The surprising news that Carlos Ghosn has been arrested on tax evasion charges in Japan and has already been turfed out of at least one of his senior positions in the Nissan-Mitsubishi-Renault triumvirate which he is widely regarded as having brought, in each case, back from the dead is worthy of comment, regardless of the eventual outcome of the investigation and charges.
The near-Messianic fascination with all things "blockchain" introduces a risk for financial crime risk officers. While the blockchain, as a part of a suite of technologies that work together can provide certain forms of security, there is a flip-side. The same security protocols can obscure information that FCROs would ordinarily expect to have as part of their routine KYC data.
What do FCROs/ MLROs / AML Risk Officers need to know?
The UK's Law Commission plans an Ethereum-like contracts execution platform. No problem so far. But then it wants to go further and make all contracts of certain types executable only via the platform. So while you won't need to use the platform to buy a Mars Bar or to execute a will, you will need to use it for, amongst other things, a trust deed and a power of attorney, if the Law Commission succeeds. It's a serious assault on personal privacy, no matter what "safeguards" might be proposed or introduced.
Australia's ASIC (Australian Securities and Investments Commission) has been, rightly, stung by the brutal criticism it has suffered during the The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Using the bizarre expression "regulatory capture" which sounds like another one of those phrases designed to attract media attention to the words not their meaning, ASIC's Chairman, Mr James Shipton, told The Australian Broadcasting Corporation "We want to have our supervisory officers physically inside these financial institutions by the end of the...
I'm preparing for a trip to Manilla 24 - 27 July 2018 and Taipei from 30 July - 4th August 2018 and if anyone would like to book me to present an in-house seminar or briefing session during those times, check out the list of topics and let me know ASAP.
And so it was, with airline tickets on my mind that I read a question on a bulletin board that took me by surprise. I'm constantly bemused by how what seems absolutely normal to me seems to be something new or intellectually challenging to others.
Late yesterday, I posted to LinkedIn a message about the way sound travels around the concrete canyons in Kuala Lumpur. I had tried to work out the location that a sound originated from but had fallen into helpless giggles when I realised that I could only calculate the position of the source if I had the location of the source. That, of course, was a circular argument and of no value to anyone.