New email went out to subscribers today: Audit and Governance Weekly News 19th March 2021http://eepurl.com/htCzYP*|MC_PREVIEW_TEXT|*
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It seems RBS doesn’t get to run away that easily from ‘toxic image’… It was just over a year ago (18 Feb 2020 issue of this blog) that RBS is to be renamed NatWest Group as the bank attempts to rescue its tarnished image after more than a decade of scandals and a £45 billion taxpayer bailout. This week the BBC reports that NatWest faces a criminal case over money laundering. The FCA claims NatWest’s systems and controls failed to adequately monitor and scrutinise deposits made into a UK account totaling £365m between 2011 and 2016 – £264m of which was in cash. The sums involved are enormous and, if convicted, the fines NatWest could face are unlimited. (see below).
Two Internal audit publications came to my attention this week that readers might be interested in. EY’s paper on the challenges and controls that IT Audit needs to consider when moving systems to the cloud and, Provident Financial’s Group Head of Audit discussing Audit leadership and innovating teams – both worth a look.
And lastly… Due Diligence fail (https://editorpen.com/finance/crypto-firm-cred-failed-due-diligence-set-ex-uk-fugitive-in-charge-of-capital-raising/) of the year award goes to… cryptocurrency investment platform Cred, who unwittingly put a convicted financial criminal and UK fugitive in charge of raising and deploying the firm’s capital before its collapse into bankruptcy, a court-appointed examiner said.
I hope you enjoy this week’s offering.
In the news this week…
NATWEST FACES CRIMINAL CASE OVER MONEY LAUNDERING
The FCA alleges NatWest’s systems and controls failed to adequately monitor and scrutinise this activity. The Financial Conduct Authority (FCA) claims deposits were made into a UK… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.bbc.co.uk/news/business-56412393)
JPMORGAN STAFF SAID A $1.1 BILLION DEAL MIGHT BE CORRUPT. THE BANK SENT THE MONEY ANYWAY
Before a mammoth oil deal turned into an international scandal, high-level managers inside one of the world’s biggest banks knew of serious risks… read more (https://www.buzzfeednews.com/article/tomwarren/jpmorgan-corruption-risk-nigeria-oil-deal)
IT AUDIT – THE MOVE TO CLOUD COMPUTING FOR FINANCIAL SERVICES
Is your head really in the cloud(s)? Jonathan Roffey, Associate Partner at EY…. read more (https://www.linkedin.com/pulse/your-head-really-clouds-jonathan-roffey/?trackingId=EHEhcfu7SE%2B8mwdu3CqHhA%3D%3D)
AUDIT LEADERSHIP: A FOCUS ON TALENT MANAGEMENT
Register for Wolters Kluwer Webinar – Inspiring people at the forefront of Audit innovation addressing the big questions affecting today’s audit teams. Gareth Cronin – Chief Auditor Provident Financial Group… read more (https://register.gotowebinar.com/register/9082136882609380107?source=Bambu&utm_source=bambu&utm_medium=social&utm_campaign=taa_tm_advocacy&blaid=1313694)
AUTHORITIES ISSUE FRESH GUIDANCE ON TRADE FINANCE MONEY LAUNDERING RISKS
New guidance from the Financial Action Task Force (FATF), an influential global standards-setting body. The document was produced in collaboration with the Egmont Group, an international organisation of various countries’ financial intelligence units… read more (https://www.gtreview.com/news/global/authorities-issue-fresh-guidance-on-trade-finance-money-laundering-risks/)
FCA MULLS USE OF CITY’S LISTING RULES TO BOOST GENDER DIVERSITY
FCA – ‘I want to consider whether the diversity of management teams – and the inclusivity of the management culture they create – could be part of our consideration of senior manager applications.”… read more (https://www.ftadviser.com/fca/2021/03/17/fca-warns-it-may-vet-senior-managers-for-diversity/)
UK TRADE BODY URGES CHANCELLOR TO STEP IN OVER CRYPTO REGISTER SAGA
CryptoUK, the trade association representing more than 50 crypto firms, has called on chancellor Rishi Sunak to intervene over a delayed anti-money laundering registration process that has trapped hundreds of crypto startups in limbo… read more (https://www.theblockcrypto.com/post/98313/trade-body-chancellor-crypto-register-saga)
ABN AMRO SHARES DROP AS CONCERNS OVER SIZE OF MONEY LAUNDERING FINE GROW
ABN Amro shares were down by 4 per cent this morning following reports that the Dutch bank could face a much higher-than-expected fine in an ongoing money laundering investigation.. read more (https://www.cityam.com/abn-amro-shares-drop-as-concerns-over-size-of-money-laundering-fine-grow/)
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