links:Frank Elderson speech: https://www.bankingsupervision.europa.eu/press/speeches/speaker/vice-chair/html/index.en.html Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode Rachel Wolcott, senior editor, welcomes special guest Justine Walker to the podcast. Justine is the Association of Certified Anti-Money Laundering Specialists' (ACAMS) global head–sanctions, compliance, and risk and its vice-president for thought leadership. She is an expert on sanctions, counterterrorism, and financial crime she has held specialist positions within the UK's Financial Conduct Authority, HM Treasury, the United Nations Office on Drugs and Crime and UK Finance.Russia's invasion of Ukraine in 2022 ushered in a new set of unprecedented sanctions, including the imposition of a novel oil price cap, meant to stop Russia selling oil above $60 a barrel. But Russia seems to be able to get everything it needs to keep the war going. Justine expects enforcement action to unfold as the year progresses."We're entering into a much more aggressive phase regarding the price cap, we've got new price capacitation requirements, we've had a flurry of new guidance. We're probably going to see this play out in terms of more enforcement, and I think this year is going to be pretty informative in terms of how the oil price cap will end up being in terms of a longer-term tool," Justine told Compliance Clarified.Justine emphasized the importance of Executive Order 14114, signed last year by President Biden, which ratchets up secondary sanction risk for non-U.S. financial institutions which give direct support to Russia's military-industrial base but also for indirect assistance, such as facilitating customers' dealings or providing services to customer transactions related to Russia's military-industrial base.Justine explained the convergence of export controls with anti-money laundering (AML) and sanctions compliance. She emphasized the need for financial institutions to be proactive in identifying sensitive technologies and strategic trade, which are increasingly becoming a focus for the Group of Seven governments."One of the big challenges is this merger between export control requirements, AML and sanctions. There's been more of a nexus between AML and sanctions, but the nexus with export controls has not been there to what we're now seeing is being asked. We're seeing much greater expectations from governments, that financial institutions will become more proactive in their thinking around their role in sensitive technology, strategic trade, export control, and that is a whole area of speciality in itself" Justine said.Links:ACAMS's Global Threat Report: https://www.acamstoday.org/global-afc-threats-report/INSIGHT: Latest U.S. warnings to foreign banks doing significant Russia business may herald sanctionsenforcement action Inside Paywall: http://go-ri.tr.com/3ZIw6BOutside Paywall: https://regintel-content.thomsonreuters.com/document/I899083B0DCA811EE925AD4411E508A2D/INSIGHT:-Latest-U.S.-warnings-to-foreign-banks-doing-significant-Russia-business-may-herald-sanctions-enforcement-action-07-03-2024U.S. targets Russian "malign activities" linked to Wagner Group in Central African Republic: https://regintel-content.thomsonreuters.com/document/I87D16B80DD8D11EE985CDDFFB3F5522A/U.S.-targets-Russian-'malign-activities'-linked-to-Wagner-Group-in-Central-African-Republic-11-03-2024EU sanctions: new rules to crack down on violations | News | European Parliament: https://www.europarl.europa.eu/news/en/press-room/20240308IPR19002/eu-sanctions-new-rules-to-crack-down-on-violationsPrevious episodes:Season 10, Episode 5: How Mekong region organized crime built a global cryptocurrency money laundering network: https://podcasts.apple.com/gb/podcast/season-10-episode-5-how-mekong-region-organized-crime/id1548510826?i=1000646371712Season 9, Episode 8: Hamas, terrorist financing and the U.S. response to the 7 October attack: https://podcasts.apple.com/gb/podcast/season-9-episode-8-hamas-terrorist-financing-and-the-u/id1548510826?i=1000635015943Series 9, Episode 3: North Korea, Russia, crypto and changing attitudes to sanctions in Asia: https://podcasts.apple.com/gb/podcast/series-9-episode-3-north-korea-russia-crypto-and/id1548510826?i=1000631061413Contact us:Rachel.wolcott@thomsonreuters.comMore information about Thomson Reuters Regulatory Intelligence: https://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Welcome to Compliance Clarified's 100th episode!This week Rachel Wolcott, senior editor and Lindsey Rogerson, senior editor in London speak to a specialguest Ann Francke Chief Executive of the Chartered Management Institute in London, a professional body for management and leadership. This International Women's Day podcast looks at the backlash that's hit efforts to get women into the workplace and on an equal footing. We focus on financial services, but this is an issue that reverberates throughout society. In financial services, there has been a backlash against environment, social and governance (ESG) initiatives and despite a lot of talk about diversity and inclusion, such efforts have stalled. Fear of ESG and D&I has been conflated into an anti-woke and in some places, anti-woman agenda and with some politicians and pundits describing measures to tackle climate change and inequality as a societal risk. Equality initiatives are also some of the first to get cut when things get tough.The Chartered Management Institute, for example, found that one in three male managers (31%) think that too much effort is going into ensuring workplace gender balance. So, how do companies, financial services firms and regulators who want to take D&I or ESG forward stand up to the political and societal backlash?More on Ann:She started her career at Procter & Gamble and has held senior executive positions at Mars, Boots, Yell and BSI. In 2020, Ann was awarded an OBE for services to workplace equality. Ann is an expert on gender balance in the workplace and speaks frequently in the media and conferences on this and other management topics. Her book (https://amzn.eu/d/bCRewdP) on gender balance - Create a Gender-balanced Workplace, published in September 2019.Links to previous International Women's Day podcasts:2023 Season 7, Episode 7: International Women's Day special: How to ensure diversity and inclusion initiatives deliver meaningful outcomes - https://podcasts.apple.com/gb/podcast/season-7-episode-7-international-womens-day-special/id1548510826?i=10006032625242022 Season 4, Episode 6: Celebrating International Women's Day -https://podcasts.apple.com/gb/podcast/season-4-episode-6-celebrating-international-womens-day/id1548510826?i=1000553278776 Contact usrachel.wolcott@thomsonreuters.comlindsey.rogerson@thomsonreuters.comMore information about Thomson Reuters Regulatory Intelligence: https://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In Episode 6 of Season 10, Helen Parry, senior Regulatory Intelligence Expert speaks to Rachel Wolcott, senior editor about the UK Financial Conduct Authority's (FCA) recent success in securing an insider dealing conviction. The FCA's enforcement co-heads—Therese Chambers and Steve Smart --have used this conviction to reassert the regulator's intention to get tough on insider dealing. A previous enforcement head said the same thing in 2015. Rachel asks Helen what is different this time.Helen explains some of the issues the recent conviction raises about insider dealing list managementand the loopholes those convicted of market abuse or insider dealing think they are taking advantage ofwhen trading illegally. For example, Mohammed Zina, whom the FCA convicted this month, argued hewas not insider dealing, because he was not on an insider list. That argument did not stand up in courtand Helen offers listeners examples of other similar failed defence arguments. Helen and Rachel talkthrough two recent FCA Market Watch newsletters related to market abuse and insider dealing andtouch on some updates to the UK's criminal insider dealing regime.LinksHelen on the Zina/Goldman case: COLUMN: Ex-Goldman Sachs conflicts resolution group analystconvicted of insider dealing http://go-ri.tr.com/b4UU6KHelen on Insider dealing and organised crime:COLUMN: More connections emerge between criminal insider dealing cases in courts in the UK, US andFrance ( January 2020) http://go-ri.tr.com/Oc83BsCOLUMN: Insider dealing appeal throws more light on international networks of convicted day traderhttp://go-ri.tr.com/Q3SjuhRex vs Mohammed Zina sentencing remarks: https://www.judiciary.uk/wp-content/uploads/2024/02/R-v-Zina.pdfEXPLANATORY MEMORANDUM TO THE INSIDER DEALING (SECURITIES AND REGULATED MARKETS)ORDER 2023 https://www.legislation.gov.uk/uksi/2023/582/pdfs/uksiem_20230582_en_001.pdfMarket Watch 76, flying and printing https://www.fca.org.uk/publications/newsletters/market-watch-76Market Watch 77, insider dealing by organized criminal groups: https://www.fca.org.uk/publications/newsletters/market-watch-77Compliance Clarified Series 9, Episode 1: UK Financial Conduct Authority's enforcement arm: "all basescovered"or "highly unsatisfactory"?: https://podcasts.apple.com/gb/podcast/series-9-episode-1-uk-financial-conduct-authoritys/id1548510826?i=1000629486982 Contact usRachel.Wolcot@Thomsonreuters.comHelen.Parry@thomsonreuters.comMore information about Thomson Reuters Regulatory Intelligence https://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Industrial scale money laundering originating in Southeast Asia's Mekong region has gone global. It's the infrastructure that handles the proceeds of pig butchering scams, child pornography, trade in human body parts, illegal gambling, drug trafficking and people trafficking. Cross-border crime networks fueled by cryptocurrency is linking the world's most dangerous criminals and allowing them to scale up and automate money laundering. This activity is increasingly linked to terrorist financing as well as sanctions evasion.In this episode Helen Chan, Regulatory Intelligence expert joins Rachel Wolcott, senior editor to discuss the scale and scope of crypto money-laundering-as-a-service and its origins in Southeast Asia's gambling industry. Helen and Rachel talk listeners through how crypto exchanges may be using regulatory arbitrage to get licensed, which in turn can open the door to organized crime groups. To date China and the U.S. have mounted the strongest regulatory and enforcement response, while other jurisdictions like the UK and the European Union seem to be operating on an outdated assumption that crypto money laundering is low risk. Links:UN