New email went out to subscribers today: Audit and Governance Weekly News 26th March 2021http://eepurl.com/hueHZr*|MC_PREVIEW_TEXT|*
Past Editions (https://us13.campaign-archive.com/home/?u=13d589a9257a929df14b13550&id=072365d2ae)
ORX News (https://managingrisktogether.orx.org/orx-news/5-largest-operational-risk-losses-february-2021) reports the 5 largest operational risk losses in Feb 2021. [I’m probably behind the curve, having recently been referred to this site, but this is a great resource for Ops Risk trends]
1. Navient – $22.2m. Ordered to repay USD 22.3 million to the US government for overpaid student loan subsidies.
2. Bitfinex and Tether – $18.5m. Agreed to pay a USD 18.5 million NY AG settlement for deceptive conduct.
3. NWB Bank – $9.9m. Defrauded of EUR 12 million loan based on forged documents. [ooft!]
4. CaixaBank – $2.4m. Fined EUR 2 million by CNMV for mis-selling complex financial products.
5. BNL – $1.2m. Vaults accessed by thieves who stole an estimated EUR 1 million by disabling an alarm system.
The FT cited (https://www.ft.com/content/a0d3d9b4-8dbf-4f08-8d50-17b10765032c) a number of UK execs have voiced concerns over the US-style SoX corporate governance rules, weakening boardrooms diversity and adding cost and complexity to company audits. Sir Win Bischoff, former chair of Lloyds Banking Group said “What is proposed looks like going further in that effectively attestation is made by all board members with personal liability.” (see below).
And lastly… on top of the now well known issues Wirecard had leading up to their failure last year, it appears ‘high’ rolling Wirecard execs (https://www.wsj.com/articles/wirecard-aided-online-marijuana-sales-prosecutors-allege-11616502728) aided a scheme to trick banks into processing marijuana sales. WJS reports the now-bankrupt fintech firm and its fugitive former No. 2 executives engineered fraudulent accounts to trick banks, according to testimony.
I hope you enjoy this week’s offering.
In the news this week…
NATWEST £365M MONEY LAUNDERING CASE LINKED TO SEPARATE CASE INVOLVING INFAMOUS GOLD DEALER JAMES STUNT
Criminal money laundering charges against NatWest are linked to a separate case against 13 individuals based in cities around the country… (https://www.ft.com/content/de84ddd1-3286-4025-ba2e-756abad57d8b) read more (https://www.cityam.com/natwest-money-laundering-case-linked-to-separate-case-involving-infamous-gold-dealer-james-stunt/)
GAP BETWEEN INTERNAL AUDIT AND OTHER ENTERPRISE FUNCTIONS TO NARROW, ACCORDING TO SURVEY
The Institute of Internal Auditors Internal Audit Foundation (IAF), today announced the results of a new survey that found that internal audit’s ongoing digital transformation will rapidly accelerate in 2021… (https://www.buzzfeednews.com/article/tomwarren/jpmorgan-corruption-risk-nigeria-oil-deal) read more (https://www.businesswire.com/news/home/20210325005206/en/Study-Finds-22-of-Internal-Audit-Teams-Plan-to-Implement-Cloud-Based-Audit-Management-or-GRC-Software-in-2021)
GREENSILL CAPITAL SAGA RAISES SERIOUS ISSUES ABOUT POLITICIANS, OFFICIALDOM AND BUSINESS
From the role of David Cameron to the actions of the Treasury and regulator, the need for an investigation is pressing…. read more (https://www.theguardian.com/business/nils-pratley-on-finance/2021/mar/22/greensill-capital-saga-raises-serious-issues-about-politicians-officialdom-and-business)
FCA ANNOUNCES NEW WHISTLEBLOWING CAMPAIGN
The FCA has launched a campaign to get more customers and employees to blow the whistle on financial wrongdoing, Accompanied by the tagline ‘In confidence, with confidence’… read (https://www.moneymarketing.co.uk/news/fca-announces-new-whistleblowing-campaign/) more (https://www.moneymarketing.co.uk/news/fca-announces-new-whistleblowing-campaign/)
EX-GLENCORE TRADER CHARGED WITH MANIPULATING PRICE OF FUEL OIL
Former Glencore Plc trader was charged by U.S. authorities with conspiracy to manipulate a key oil price benchmark, the latest sign that prosecutors around the world are stepping up their scrutiny of the notoriously opaque commodity trading industry… (https://www.gtreview.com/news/global/authorities-issue-fresh-guidance-on-trade-finance-money-laundering-risks/) read more (https://finance.yahoo.com/news/ex-glencore-trader-charged-manipulating-171121753.html)
FRAUD OP RISK LOSSES EDGED UP AT UK BANKS IN 2020
External and internal fraud accounted for the lion’s share of the operational risk losses at five top UK banks in 2020, and made up a greater portion of the average total than the year before, …read more (https://www.risk.net/risk-quantum/7811716/fraud-op-risk-losses-edged-up-at-uk-banks-in-2020)
INAUGURAL UK ENDORSEMENT BOARD MEMBERS APPOINTED
The UK Endorsement Board (UKEB) has been set up to endorse and adopt new or amended international accounting standards on behalf of the UK… read more (https://www.gov.uk/government/news/inaugural-uk-endorsement-board-members-appointed?utm_medium=email&utm_campaign=govuk-notifications&utm_source=f667a1d0-a6f3-4206-89b3-b5bc8dfa10d6&utm_content=daily)
U.S. REGULATOR OPENS INQUIRY INTO WALL STREET’S BLANK CHECK IPO FRENZY – SOURCES
The U.S. securities regulator opens inquiry into Wall Street’s blank check acquisition frenzy, seeking information on how underwriters are managing the risks involved… read more (https://www.reuters.com/article/idUSKBN2BH09F)
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