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As the weeks go by it seems more and more drama is uncovered behind Wirecard… This week Reuters reported that Philippines officials confirmed the death of ex-Wirecard executive Christopher Bauer, who was one of several people being investigated at the German payments firm. The article (https://uk.reuters.com/article/uk-wirecard-account-philippines/philippines-confirms-death-of-ex-wirecard-executive-bauer-idUKKCN2591RE) cites he died of ‘natural causes’… Jan Marsalek, Wirecard’s former COO, has still not been seen since his employment was terminated.
Meanwhile, Singapore charged a Director of Citadelle Corporate Services Pte Ltd with falsifying letters related to Wirecard. Read the Reuters article here (https://uk.reuters.com/article/us-singapore-wirecard/singapore-charges-citadelle-director-with-falsifying-letters-related-to-wirecard-idUKKCN25307I) .
To add insult to injury for investors, apparently, investigators think Wirecard was plundered before its collapse (story below).
ABN Amro is to end all trade and commodity financing after a series of losses and will be letting go of 800 jobs as it joins a list of banks restructuring or reducing their commodities business. Reuters discuss this and the wider industry shakeup here (https://uk.reuters.com/article/uk-abn-amro-results/abn-amro-exits-trade-commodity-finance-in-wider-industry-shake-up-idUKKCN2580KS) .
Whilst it won’t come as a surprise to many seasoned professionals in 1st, 2nd, 3rd LOD that powerful CEO’s increase risk. The University of East Anglia have produced a study on the causal link and included AML. The article’s below, and worth a read.
Lastly, I would like your help in increasing the reach of the audit and governance weekly mailer! If you know of anyone who would also enjoy these posts, do pass on a copy and ask them to subscribe.
I hope you enjoy this week’s offering.
In other news this week….
WIRECARD WAS PLUNDERED BEFORE ITS COLLAPSE
Wirecard made unsecured loans. Embezzlement investigation focuses on companies in Dubai, Philippines, and Singapore, according to the FT… (https://www.reuters.com/article/us-credit-suisse-results/credit-suisse-to-merge-investment-banking-units-second-quarter-profit-beats-idUSKCN24V0OQ) read more (https://www.sharecast.com/news/international-companies/prosecutors-suspect-wirecard-was-looted—report–7601952.html#:~:text=German%20prosecutors%20suspect%20Wirecard%20was,fraud%2C%20according%20to%20a%20report.)
US BROKER PAYS $38M FOR AML FLAG FAILURES
Interactive Brokers agreed to pay $15 million to FINRA for widespread anti-money laundering failures… (https://www.theguardian.com/world/2020/aug/03/340m-in-london-law-firms-account-suspected-of-1mdb-connection) (https://www.reuters.com/article/us-health-coronavirus-markets/as-bankers-return-to-the-office-industry-body-warns-of-new-risks-of-bad-conduct-idUSKCN24S0GP) read more (https://uk.reuters.com/article/us-usa-sec-interactivebrokers/interactive-brokers-to-pay-38-million-in-penalties-to-u-s-regulators-idUKKCN2561T2)
POWERFULL CEOS = MONEY LAUNDERING AND POOR PERFORMANCE?
Study reveals Banks with powerful CEO’s and smaller, less independent boards are more likely to take risks and be susceptible to money laundering…. (https://www.reuters.com/article/us-usa-banks-capital-one-fin/capital-one-to-pay-80-million-fine-after-data-breach-idUSKCN2522DA) read more (https://phys.org/news/2020-08-reveals-impact-powerful-ceos-money.html)
WILL FCA INCREASE LENDING REGS AS CONCERNS ON CONSUMER CREDIT ARE FLAGGED
UK’s financial watchdog steps up its scrutiny of credit providers who encourage customers to take on more loans.. (https://www.reuters.com/article/us-india-cybersecurity-payments-exclusiv/exclusive-india-found-cybersecurity-lapses-at-national-payments-corp-in-2019-government-document-idUSKCN24V0HB) read more (https://uk.reuters.com/article/uk-britain-fca-credit-idUKKCN2520OO)
GLOBAL AML FINES RISE AMID REPEATED SHORTCOMINGS IN 2020
AML fines in the initial six months of 2020 reached a total of $706m, compared with last year’s aggregate of $444m“….read more (https://www.ft.com/content/a547e6ed-5a2e-48c4-bbee-febbf975e4af)
GERMAN POLICE LAUNCH RAIDS IN RUSSIA MONEY LAUNDERING PROBE
Investigators raid home of businessman and search import-export premises of a firm on Tuesday .. (https://www.aicpa.org/content/dam/aicpa/interestareas/informationtechnology/downloadabledocuments/accounting-for-and-auditing-of-digital-assets.pdf) . (https://www.funds-europe.com/digital-advertorials/front-office-outsourcing-to-spike-post-covid-19) read more (https://www.dw.com/en/german-police-launch-raids-in-russia-money-laundering-probe/a-54532566)
BELGIUM DELAYS IMPLEMENTATION OF 5TH ANTI-MONEY LAUNDERING DIRECTIVE (AMLD5)
Delay of approximately seven months in the implementation of AMLD5 in Belgium… (https://www.centralbanking.com/central-banks/governance/financial-reporting/7658186/lebanese-central-bank-faces-audit-as-crisis-deepens) (https://in.reuters.com/article/us-malta-bank-idINKBN2426I0) read more (https://www.lexology.com/library/detail.aspx?g=ba99d475-9d42-492a-b503-60bfde986cd7)
USING ART TO EVADE SANCTIONS AND LAUNDER MONEY
Report recommends BSA be amended to include art dealers as “financial institutions” subject to AML obligations…. read more (https://www.moneylaunderingnews.com/2020/08/using-art-to-evade-sanctions-and-launder-money-the-senate-report/)
** Hiring for your Internal Audit team?
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Before establishing Fleet Search and Selection with Craig Phipps, Paul worked as an Equity Research Analyst in London. Now, a recruitment consultant for almost two decades, he has recruited many senior roles, including Global Heads of Audit and C-Suite executives. His wide network spans Insurance, Asset Management and Banking, with expertise including Audit, Compliance and Advisory.
As with his day job, Paul likes getting people excited about things. He is a passionate competitive foil fencer with 5 caps for Scotland and now enjoys coaching others to enjoy fencing too.
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Craig has spent over 20 years recruiting for the Financial Services Industry, predominately in Business and Technology Audit for Investment Banks and Asset Managers. He has also recruited extensively in Market Risk and Quantitative finance. Prior to establishing Fleet Search and Selection, he headed up the Investment Banking Audit and IT Audit Divisions at two prominent recruitment companies.
Craig has helped 100’s of candidates make difficult career choices. When not at work, his strategic mindset turns to his passions for skiing and rugby and is a huge supporter of Australia’s national rugby team.
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