Office on Drugs and Crime report: Casinos, Money Laundering, Underground Banking and Transnational Organized Crime in East and Southeast Asia: A hidden and accelerating threat: https://www.unodc.org/roseap/uploads/documents/Publications/2024/Casino_Underground_Banking_Report_2024.pdfANALYSIS: Highspeed wash: how organized crime's global crypto, gambling networks automated money launderingInside paywall: http://go-ri.tr.com/09c1JaOutside paywall https://regintel-content.thomsonreuters.com/document/I7F1F59A0CF4811EE95DBBC91F36F90D4 KYC: Firms marketing super-fast customer onboarding vulnerable to account-opening, mule attacks: https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/kyc-update-customer-on-boarding/ IMPACT ANALYSIS: Fake regulators and VATPs surface on new fraud front in Hong Kong: http://go-ri.tr.com/VYGpP2 COLUMN: China's crackdown on "pig butchering" invites domestic crypto scrutiny: http://go-ri.tr.com/kRawN7 Reuters report on Alvin Chau, Macao gambling tycoon: https://www.reuters.com/world/china/macau-court-sentences-junket-mogul-18-years-jail-tvb-2023-01-18/Connecting Chinese and American Scam Victims: https://www.chainargos.com/wp-content/uploads/2024/01/Connecting-Chinese-and-American-Scam-Victims-9-January-2024.pdfCrypto exchange HTX's Seychelles strike off complicates asset recovery efforts, increases compliance risk for partner firms: http://go-ri.tr.com/htRT2h https://www.linkedin.com/feed/update/urn:li:activity:7118129918885961729/ Contact us:Helen.Chan@thomsonreuters.comRachel.wolcott@thomsonreuters.com Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Bribery and corruption are set to head the agenda for law enforcers and corporate compliance departments in 2024, with a raft of new statutes and orders making for a particularly demanding environment. The UK's Economic Crime and Corporate Transparency Act, passed in October 2023, is the most important British legal reform on economic crime, fraud, bribery and corruption in more than a century.In the United States, the Treasury Department in December 2023 outlined plans to target corruption in 2024. To mark International Anti-Corruption Day, Treasury published a fact sheet detailing its plans to tighten the U.S. anti-money-laundering regime. It will also continue providing guidance to help financial institutions detect and report corruption-linked activity.In this episode, Brett Wolf, U.S. anti-money-laundering reporter for Regulatory Intelligence, and Nick Kochan, a freelance journalist, join Alexander Robson, managing editor, to discuss the legislative agenda and its implications for anti-corruption professionals. They also address the likely direction of the Serious Fraud Office under its new director, as well as upcoming elections in the UK and United States.Regulatory Intelligence published outlook pieces throughout January, including one on bribery and corruption.LinksEconomic Crime and Corporate Transparency Act: www.legislation.gov.uk/ukpga/2023/56/enactedH.R.4737 - Foreign Extortion Prevention Act: https://www.congress.gov/bill/117th-congress/house-bill/4737?s=1&r=29Behind the Regulatory Intelligence paywallOUTLOOK 2024-Bribery and corruption high on law enforcement agenda in UK, U.S.: http://go-ri.tr.com/VpZMGsFACT SHEET: U.S. DEPARTMENT OF THE TREASURY ACTIONS TO PREVENT AND DISRUPT CORRUPTION: http://go-ri.tr.com/vPjf5OContact us:alexander.robson@thomsonreuters.combrett.wolf@thomsonreuters.comauthor@kochan.co.ukhttps://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this “Spotlight on…” episode, host Gautam Bhattacharyya welcomes arbitrator and SVAMC AI Task Force chair Benjamin Malek (FCIARB) to discuss what led him to a career in international arbitration. The pair discuss the challenges and opportunities presented by new technologies like AI, and how to maintain and improve the effectiveness of arbitration in an ever-changing legal landscape.----more---- Transcript: Intro: Hello and welcome to Arbitral Insights, a podcast series brought to you by our International Arbitration practice lawyers here at Reed Smith. I'm Peter Rosher, global head of Reed Smith's International Arbitration Practice. I hope you enjoy the industry commentary, insights and anecdotes we share with you in the course of this series, wherever in the world you are. If you have any questions about any of the topics discussed, please do contact our speakers. With that, let's get started. Gautam: Hello everyone and welcome back to our Arbitral Insights podcast series, and thank you for joining us. I am delighted to have with us as our guest today,  Ben Malek. Uh Hello, Ben. Ben: Hi Gautam, thank you for having me. Gautam: It's great to have you with us. Now, I'm gonna introduce Ben, but I'm gonna preface this by saying I love to see new arbitrator talent emerge and I'm unashamed about that. I love to see it. And Ben epitomizes this new number of arbitrators that I just love to see. Ben has got a very interesting background. Uh he's based in New York, but he – I'm gonna share some interesting stuff about him with you all. He's obviously a practitioner of arbitration. He's also an arbitrator and he has great experience of being in private practice and also working for institutions who deal with arbitration. And we'll come to that in the course of our discussion. He also speaks an incredible number of languages, which would, which certainly is something worth noting. So, so obviously, not only apart from English, but he also speaks fluent German, Romanian, Spanish and French, and he can also turn his hand very ably to Italian, Hebrew, Mandarin and Korean. And I'm just in awe of that, Ben. But so obviously, you can see we're talking uh to, to someone who's truly international. We'll talk a little bit about what you do Ben in the course of this podcast but for our listeners, Ben is with T.H.E Chambers in New York. And as I said, prior to his current role, he has worked in private practice at some major law firms and also with arbitral institutions. So, on that note, a huge welcome again to you, Ben and I'm much looking forward to our discussion. So let me ask you the first thing a little bit about your background because you, you do have a very interesting background just based purely on your geographic origins, your languages and how the world has just seen so much of you. But could you just tell us a little bit about your background and how you found the law and arbitration or conversely how law and arbitration found you. Ben: Thank you so much Gautam for inviting me such an honor to be on your podcast. I always look forward to the new episodes you have so it's uh it's truly a pleasure. Thank you. So I grew up in Germany. I was born and raised in Germany to Romanian parents and my maternal grandparents wanted to talk German to us because that's what first generation immigrants do. However, they spoke a very broken German because they're German just wasn't that good. So my mother had the idea of them talking to me in Romanian, which was their maternal language. And this way, I would have two languages once I hit kindergarten, which is exactly what happened. I talked Romanian at home until I started kindergarten, which is where I learned German. So that was the beginning of my duality, I guess. Later on my parents decided that an international school would be best for my brother and I, I have a twin brother by the way. So we went to an international school where languages was really emphasized. I was taught everything in English. English was my maternal language, German was my first foreign language. And that's when I started to really learn my other languages. French became my second foreign language, Spanish became my third foreign language. So by the time I graduated high school I was fluent in five languages. So that was uh extremely helpful at that time, and, uh, that's when I knew that I needed to do something with languages. Unfortunately, and just to give a little more background, I decided to pursue dentistry. I'm not sure if you knew that Gautam.  Gautam: No, I didn't know this. You're a man of many, many hidden talents. Ben, I had no idea. I I know now. Ben: So I went to dental school and because, because I grew up in, in Germany to Romanian parents, I always wanted to, to understand my origins and see where I'm from. So I went and studied uh dentistry in Romania. So while in Romania, I graduated dentistry, I came back to Germany and actually started practicing dentistry. At which point I realized that that might really not be the best career. And I'll explain why. I loved the attention to detail. I loved the artistry of it. But the one thing that I really couldn't deal with was talking to the walls. And what do we, what do I mean by that? When patients sit in the chair before you and you talk and their mouth is open, they cannot respond. And I never realized how much that would impact me psychologically. I felt like I was in isolation, I was talking to them and I talked to them in so many languages, but nothing was coming back. So at that point, I realized with my first year of practice that even though I like what I do, I don't think I could do that for the rest of my life. So I decided to go back and study law. And during my last year of law school, I got a job at BDO in Romania. And because of my languages, I was on-boarded on an arbitration which was held in English with a German party and a French party. And because they had somebody that spoke German and French, they decided to save some costs and have me translate. So that was my introduction to arbitration. And I thought it was wonderful. It was absolutely delightful, especially in a country where the judicial system is sometimes questionable in the sense that you may win for your clients, but you win such a small insignificant amount that you can't really consider it to be a win. I realized that arbitration is a true fairness out there and it is accessible. So it was that moment during that arbitration that I realized and decided to pursue a master's in arbitration, which I ultimately did. I went to the University of Miami where I pursued my LLM. I had the privilege to study under Jan Paulsson, Marike Paulsson, Carolyn Lamm, Jonathan Hamilton. And I really did have the privilege to study under Martin Hunter who has passed away just a few years ago. So it was, it was an amazing masters and that really gave me the basis to start my career in arbitration. Gautam: Well, now that's an incredible journey and a truly uh a diverse background, a truly a diverse professional background you've had and you know, thank you for sharing those