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 climat...
Nov 21, 2024•17 min
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 a...
Nov 14, 2024•28 min
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,...
Nov 07, 2024•14 min
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 podc...
Oct 31, 2024•13 min
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 N...
Oct 24, 2024•29 min
In this episode, Helen Chan, regulatory intelligence expert and Rachel Wolcott, senior editor discuss financial crime compliance risks in luxury hospitality and the luxury goods sectors. 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 K...
Oct 17, 2024•34 min
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...
Oct 10, 2024•25 min
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 ins...
Oct 03, 2024•32 min
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 ...
Sep 26, 2024•18 min
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 discus...
Sep 19, 2024•43 min
In this last episode of series 11, Helen Parry, senior regulatory expert and Rachel Wolcott, senior editor, discuss the gambling scandal that enveloped the UK general election and cross over themes for compliance. Cheating is an offence under section 42 of the Gambling Act and betting firms are supposed to do enhanced due diligence on politically exposed persons (PEPs). Helen explains how recent enforcement actions against UK gambling firms around their failure to conduct enhanced due diligence ...
Jul 18, 2024•32 min
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.” ...
Jul 11, 2024•46 min
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-wa...
Jul 04, 2024•43 min
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 c...
Jun 27, 2024•27 min
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 accou...
Jun 20, 2024•35 min
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 Tele...
Jun 13, 2024•38 min
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...
Jun 06, 2024•36 min
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 i...
May 30, 2024•23 min
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 Boar...
May 23, 2024•36 min
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 inv...
May 16, 2024•46 min
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 requir...
Mar 21, 2024•21 min
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. Rus...
Mar 14, 2024•33 min
Welcome to Compliance Clarified's 100th episode! This week Rachel Wolcott, senior editor and Lindsey Rogerson, senior editor in London speak to a special guest 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 thro...
Mar 07, 2024•27 min
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 ex...
Feb 29, 2024•27 min
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 a...
Feb 22, 2024•36 min
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 ...
Feb 08, 2024•23 min
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 o...
Feb 01, 2024•31 min
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...
Jan 25, 2024•21 min
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 ...
Jan 18, 2024•23 min
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, sen...
Dec 07, 2023•15 min
