Microsoft is pushing hard, and I use the term "pushing" deliberately. It has turned the world into addicts for the product only it sells and it makes withdrawal difficult and, even, frightening. MS is also providing purported advice while, well, pushing and using fear as its tool. Today, my PC (along with millions of others I assume) woke with a splash screen telling me Windows 7 will soon be orphaned. It invites "learn more." But all addictions can be beaten...
I had put a CD into a crappy player, through an ancient and slowly fading Sony amp and some cheap speakers. It didn't sound good but it sounded a bit better than previous times I'd played it. The reason for the experiment was simple: it sounds absolutely awful on my good stuff. All my good stuff. It even sounds awful on my PC speakers. Why?
When I first started working in money laundering risk management in the early 1990s, reputational risk was something that greatly exercised my mind: surely customers would walk away from financial and professional service providers associated with laundering. That didn't happen.
I know. You read the headline, looked at the URL and thought "he's lost it. Again." But I haven't. It's time that we stopped talking nonsense, stopped using lightweight buzz-wordy phrases and acronyms and got to grips with some basic truths.
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?