great thoughts. Now figures while you're in international arbitration, because you truly are international Ben, in the truest sense of the word. Now you've mentioned some amazing teachers that you had in the law who are truly not just first class, they're world class in terms of names. But um I'm most interested to hear from our guests as to who they would say have been their biggest mentors and inspirations in their career. So if you were to look at your legal career, and it's not often that I do a podcast with someone who's a qualified dentist as well as a qualified lawyer. But there's always a first for these things. But in your career as a lawyer, I wonder if you could share with us some of those names who have been your great mentors and inspirations. Ben: Absolutely. I think all of us owe our entry especially in arbitration to someone as the saying goes, we we need somebody to open the door, we gotta walk through it ourselves, but somebody is always there to open the door. For me I really had, John Fellas was an amazing mentor. I got to know John during my masters and we've kept in touch ever since. What struck me about John was his humbleness and his absolutely striking kindness. I mean, I was a mere student who just got my feet wet and he always made the time, always respected my time, always trying to see how and where he can help me or brainstorm what to do or where to do. It was a true mentorship. And I value that, especially after so many years, I, I wouldn't be here without him. One more mentor that I can think of is Crenguța Leaua. She's um with LDDP in Romania. Over the years, we've got to know each other. She's just such an amazing practitioner who has truly shown me what there is to do and has helped me or help me guide my way into arbitration. So uh without those two, I wouldn't be where I am. But I would also say I really, I consider that every, every person I worked for in the past, every boss I had potentially got me into where I am. So that being said when I worked at the American Arbitration Association or the ICDR to be more, more precise, Tom Ventrone was an amazing mentor. I mean, I learned so much from that and it was interesting because I only got to know him once I was at the ICDR. I did, I quite frankly and uh I don't know if I should say this out loud, but I've never heard of him before. Um However, when I was there, I realized that I don't think the ICDR would be where it is without Tom Ventrone and his team. So that was absolutely outstanding. Gautam: Thank you very much. And you know, some really great names there, Ben that you've given, who've been your real guiding lights in your career so far and you, you're very fortunate to have had all of those people. Now, you've alluded to it in your answer that you just gave and I mentioned it in the introduction that you've worked at major law firms and you've worked for arbitral institutions. I wonder if you could share with us a few things that you've learned by having had the benefit of working on both sides of the fence, so to speak. Ben: I would say at first when I started off at institutions and in all disclosure, I didn't start my career at the American Arbitration Association, I actually started at CPR Institute in New York. I filled in this case manager after which shortly after I got the opportunity at the ICDR. The one thing I learned was really what an impact an institution can make and what a driving force it is in arbitration. Of course, I've learned and I've been part of adhoc arbitrations and that's when you really start to appreciate institutions and what they can do. So I really do value institutions for what they are. I believe the work is truly in vain. And during my time at the ICDR, I mean, it was high volume, in the sense that we administered many cases. And when COVID hit, it felt like those cases doubled even though they didn't. It was just that the traffic of email because nobody had any, any place to be. There was no traveling, there were no dinners, there were no vacations. Everybody was on their email all the time. But it was uh truly valuable. You learn how to manage your time, you learn how to manage other people's time and you learn how to truly value time and deadlines and how to set them fairly. During my time at the American Arbitration Association, I was truly privileged to be part of what they call IARC which on the international part is the International Administrative Review Committee. Where different challenges are being discussed and decided upon. So having been part of that and having seen many cases come in and out and the decisions thereof have really helped me to make better decisions as counsel. Once I, I left the institution. Gautam: I think that amazing kaleidoscope of experience that you had in private practice and with institutions brings us nicely to the next question I wanted to ask you. And this and again, I'll preface it with, again saying how much I love to see new arbitrator talent coming through. I love to see it because we need new talent, fresh blood coming in and you are certainly one of that group. And so I was mentioning that you are with T.H.E Chambers in New York. And I'd love you to tell us a little bit about the work of T.H.E Chambers where you are an arbitrator and including, first of all, if you wouldn't mind what T.H.E stands for a Ben. Ben: Thank you, Gautam. Absolutely. So, as a young arbitrator, I think it's interesting to see that there are not many out there and if they are, it is always combined with some sort of additional workload, whether that is tribunal secretary or they still work as an associate somewhere else or consultant. It, it it is self explanatory why that happens. Uh But I am privileged, I believe to be part of a small group of young arbitrators. And I, I think it's, it's highly important to understand that even young arbitrators do have a specific know-how that we would not have had 20-25 years ago whenever I'm approached or I'm asked about my expertise, I do unfortunately get the answer oftentimes that people didn't realize that a young practitioner could have so much experience or could have the pertinent know-how. And I think that's where arbitration really expanded and advanced in the last decade or two. We have master degrees at, at so many universities throughout the world. We have so many courses and we have so many practitioners willing to talk and mentor people that it is truly possible at a younger age to become an arbitrator. Gautam: I completely agree and if I'm not mistaken, the, you know, the, T.H.E Chambers stands for Tribunals, Hearings and Enforcement, is that correct Ben? Ben: That is correct. Absolutely. Yes, thank you. So, when I started off sitting as an arbitrator, I was approached and, and I happily work with Arbitra International out of London as a transitional member as they call it. And when thinking about it, I had two options. I could either say this is Benjamin Malek arbitration or I could start something bigger. And that was my goal. So when starting T.H.E Chambers, which as you said, stands for Tribal Hearings and Enforcements, the big challenge was what I call it. And despite the fact that T.H.E, it, it looks very nice together as ‘the', um it does stand for tribunal hearings and enforcements. And that is because I believe that those are the core points that any practitioner will always look for. Uh you need to have a tribunal for an arbitration, you need to have a hearing, any sort of hearing un unless it's a paper arbitration. Um And then the, either the arbitrator or the parties waive the hearing and you gotta make sure that any award is enforceable. So from my council of work that I started off with at the beginning of T.H.E Chambers, that was my expertise, the enforcement part of it. Uh that was also one of the most important aspects that I dealt with while at the ICDR when a case comes in that was the first question. How does the case look and will the award be enforceable? So that is one thing that I definitely learned at the institutions and that I carried with me to always look at the arbitration from the end rather than from the beginning, which is the enforcement stage. T.H.E Chambers -  that's what it stands for. Currently it is set up to on board more younger arbitrators worldwide because of COVID and then changes in COVID, we haven't gotten there yet but I hope we'll get there very soon. Gautam: I've got no doubt you will. And you know, and as the saying goes, if anyone's good enough, they're old enough. And there's no doubt that you and the team bring a lot of great energy and insight into arbitration and it's certainly not something that should be homogenous. So it's fantastic to know that you can bring all your talents to bear. I want to turn next to another aspect of what you do because I know that you are a member of the Silicon Valley Arbitration and Mediation Center and particularly its Artificial Intelligence task force. Now, one of the things that all of us will be very well aware of is that artificial intelligence, AI, is an incredibly happening concept. It's developing and it'll develop more and more and it has its role and will have its role in arbitration. I know that you've been part of the team that's been looking at guidelines for the use of artificial intelligence in international arbitration. And I wonder if you could just share some of your thoughts as to what the potential usage of artificial intelligence might be in international arbitration and some of the risks and issues that we should be aware of. Ben: Yes, thank you. So I have been a part of the Silicon Valley Arbitration Mediation Center for quite some time and um when the New York case versus Avianca came out where the claimants council used chatGPT to come up with cases and, and I use that word deliberately, ‘come up' with cases to use against Avianca. It turned out that all of those were in fact made up by chatGPT as uh what we would call hallucinations. The judge dismissed the case and uh actually sanctioned the attorneys. To that point, I realized that it is only a matter of time until this issue flows into arbitration, especially arbitration. We work in so many jurisdictions with so many different parties. And specifically, since COVID, most arbitrations have been online, some have stayed online, some still have a hearing component in person, but most of it is online. And the big question was, do we need guidelines for the use of artificial intelligence in arbitration? So I had discussed that with the leadership at the Silicon Valley Arbitration Mediation Center