Letter from the Editor
Happy New Year to all our Community members! We cannot thank you enough for your continued support and the belief you have shown us in 2020. RAW Compliance is only 4 months old, but what we have achieved as a community in this short time is absolutely mind-blowing.
2021 is going to be an amazing year and we can’t wait to see what we can achieve together.
We are super excited to be moving forward with our inaugural Mentor-Mentee Programme this month, and we are really looking forward to bringing you the Crypto Financial Crime Masterclass.
The most important thing we would like you to remember is that this community is for you, and the best way to get the most out of it is to tell us what you need, so please do reach out and let us know what more we can do for you.
Oonagh van den Berg Founder and Managing Director RAW Compliance |
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Setting our objectives for 2021 we wanted to be sure that our community continues to focus on where we can make real & credible change.
The webinars and community discussions in 2020 have clearly highlighted areas that we can make change happen. On this basis, we are setting 3 focus priorities for 2021 to help with awareness, training and educating.
These areas are:
1 . Human Trafficking - Improving access and knowledge of typologies through public private partnerships to develop better identification capabilities together with The Remedy Project
2 . Illegal Wildlife Trade - Together with our partners at United for Wildlife, increase awareness of typologies through better public private partnership cooperation.
3 . Culture of Compliance - Compliance Culture is broken across many organisations and groundbreaking innovative change is required. We will focus on values and how we can influence change to drive credible and sustainable mindset shifts - examining hand in hand aspects such as ESG and CSR policy.
However, all of this is only achievable with you and the participation of Compliance Officers from our global community. This is going to be an incredible opportunity for us to effect real change. |
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4 Ways to Increase the Effectiveness of Sanctions
Sanctions, we’re told, work. If they didn’t then they wouldn’t be so frequently used in global politics. This piece doesn’t dispute that sanctions make an impact – but could they be better? Can they be better employed and more effective in achieving their aims? |
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The Money Laundering Red Flag Series: Illicit Wildlife Trade The illegal wildlife trade (IWT) is a major transnational organised crime, which generates billions of criminal proceeds each year. The Financial Action Task Force (FATF) recently published its first global report on IWT, which makes a unique contribution by assessing the money laundering aspects of wildlife crimes, and by demonstrating how jurisdictions should apply the FATF standards to combat IWT.
This webinar brought together key players in both the public and private sectors to share their experience on success stories in IWT and different approaches to identify commercial and financial red flags and combat illicit wildlife trade.
Watch it now on The RAW Compliance Community! |
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AI and Transaction Monitoring
The biggest challenges currently facing all risk professionals is not evolving typologies, it's trying to get on top of the existing risks, which could be identified in our client profiles should our systems integrate, data be streamlined, and there exists "one source of the truth" in all our data.
But this is not the case – and until we have solved the Big Data problem we cannot expect to move to a fully automated AI and Machine Learning. |
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Culture of Compliance- Why are we getting it wrong? Thursday, January 14th 5-6 pm HKT
We have been seeing much more that regulatory enforcement actions are focused not on failure in risk mitigation, but rather on why the existing culture contributed to the risk occurring.
In addition, there has been increasing calls within the industry, and in public opinion, that CSR and ESG policy needs to be interwoven into risk mitigation and product offerings
The question is with profits for shareholders at the core of "business success", is the incentive there for banks to do the right thing or merely give the impression of doing the right thing? |
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International Compliance Association- Certificate in Managing Sanctions Risk
Sanctions can be a complex topic and dealing with sanctioned parties can be a risky business. Those bodies charged with enforcing sanctions compliance are particularly active at the moment, with multiple fines for firms in recent years stretching into billions of dollars. National or international sanctions may be issued against individuals, entities, groups or nations; or even trading activities/particular sectors.
Enhance your sanction compliance knowledge with this comprehensive course by International Compliance Association. |
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