and they gave me carte blanche to see what we can come up with so I was privileged to have a team of experts help me draft the guidelines for the use of  AI in arbitration. My team was composed of Elizabeth Chan in Hong Kong, Orlando Cabrera in Mexico, Sofia Klot in New York, Dmitri Evseev in London, Marta Garcia Bel, which now is in New York, Soham Panchamiya and Duncan Pickard in New York. I was truly blessed, I would say to have these colleagues. It became a true adventure that we all went on when we started discovering what AI could potentially do and what could potentially be prevented. So we took around nine months to draft guidelines. We had no timeline, but we did come up with what I would say good guidelines or a good basis of guidelines in October, we have put it out for the public to comment on. Uh the commenting period is still open until December and institutions can comment until February. And the goal is not to come up with guidelines that people can use, but to get a full consensus of the arbitration community on how they would like to use these guidelines and what they believe is relevant. If something is not relevant, then there's no reason for us to have it in there. So that was the whole idea behind it. The other aspect we were looking at was when it came to cybersecurity, each institution came up with their own guidelines and quite frankly, they use different words, but they're saying the same thing. And we are hoping to avoid having several guidelines on AI and to comprise it all into one. I think it's gonna be a very difficult task. I'm not sure we will succeed, but we are giving all institutions the opportunity to give their input or it submits their commentary to the guidelines so that every practitioner could look into the commentary for the respective institution when the case goes to arbitration. We were looking at several aspects regarding the use of artificial intelligence in arbitration. Two main aspects are disclosure and confidentiality. With regards to disclosure, we actually have an open option for the community to vote on. And that is whether a two prong test should be used to decide whether a party or the arbitrator should disclose the use of artificial intelligence or whether it should always be up to the parties to decide or to as the tribunal for opposing party to disclose the use of artificial intelligence. We weren't sure internally, we debated heavily and we came to the conclusion to leave that question up for the public to decide on. Um it did come back or as of now, the results are interesting, which is that in Europe, there is a more libertarian approach. Whereas uh the US and some common law jurisdictions voted for a two prong test, which I believe to be quite interesting, uh quite frankly. Um if this continues to be open ended, we might leave it up to the parties to decide which option they would ever put in. But ultimately, the goal is to draw awareness of the use of AI to let parties and arbitrators as well as council understand that artificial intelligence is not open ended. That if it's used outside a closed circuit information can be leaked or can be disclosed one way or another and to just draw attention to the fact that A I can only be used to disclose information, but also to create other sorts of the information that would otherwise not be there. Whether that is good or bad will be up to the parties to decide, but it is important to understand what AI can do and what the consequences are. Gautam: I agree with you and it's something that's gonna develop and develop. There's no doubt about that and we've not seen the last of it. I mean, it's gonna be happening for sure. And we just have to see what does transpire, but look, thank you for your great work on everything you're doing. You're not just, you know, doing arbitrations, you're doing thought leadership, you're driving all of these things and it's really great. And uh I'm just, you know, and I look forward to talking to you more about these things as these things progress. Now with these podcasts, we, we always end our podcast with a little bit of lighthearted conversation because I think our listeners will have got a really good handle on your incredible talent in the course of this podcast, your thoughtfulness and your experience. What I want them to also get a feel of is some of the more fun side of things. Now, I know Ben that you are a very proud daddy to a couple of daughters, one of whom is really a newborn. And uh, and I've, and I'm just so ecstatic for you and Rebeca on your two daughters. But let me ask you this when you do have some spare time from not being a, a very busy daddy as well as a very busy arbitrator. What sort of music do you particularly enjoy listening to? Have you got any favorite bands or groups or singers or even a favorite album that you love to play? Ben: Regarding music that's an interesting topic. Before I went on my dentistry career I actually worked in music management. Gautam: you are so multitalented. It's unbelievable. Go on. Sorry. I just could not resist saying that. Ben: Yeah. No, thank you. It's uh I, I just like life. I like life. Life is important. It's what drives us. I will say this and, and you know, thank you for the question. But we all live to work, but we also work to primarily live. And I think it's really important to, to, to know that I always believe that one of the most important things in life is to live and to know how to live. So, uh I did get into music management very early in my life. We were host to several big names, but to answer your question, my favorite music, as I always said is good music. I especially nowadays where the charts are filled with explicit lyrics. I actually like to go back to the Beatles. The Beatles are one of the foundations I believe of modern music. Now, given the fact that a new song was actually just released with the help of AI, I think that it's, it's worth to go back and, um, and really understand the changes that as Sir Paul McCartney, um and his colleagues have made. Yeah, I would definitely call The Beatles my favorite music. Gautam: Oh, fantastic. Well, it's, you know, that's a great choice. And, uh, you know, again, as a first, I've never done a podcast with someone who worked in music management, then who, who became a dentist and then became a lawyer and who can speak about 10 languages. So this is a complete first for me. So let me just ask you one last question in this podcast. So, you know, you are a very international person and we ascertain that just from speaking to you in the course of this podcast and you've no doubt traveled very widely because you've worked around the world in many places. Is there one place apart from where you grew up, okay, so excluding that, is there one place in the world - and excluding New York where you live - ok, Is there one place that you just love traveling to? Ben: Oh. That's a difficult question. I would have to say, I've always enjoyed traveling to London. My brother is actually a physicist and he did his PhD in Cambridge. I thought those were the most fun trips I've ever had. To fly to London Cambridge is, is amazing. Uh Whoever hasn't been uh it is really missing out. London is just stunning. I mean, the amount of history and just the culture and the multiculture you have. It's, it's just, it's great. Um I guess uh deep down I am a European so London is always there. Paris is absolutely yeah, romantic. I mean, I am married with two kids so Paris is always, it is always a good idea. Gautam: Yes. Ben: Yeah. The only thing I would add is I love, I would love to see more of the world. I do want to travel and see places. I I've never been, I haven't been to Australia yet, but in general, I would love to go see, I hope to go to Hong Kong maybe during ICA, maybe not, but just to see Hong Kong and see uh see more than I have seen yet. Gautam: Fantastic. Well, look, Ben. Thank you. It's been an absolute delight to speak to you in this podcast. Thank you for being such a superb guest and for sharing all of your stories and your background, your thoughts. And uh I look forward to seeing you very soon. You know, I hope you'll because we're recording this podcast on a Friday. So I hope that you will have a great weekend and I look forward to seeing you in person soon. Thank you. Ben: Thank you so much Gautam, Likewise. And if I may just end on one note, I do wanna thank my wife. I don't think I would be the person I am without her. And she inspires me to be a better person every day. Gautam: You know that I, I think that's so fitting Ben. And I'm gonna say this in response, I'm going to say two quick things in response to that. One, you're absolutely correct because I have the great honor and privilege of knowing Rebeca. And I know that she's a wonderful, wonderful lady and you are indeed very lucky to have her. And I also will say the second thing I will say is that many years ago, a judge got sworn in as a Supreme court judge here and one of the former Supreme court judges who was giving a speech when he became a judge said that behind every successful man, there's a surprised woman and Rebeca shouldn't be surprised at how successful you've been. But you know, you are very fortunate to have her. So thank you for mentioning her. Ben: Thank you. And thank you for having me, Gautam. It was an absolute pleasure looking forward to meeting you in person. Gautam: Looking forward to that. Outro: Arbitral Insights is a Reed Smith production. Our producer is Ali McCardell. For more information about Reed Smith's Global International Arbitration practice, email arbitralinsights@reedsmith.com. To learn about the Reed Smith Arbitration Pricing Calculator, a first of its kind mobile app that forecasts the cost of arbitration around the world, search arbitration pricing calculator on reedsmith.com or download for free through the Apple and Google Play app stores. You can find our podcast on Spotify, Apple, Google Play, Stitcher, reedsmith.com and our social media accounts at Reed Smith LLP on LinkedIn, Facebook and Twitter. Disclaimer: This podcast is provided for educational purposes. It does not constitute legal advice and is not intended to establish an attorney client relationship nor is it intended to suggest or establish standards of care applicable to particular lawyers in any given situation. Prior results do not guarantee a similar outcome, any views, opinions or comments made by any external guest speaker are not to be attributed to Reed Smith LLP or its individual lawyers. All rights reserved. Transcript is auto-generated.

When it comes to crypto regulation the United States is a global outlier because the Securities and Exchange Commission (SEC) and Gary Gensler its chief executive, steadfastly believe crypto assets are securities as defined by current legislation. Where the SEC sees issues, it pursues crypto businesses through the courts and in turn, sometimes companies sue the regulator.Litigation, not regulation, is how spot bitcoin (BTC) exchange-traded funds (ETF) came to launch in mid-January despite SEC objections. Grayscale Investments sued the SEC last year after it refused its application to convert its Bitcoin trust into an ETF. The SEC declined to appeal and ultimately approved 11 ETF applications at the same time.In this episode, Todd Ehret, senior regulatory expert in the U.S. and Rachel Wolcott senior editor in London discuss spot BTC ETFs' launch, the SEC's Twitter fail, ETF fee wars, custody and what firms selling these products should be aware of in terms of customer suitability.Regulatory Intelligence published outlook pieces throughout January, including for crypto. Please see the link below for our rundown of crypto regulatory developments in the U.S., UK, Europe, Singapore, and Hong Kong.LinksINSIGHT: Compliance considerations for broker-dealers and investment advisers surrounding Bitcoin ETFs: www.regintel-content.thomsonreuters.com/document/IA098EF20BA3E11EEAE81D84738F78F00OUTLOOK 2024-Litigation vs regulation; divide opens between U.S. and rest of the world on approach to crypto: http://go-ri.tr.com/kiapX5Compliance Clarified Season 9, Episode 10: Cross-border crypto fraud enforcement and the globalization of money laundering as a service: podcasts.apple.com/gb/podcast/season-9-episode-10-cross-border-crypto-fraud-enforcement/id1548510826?i=1000637022734Tether and pig butchering: chainargos.com/wp-content/uploads/2024/01/Connecting-Chinese-and-American-Scam-Victims-9-January-2024.pdfCasinos and cryptocurrency: Major drivers of money laundering, underground banking, and cyberfraud in East and Southeast Asia: unodc.org/roseap/en/2024/casinos-casinos-cryptocurrency-underground-banking/story.html Contact us:Todd.ehret@thomsonreuters.comRachel.wolcott@thomsonreuters.com Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode, Lindsey Rogerson, senior editor at Regulatory Intelligence is joined by Henry Engler, senior editor, to discuss what is happening with climate reporting for U.S. financial firms.Uncertainty looms large over sustainability regulation at the Federal level. The possible return to the U.S. presidency of Donald Trump and two cases before the U.S. Supreme Court and their likely effect on climate rules in the financial sector are discussed.At the State level it is a different picture. California lawmakers passing California SB-253 Climate Corporate Data Accountability Act (https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB253) and SB-261 Greenhouse gases: climate-related financial risk Act (https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202320240SB261) mean there is a lot for compliance, legal and risk professionals to be getting on with.Henry sets out what firms need to be doing now to ensure they are ready for the new rules by 2026. LinksRecording of Henry Stern speaking on a panel at COP28: www.youtube.com/live/lGTasIEUmzA?feature=shareESG: Navigating past the noise by Henry Engler, Lindsey Rogerson and Yixiang Zeng can be downloaded here: www.thomsonreuters.com/en-us/posts/esg/esg-navigating-past-the-noise/Green House Gas Protocol: https://ghgprotocol.org/scope-3-calculation-guidance-2 Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

In this episode, Trond Vagen, European correspondent at Regulatory Intelligence, is joined by Mike Cowan, senior regulatory intelligence expert, to discuss the challenges that face compliance officers in 2024.2023 was a mix of geopolitical unrest and economic instability. The conflicts in Ukraine and the Middle East continued to influence world economies. The year started with a mini banking crisis as Silicon Valley Bank, First Republic, Signature Bank and Credit Suisse all failed resulting in changes to regulations to prevent future failures.Emerging risks added new dimensions to a compliance officer's workload. The development of cryptoassets continued with the headline event being the collapse of crypto exchange FTX and the prosecution of its owner Sam Bankman Fried. Regulators pursued the achievement of environmental targets and preparations for operational resilience regulations within firms progressed at pace.The rapid development of artificial intelligence solutions acted as a “double-edged sword” for compliance officers. On the one hand, the regulatory environment developed at different speeds in different jurisdictions and on the other, the use of AI solutions to streamline compliance tasks cannot be ignored by compliance officers, at a time when investment in the compliance function may be limited.All this set against changes to the more traditional compliance areas of culture and conduct, product development and financial promotions, financial crime prevention, trading and selling regulations and post-sale customer-focused operational processes.These issues remain regulatory risks in the new year with the outcome of regulatory developments due in 2024.Links:OPINION: 10 things compliance officers must consider in 2024 – EU and UK: https://regintel.thomsonreuters.com/#accelus/ri/%7B%22location%22%3A%22%23ri%2Fdocument%2FI38B04440AEDF11EE869FF1A8839232E7%2Fview%22%7D Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

The United Nations Conference of the Parties on Climate Change (COP28) is underway in Dubai. Past COPs have led to governmental initiatives that have real consequences for financial services businesses in their day-to-day operations. Transition plans and internationally agreed sustainable reporting standards are two examples of this.In this episode of Compliance Clarified, Alexander Robson, managing editor of Thomson Reuters Regulatory Intelligence, is joined from Dubai by Lindsey Rogerson, senior editor for Thomson Reuters Regulatory Intelligence, to discuss the key initiatives emerging from COP28 and what they will likely mean for financial market participants.The discussion includes the methane pledge and what that will mean for asset managers and banks' lending books, and the significance of the International Organization of Securities Commissions (IOSCOs) consultation of 21 good practices for integrity in carbon markets. It also considers some of the emerging winners in terms of asset managers winning multi-billion-dollar investment mandates.The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices.The podcast is available on Google, Apple & SpotifyAdditional resources:Navigating Past the Noise Report from Thomson Reuters: www.thomsonreuters.com/en-us/posts/wp-content/uploads/sites/20/2023/12/ESG_Navigating-Past-the-Noise.pdfAsset managers with proven green credentials to benefit from wall of money: http://go-ri.tr.com/qEbXTICentral banks announce task force on adaptation finance: http://go-ri.tr.com/tZIsYMNet Zero Banking Alliance unveils transition finance metrics to help banks better report on decarbonisation efforts: http://go-ri.tr.com/J9bIfxCFTC consults on voluntary carbon derivatives, as voluntary framework reached on environmental offset standards: http://go-ri.tr.com/WWCVNtIOSCO consults on good practices to promote integrity in voluntary carbon markets: http://go-ri.tr.com/2qPwFgIFRS launches sustainable knowledge hub at COP28: http://go-ri.tr.com/gEoJIo Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Former crypto chief executive Sam Bankman-Fried's guilty verdict stemming from the FTX fraud and collapse already seems like old news in a period of serious enforcement action related to crypto scams and industry misconduct.This tenth episode of season nine brings together Helen Chan, regulatory intelligence expert in Hong Kong and Rachel Wolcott, senior editor in the UK to unpack themes emerging from recent initiatives from Chinese law enforcement, Europol, and U.S. regulators as well as the Department of Justice and the Financial Crimes Enforcement Network (FinCen).There has been that $4 billion Binance mega enforcement in the U.S. which saw the chief executive forced to step down, pay a $50 million fine, and potentially face jail time. The U.S. Securities and Exchange Commission last week brought charges against Kraken, adding to the number of crypto exchanges facing U.S. enforcement action.Not to be left out, Europol recently issued a big report on money laundering that focused in part on crypto. It too has been busy working with EU member states as well as the U.S. to take out crypto mixers and deal with crypto-related money laundering and fraud.Helen and Rachel also discuss the proliferation of money laundering as a service amongst organized crime gangs and their use of crypto. The episode starts with a look at Chinese law enforcement's efforts to take down pig butchering gangs and ends with Helen's advice to compliance officers navigating this increasingly complex landscape.LinksChina's crackdown on "pig butchering" invites domestic crypto scrutiny: www.linkedin.com/posts/helenhchan_chinas-crackdown-on-pig-butchering-activity-7135118841197576193-K62M?utm_source=share&utm_medium=member_desktopHong Kong's SFC silent on HTX legal troubles as banished exchange operates freely in the city: www.linkedin.com/posts/helenhchan_htx-operations-hong-kong-activity-7123519728999927808-0FJI?utm_source=share&utm_medium=member_desktopUK FCA signed off registered crypto's change-in-control to e-money firm fined for sanctions breaches, linked to Ukrainian PEPs and fraud: www.linkedin.com/feed/update/urn:li:activity:7120708996084195328/Crypto exchange HTX's Seychelles strike-off complicates asset recovery efforts, increases compliance risk for partner firms: www.linkedin.com/feed/update/urn:li:activity:7118129918885961729/SPECIAL REPORT-How "pig butchering" scams have emerged as a billion-dollar crypto industry: https://regintel-content.thomsonreuters.com/document/I0E082C3089FA11EE8156BA093D3C55E7The other side of the coin: Europol analysis of financial and economic crime: www.europol.europa.eu/cms/sites/default/files/documents/The%20Other%20Side%20of%20the%20Coin%20-%20Analysis%20of%20Financial%20and%20Economic%20Crime%20%28EN%29.pdfSEC charges Kraken for Operating as an Unregistered Securities Exchange, Broker, Dealer, and Clearing Agency: /www.sec.gov/news/press-release/2023-237 Contact us:Helen.Chan@thomsonreuters.comRachel.Wolcott@Thomsonreuters.comFor more information about Regulatory Intelligence, click here: legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

This episode features a special guest Michelle Giddings, head of anti-money laundering at the Institute for Chartered Accountants in England and Wales (ICAEW). Giddings joins Rachel Wolcott, senior editor at Thomson Reuters Regulatory Intelligence in London.TRRI usually covers anti-money laundering (AML) strictly from a financial services viewpoint. However, with the focus on accountants' and law firms' role in preventing financial crime like money laundering and sanctions evasion since the advent of the Ukraine war and now the war in Gaza, it is instructive to look at how these professionals are supervised in the UK.Five years ago, the Office for Professional Body Anti-Money Laundering Supervisors (OPBAS) was established to supervise the 25 professional body supervisors in the legal and accountancy sector of which the ICAEW is one. OPBAS is part of the Financial Conduct Authority (FCA).The OPBAS approach has been criticised from lawmakers as not being robust enough to manage AML risks arising from accounting and law firms. The most recent OPBAS report in April, however found improvements but said many professional body supervisors were falling short of expectations.The UK government is considering changing its approach to supervising professional services firms like accountants and lawyers for anti-money laundering purposes. One of the options on the table is eliminating OPBAS and moving to a single regulator or a consolidated professional body supervisor—which could see one regulator supervising 100,000 firms.Giddings talks Compliance Clarified through the ICAEW's response to the government's consultation on professional body supervisory reform, criticism of professional body supervisors' performance, ICAEW thematic review of money laundering reporting officers (MLRO) as well as its annual review of AML supervision. LINKS:ICAEW Consultation response: Supervisory Reform consultation response (icaew.com) Role of the Money Laundering Reporting officer: www.icaew.com/regulation/aml-supervision/aml-thematic-reviews/the-role-of-the-money-laundering-reporting-officer2022/23 anti-money laundering supervision report: www.icaew.com/regulation/aml-supervision/anti-money-laundering-supervision-reportUK Government consultation: Reforming anti-money laundering and counter-terrorism financing supervision: www.gov.uk/government/consultations/reforming-anti-money-laundering-and-counter-terrorism-financing-supervision AML: UK professional body supervisors focused on boosting SARs quality, information sharing http://go-ri.tr.com/nRE5uKContact us!Rachel.wolcott@thomsonreuters.comFor more information about Regulatory Intelligence, click here: https://legal.thomsonreuters.com/en/products/regulatory-intelligenceCompliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion. Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

This episode of Compliance Clarified brings together Rachel Wolcott, senior editor in London and Brett Wolf, senior anti-money laundering editor for the Americas to discuss Hamas, terrorist financing and the U.S. response to the 7 October attack.It has been a little over a month since Hamas fighters launched a brutal attack on Israel, unleashing a war, and leaving thousands of civilians dead. The attack took Israel and the world by surprise and raised questions about whether enough attention is being paid to terrorist financing in the Middle East and beyond.In this episode, Brett and Rachel talk through actions various U.S. agencies have taken in response to Hamas' attack to address and describe their financing activities to financial institutions and others who unwittingly or willingly are enabling funds to flow to Hamas.Topics covered include:Hamas' current fundingNew U.S. sanctions and policy responsesHamas money flows red flagsDisputed role of crypto in financingThis episode was recorded before the UK imposed new sanctions on Hamas on 14 November.Links:Outside paywallU.S. Treasury issues additional Hamas sanctions alongside UK, meets with the private sector:https://regintel-content.thomsonreuters.com/document/IDC26C880832211EE918ACE7D4282A8B3U.S. Treasury, Commerce Departments urge financial institutions to police export control evasion worldwide:https://regintel-content.thomsonreuters.com/document/IFD79AB107CDD11EE918ACE7D4282A8B3Inside paywallU.S. Treasury Department issues alert on Hamas money flows, shares 'red flags': http://go-ri.tr.com/XhT6BPU.S. Treasury official lays out a three-pronged approach to combat Hamas financing, including financial institutions' role: http://go-ri.tr.com/wA1rvN U.S. Treasury targets Hamas 'secret investment portfolio' in response to attack on Israel: http://go-ri.tr.com/PmPeXZU.S. Treasury moves to designate crypto mixers a 'primary' laundering concern under PATRIOT Act authority: http://go-ri.tr.com/ST0DV1 Contact us!Rachel.wolcott@thomsonreuters.comBrett.Wolf@thomsonreuters.com Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Singaporean police conducted a nationwide raid (http://go-ri.tr.com/7Nm3aO) and arrested 10 ethnic-Chinese businessmen on Aug. 15. The police seized more than S$2.8 billion, making it one of the world's biggest money laundering cases (https://www.reuters.com/world/asia-pacific/assets-seized-singapore-money-laundering-case-now-2-bln-minister-2023-10-03/). In this episode, Nathan Lynch, Asia managing editor, and Yixiang Zeng, reporter in Singapore, discuss how the case began back in 2021 when the authorities were alerted by banks via suspicious transaction reports (http://go-ri.tr.com/0Aeefi) and then the police started investigating these alerts.This case is also part of a broader campaign by Asian governments to counter a huge surge in money laundering linked to organised crime. Against this backdrop, the Singaporean government is setting up an inter-ministerial committee (http://go-ri.tr.com/K6Q9E8), which will help revamp the country's financial system and strengthen its anti-money laundering regime.The Compliance Clarified podcast series covers a wide range of topics which affect compliance officers at financial institutions and aims to help them navigate the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging best practices.Programme notesSingapore says $2 billion in assets seized in money laundering case (Reuters): https://www.reuters.com/world/asia-pacific/assets-seized-singapore-money-laundering-case-now-2-bln-minister-2023-10-03/#:~:text=Simultaneous%20raids%20in%20mid%2DAugust,jewellery%20worth%20S%241%20billion.Suspects back in court over Singapore's swoop on major money laundering ring (Reuters): https://www.reuters.com/world/asia-pacific/suspects-back-court-over-singapores-swoop-major-money-laundering-ring-2023-08-30/Bungalows, cars seized in Singapore's billion-dollar swoop on money laundering (Reuters): https://www.reuters.com/world/asia-pacific/bungalows-cars-seized-singapores-billion-dollar-swoop-money-laundering-2023-08-17/MAS will not tolerate the abuse of our financial system for illicit activities (MAS press release): https://www.mas.gov.sg/news/media-releases/2023/mas-will-not-tolerate-the-abuse-of-our-financial-system-for-illicit-activities Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Whistleblower cases have re-emerged in a growing share of enforcement actions brought by the U.S. Securities and Exchange Commission (SEC). SEC Chair Gary Gensler and Enforcement Director Gurbir Grewal have emphasized the need to protect individuals who report misconduct. Last week, Grewal said, "The SEC's whistleblower program is a critical part of our enforcement efforts. Each year we receive thousands of whistleblower tips, and throughout the history of the program, those tips have resulted in billions in monetary recovery."In this episode of Compliance Clarified, Todd Ehret, senior regulatory intelligence expert for Thomson Reuters Regulatory Intelligence, is joined by Richard Satran, senior correspondent for Thomson Reuters Regulatory Intelligence, where they discuss the current round of whistleblower enforcement actions from the SEC.Since the implementation of the SEC's whistleblower program under Section 922 (http://go-ri.tr.com/iEXjLU) of the Dodd-Frank Act in 2011, the SEC has awarded more than $1 billion to whistleblowers who have submitted tips regarding securities violations that have resulted in numerous enforcement actions.Securities Exchange Act Rule 21F-17(a) (http://go-ri.tr.com/N6wOnr) states, "No person may take any action to impede an individual from communicating directly with the Commission staff about a possible securities law violation, including enforcing, or threatening to enforce, a confidentiality agreement with respect to such communications."The SEC Office of Examinations (http://go-ri.tr.com/Q8XtDG), in a 2016 alert, warned that, at minimum, in any examinations, it will review for whistleblower rule violations in compliance manuals, codes of ethics, employment agreements, and severance agreements.Many of the enforcement actions involve the language used in separation and non-disclosure agreements. In a 2016 enforcement action involving Anheuser-Busch InBev, the company allegedly included very broad non-disclosure language in its separation agreements, asking employees to "keep in strict secrecy and confidence any and all unique, confidential and/or proprietary information" belonging to the company. Even though this agreement did not prohibit whistleblower communications with the SEC expressly, the lack of a carve-out citing whistleblower protections was still enough for the SEC to flag it as a Rule 21F-17(a) violation.The Compliance Clarified podcast series covers a wide range of topics that affect compliance officers at financial institutions and aims to help them navigate the often-challenging regulatory environment. It considers the significant challenges of the day and offers practical ideas for emerging best practices.The podcast is available on Google, Apple, and Spotify.Additional Resources:Loophole in FCA whistle-blowing rules leaves regulator "disconnected," says lawmaker: http://go-ri.tr.com/2OkJvjSEC targets separation and severance agreements that impede whistleblowers: https://regintel-content.thomsonreuters.com/document/IB012302073DE11EEB0FFC2B000B13E50For more information about Thomson Reuters Regulatory Intelligence head to: https://regintel-content.thomsonreuters.com/ Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Australian financial institutions and their senior executives are preparing for a new Financial Accountability Regime, which will bring in a UK-style framework for senior management accountability. Under the Financial Accountability Regime (FAR), institutions will need to establish an accountability map for their directors and senior executives along with an array of conduct and compliance obligations. The object of the FAR is to impose a tougher accountability framework for the banking, insurance and superannuation industries and their directors and most senior and influential executives. Financial institutions will need to understand the requirements of the legislation and executive need to understand how they may be held accountable for their decisions and compliance failures. But will the laws be effective? Do they lack teeth? And will they genuinely improve conduct across the financial sector, in line with the recommendations of the Financial Services Royal Commission. In this episode of Compliance Clarified we have Nathan Lynch, Asia-Pacific manager for Thomson Reuters Regulatory Intelligence (TRRI), in discussion with Niall Coburn, a TRRI regulatory expert based in Brisbane, Australia.Related Reading:IMPACT ANALYSIS: Financial Accountability Regime looming for Australian firms and their senior executives: http://go-ri.tr.com/HxMybvIMPACT ANALYSIS: Australia regulators preparing for Financial Accountability Regime — firms on notice: http://go-ri.tr.com/He0KT6Regulators to continue focus on holding individuals to account, despite mixed results of previous years: http://go-ri.tr.com/s65YX4PERSONAL ACCOUNTABILITY: Poking the BEAR - Australia striving for executive accountability: http://go-ri.tr.com/VzqezaDevelopments in individual accountability: UK, Australia and Hong Kong: http://go-ri.tr.com/bDgqX1OPINION: Senior manager regimes: reasonableness the flaw to accountability: http://go-ri.tr.com/UH1x7U Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

The Financial Conduct Authority mistakenly told a whistleblower they were "no longer entitled to the protections offered under the Public Interest Disclosure Act 1998," (https://www.legislation.gov.uk/ukpga/1998/23/contents) after it gave permission for their name to be disclosed to their former employer. The mistake went uncorrected for six months and was overlooked by the Complaints Commissioner in August.In this episode, Alexander Robson and Lindsey Rogerson discuss the regulator's apology and the FCA's apparent lack of enforcement action against firms which have acknowledged failures in their whistle-blowing procedures, as well as how the regulator could be more transparent in the quarterly data set it produces on individuals who have made protected disclosures.They close out the podcast with an assessment of the likelihood of an update to the UK's 25-year-old employment protections for whistleblowers.The Compliance Clarified podcast series covers a wide range of topics which affect compliance officers at financial institutions and aims to help them navigate the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging best practices.Programme notesFCA apologises to whistleblower admits PIDA mistake article: http://go-ri.tr.com/rz6ot5Protect's draft bill: https://trten-my.sharepoint.com/personal/lindsey_rogerson_thomsonreuters_com/Documents/Draft-WB-Bill-v16-June-2021.pdf%20(amazonaws.com)The APPG for whistle-blowing's draft bill: https://trten-my.sharepoint.com/personal/lindsey_rogerson_thomsonreuters_com/Documents/4d9b72_4490728b5bc747e28770ed8efbe475e3.pdf%20(appgwhistleblowing.co.uk)Wells Fargo employment tribunal article on Regulatory Intelligence: http://go-ri.tr.com/2OkJvj2019 article on FCA probing Royal Bank of Canada over employment tribunal article: http://go-ri.tr.com/1YInqdRegulatory Intelligence special report on whistle-blowing July 2023: http://go-ri.tr.com/1YInqd Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

This episode of Compliance Clarified brings together Helen Chan, Regulatory Intelligence's regulatory expert in Hong Kong and Rachel Wolcott, senior editor in London to discuss what closer ties between North Korea and Russia mean for sanctions and compliance officials. Helen and Rachel delve into the growing entanglement between secondary sanctions risk and cryptocurrencies. Crypto exchanges and services—Tornado Cash, Bitzlato-- have been sanctioned or closed for helping sanctioned entities launder assets. North Korean cybercriminals use the crypto universe to generate income, hide it and then cash it out with impunity. All those assets are going into the DPRK's weapons of mass destruction (WMD) programme. It is not just crypto though. North Korea is adept at using shell companies and exploiting corrupt officials to access the international financial system to supply the country with what it needs to further its WMD ambitions. Helen talks through British American Tobacco's recent settlement with the U.S. Department of Justice for North Korean sanctions violations and other cases that demonstrate what is at stake for companies and financial institutions. At the same time, Asian countries like Singapore and Japan are implementing their own unilateral regimes. Japan for example has implemented trade and economic sanctions against Russia which it intends to enforce robustly. That is a departure from the status quo that compliance officers need to consider carefully. Links Closer Russia/North Korea ties merges two sanctions worlds, creates refuge for stolen cryptoassets: https://regintel-content.thomsonreuters.com/document/I3A612A40620C11EEA33AE89A432BD9D5 COLUMN: Unilateral sanctions regimes take off in Japan, Singapore: https://regintel-content.thomsonreuters.com/document/IFB452A40681511EE80EAED51AC57F6AF OFAC Sanctions: https://ofac.treasury.gov/recent-actions/20230831 UN Panel of Experts North Korea reports https://www.securitycouncilreport.org/un_documents_type/sanctions-committee-documents/?ctype=DPRK%20%28North%20Korea%29&cbtype=dprk-north-korea DPRK Reports Database (free to use!)https://dprk-reports.org/ Contact us! Rachel.wolcott@thomsonreuters.com Helen.Chan@thomsonreuters.com For more information about Regulatory Intelligence, click here: https://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Compliance Clarified's second episode of season 9 brings together Rachel Wolcott, senior editor and Brett Wolf, senior anti-money laundering editor for the Americas to discuss the state of the Financial Crimes Enforcement Network's (FINCEN) beneficial ownership register. The register has been years in the making as the United States has slowly come around to implementing the Financial Action Taskforce's (FATF) recommendations 24 and 25. Those address transparency and beneficial ownership of legal persons and legal arrangements. That includes ensuring that accurate and up-to-date basic and beneficial ownership information is available to competent authorities in a timely fashion.The U.S., like other countries, has resisted complying with these requirements. Lawmakers and special interest groups have lobbied against the register, but reporting beneficial ownership will become a requirement as 1 January, 2024. Companies formed in 2024 will have a little extra time.There are still questions to be answered in terms of how compliance will be achieved and what kind of access FINCEN will provide to the register.LinksU.S. Treasury 'going all out' to inform firms about beneficial ownership reporting requirement -officialOutside paywall: https://regintel-content.thomsonreuters.com/document/IFA40F5D0622411EEA33AE89A432BD9D5U.S. Treasury proposes extended beneficial ownership reporting deadline for companies formed in 2024: http://go-ri.tr.com/6crkwfOutside paywall: https://regintel-content.thomsonreuters.com/document/I432105405D6D11EEA33AE89A432BD9D5U.S. Treasury bureau releases beneficial ownership reporting guide, industry displeased: http://go-ri.tr.com/RVuobmU.S. Treasury's 'beneficial ownership' rulemaking harshly criticized during House hearing: http://go-ri.tr.com/GgTKOqContact us!Brett.Wolf@thomsonreuters.comRachel.Wolcott@thomsonreuters.comFor more information about Regulatory Intelligence head to: https://legal.thomsonreuters.com/en/products/regulatory-intelligence Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Compliance Clarified's first episode of season 9 brings together Alexander Robson, managing editor, Helen Parry, senior regulatory expert and Rachel Wolcott, senior editor to discuss the state of UK Financial Conduct Authority's (FCA) enforcement and markets oversight division.Does it have "all bases covered" as Therese Chambers, its new co-executive director for enforcement said in a speech? Or is its approach and execution of enforcement cases, to use the words of an Upper Tribunal judge, "highly unsatisfactory"?Chambers and Steve Smart, the other co-executive director, have their work cut out for them. The 621-strong department is currently running 577 cases and 200 odd investigations. Cases are taking years to complete and a few recent Upper Tribunal judgments have gone against it and highlighted the department's errors and issues. Will the FCA close cases and focus, or open even more investigations?For more information about Regulatory Intelligence please see: www.legal.thomsonreuters.com/en/products/regulatory-intelligence Links:Julius Baer story: http://go-ri.tr.com/qQc7wABlueCrest storieshttp://go-ri.tr.com/qQc7wAhttp://go-ri.tr.com/0olu4Nhttp://go-ri.tr.com/fWunnjhttp://go-ri.tr.com/hGFF7rGopee judgment: https://www.bailii.org/ew/cases/EWCA/Civ/2023/881.htmlOutside the paywall:UK FCA closed 37 enforcement cases in Q1; new leadership faces big challenges https://regintel-content.thomsonreuters.com/document/I838002305C6911EEA33AE89A432BD9D5Contact us!Alexander.Robson@thomsonreuters.comHelen.Parry@thomsonreuters.comRachel.Wolcott@thomsonreuters.com Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Join Coach Ashlie Walton and Detective Walton in this thought-provoking episode of The Tactical Living Podcast as they delve into the recent NYC riot on August 4, 2023. Drawing from firsthand experience and expertise in law enforcement, they critically analyze the challenges these chaotic events pose for law enforcement officers and the broader societal implications.   Referencing a recent article from NBC New York, they delve into the tumultuous events that unfolded, transforming the streets of Manhattan into a chaotic circus. The episode probes the fairness of such situations for law enforcement officers tasked with upholding the Constitution and securing law and order amidst the pandemonium.   The hosts thoughtfully dissect the inherent contradictions of these scenarios - how the very individuals tasked with ensuring the safety and security of our communities often find themselves grappling with untenable situations. They underscore the need for a balance between maintaining public safety and allowing lawful protest.   Further, the episode provides insightful discussion about the larger societal norms that enable such events to occur and their subsequent impacts on public order, safety, and trust in law enforcement. Through this critical dialogue, they shed light on the nuances and complexities inherent in these high-pressure situations that law enforcement officers encounter.   In a world where streets can quickly become a stage for chaos and disorder, this episode encourages a deeper understanding of the challenges faced by law enforcement and the fundamental role they play in maintaining societal stability. Tune in for a candid conversation on the often untold realities of policing in contemporary society.   ⩥ PLEASE SUBSCRIBE TO OUR YOUTUBE CHANNEL ⩤ https://bi3xbvVont.ly/   CLICK HERE for our best-selling products: https://amzn.to/3xaG3xw and https://rdbl.co/3DIQVUC   CLICK HERE to join our free Police, Fire, Military and Families Facebook Group: https://bit.ly/38w2e7r   Check out our website and learn more about how you can work with LEO Warriors by going to: https://www.leowarriors.com/   Like what you hear? We are honored. Drop a review and subscribe to our show.    The Tactical Living Podcast is owned by LEO Warriors, LLC. None of the content presented may be copied, repurposed or used without the owner's prior consent.   For PR, speaking requests and other networking opportunities, contact LEO Warriors:   EMAIL: ashliewalton555@gmail.com.   ADDRESS: P.O. Box 400115 Hesperia, Ca. 92340   ASHLIE'S FACEBOOK: https://www.facebook.com/police.fire.lawenforcement   ➤➤➤➤➤➤➤➤➤➤➤➤➤➤➤➤➤➤ This episode is NOT sponsored. Some product links are affiliate links which means if you buy something by clicking on one of our links, we'll receive a small commission.  

In episode 10 of season 8 of Compliance Clarified, Helen Chan, Regulatory Intelligence's Hong Kong-based expert and Rachel Wolcott, senior editor in London discuss artificial intelligence in compliance. To say there has been a lot of hype around AI and generative AI is an understatement. ChatGPT, in particular, has captured the public's imagination. It is simultaneously hailed as transformational technology and a weapon of mass destruction. So what's in it for compliance officers? Helen and Rachel take listeners through some of the trends and use cases they are seeing in financial services and compliance for both deterministic and generative AI. They sketch out how regulators globally have responded to AI. Finally, they set ChatGPT for some simple compliance tasks to see how it performs. Spoiler: Chatbots are not going to take over compliance departments anytime soon. This is the last episode of season 8. We'll be back in September! Links: Impact Analysis: Regulators in Asia lay down the foundation for regulation of AI ethics:  http://go-ri.tr.com/aWnKkV Insight: China, EU and U.S. regulators ponder generative AI regulations, offer compliance considerations for businesses: http://go-ri.tr.com/JDlPO1 Generative AI: Five use cases for compliance: http://go-ri.tr.com/aeOBkB Expert AI is needed to deliver the accuracy required to automate compliance tasks; ChatGPT applications are limited Outside paywall: https://regintel-content.thomsonreuters.com/document/I563E94301B4111EEBE2AEF7C693C2154 Ten things new AI apps such as ChatGPT can do to 'augment' compliance -FINRA conferencehttp://go-ri.tr.com/Z0fFDU Contact us: Helen Chan (HK):helen.chan@thomsonreuters.com Rachel Wolcott (UK):rachel.wolcott@thomsonreuters.com For more information about Regulatory Intelligencehttps://legal.thomsonreuters.com/en/products/regulatory-intelligence   Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

The Financial Conduct Authority's much-trumpeted Consumer Duty comes into effect on July 31. An amendment to the Financial Services Act in 2021 in the House of Lords gave the regulator a year to bring in rules concerning the level of care firms provide to consumers. This turned into the Consumer Duty and last July the FCA set out its rules. The FCA has issued an unprecedented set of guidance on the duty.In this episode of Compliance Clarified, managing editor Alex Robson talks to senior editor Lindsey Rogerson and Mike Cowan, senior regulatory intelligence expert, about what the duty is, what it means for firms and whether the industry is ready and what is next. The critical question is whether the lives of consumers will be improved and how quickly will the regulator move to enforcement where it finds failings.The Compliance Clarified podcast series covers a wide range of topics which affect compliance officers at financial institutions and aims to help them navigate the often-challenging regulatory environment. It considers the big challenges of the day and offers practical ideas for emerging best practices.Programme notesFrom behind Regulatory Intelligence paywall: Open banking tech helping financial firms with Consumer Duty compliance -vendors: http://go-ri.tr.com/g6jPrPDecades' high interest rates, Consumer Duty put focus on vulnerability assessments: http://go-ri.tr.com/g1vU0DFCA publishes 10 key questions for firms to test Consumer Duty readiness: http://go-ri.tr.com/k3RqIiNo paywallOne month to go for the Consumer Duty: https://www.fca.org.uk/news/news-stories/one-month-go-consumer-duty Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

The Australian arm of consulting firm PwC is embroiled in an unprecedented political scandal following revelations that senior staff sold confidential information on government tax reforms to its multinational clients. PwC is defending allegations that it engaged in a deliberate multi-year strategy to cover up a breach of confidentiality in the tax leak scandal. The form stands accused of "monetising" confidential information that it obtained as a consultant to the government on laws to target multinational tax avoidance. The scandal has led to investigations from the Australian Federal Police (AFP) and the prospect of a referral to the new National Anti-Corruption Commission (NACC). PwC is also navigating a probe from the national accounting body, numerous Senate inquiries, and three internal reviews within PwC, including one led by its global leadership.The case has also cast a cloud over the firm's 900 partners in Australia and 10,000 staff, leaving the organisation in damage control mode. Peter Collins, PwC Australia's head of international tax, has been banned by the Tax Practitioners' Board (TPB) for his involvement in the scheme.In a bid to stem the losses, PwC now plans to sell off its government consulting business, which generates A$600 million in annual revenue, for A$1 to private equity group Allegro. It is estimated that 130 partners and 2,000 staff will leave to join the new entity.In this episode of Compliance Clarified, Nathan Lynch discusses this unfolding corporate disaster with Niall Coburn, a lawyer and regulatory risk expert with Thomson Reuters Regulatory Intelligence in Australia.IMPACT ANALYSIS: Consulting firms warn staff about ethics as PwC misconduct is referred to police: http://go-ri.tr.com/WAlKdrCOLUMN: Australian Senate hands down PwC report, as firm sells government consulting arm for A$1: http://go-ri.tr.com/UKcnL3OPINION: Culture crisis at PwC Australia offers uncomfortable reminders of past accounting scandals: http://go-ri.tr.com/jUlpM6COLUMN: Australian regulatory body investigates PwC over unethical conduct involving U.S. tech giants: http://go-ri.tr.com/7a6KopCOLUMN: Evidence reveals PwC's Australian partners and staff profited from unscrupulous tax leak: http://go-ri.tr.com/27gXDz Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

KSN attorneys Julie Jacobson and Zac Cronkhite discuss assessment collection tailored to Indiana property managers and board members in Indiana condo, homeowner (HOA, and townhome associations. They discuss topics including collection policies, liens, foreclosures, litigation options, and more. (44 mins.)   The KSN Podcast examines various aspects of association law, landlord/tenant issues, property tax appeals, and more. In each episode, KSN attorneys share their experience and knowledge as they discuss legal updates, best practices, industry trends, and more. KSN Podcast episodes are available at www.ksnlaw.com/podcast.

OSHA has issued new enforcement guidance with a focus on instance by instance citations and high gravity violations. Fit For Work Director of Safety Division Forrest Richardson, CSP, ARME, joins host Mike Wobschall to break it all down and provide insight and tips to ensure businesses remain in compliance and continue to promote safety. 

On this episode: The ”Poddin' Next Door" crew is BACK but not for good. They talk about why they're going on break from podding, other endeavors they are planning taking, the love for the game, and they of course get into the usual banter. Thanks to everyone that supported, thanks to all of the special guest over the years, and thanks for the future support.

On this episode: The ”Poddin' Next Door" crew is BACK with another one. The guys hit on the freeze, Tory v. Megan Thee Stallion, Christmas, and a whole host of topics. Bless up