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“Businesses face HMRC crackdown on money laundering” warns DSR Tax Claims

Those companies required to adhere to strict anti-money laundering (AML) regulations have been advised to check their procedures and improve where necessary after HMRC handed down its largest fine to date to a London money services business for failures in its anti-money...
Posted On 10 Sep 2019
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22% of banks in UK “not taking advantage” of FCA-approved background checks

BDO has stated that banks are concerned any failures during their due diligence process may potentially expose them to huge Anti-Money Laundering (AML) fines even if the process is fully compliant. Concerns over money laundering penalties mean that 22% of banks in the UK are...
Posted On 24 Jul 2019
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Shifting Compliance to Effectively Measure Risk: Balancing GRC Mandates

Historically, meeting governance, risk and compliance (GRC) mandates was typically all about ensuring businesses had solutions in place to gain compliance, thus reducing the risk or consequences of non-compliance from the regulators (ie fines and penalties associated with failing...
Posted On 23 Jul 2019
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Growing pressure on retail sector “could increase risk-taking in supply chain”

Growing pressure on the retail business sector could increase risk-taking in the supply chain, data in a new report suggests. With more than 7,500 shops closing in 2018 and High Street brands hitting the headlines, if retailers are not able to manage the trade-off between risk...
Posted On 05 Jun 2019
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Government urged to act on new recommendations for tackling modern slavery

New recommendations designed to strengthen laws in the UK aimed at tackling modern slavery and protecting victims have been welcomed by the Institution of Occupational Safety and Health (IOSH), the global chartered body for Health and Safety professionals. An independent review...
Posted On 24 May 2019
Jake Olcott
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Cyber Risk: Key Considerations for Boards of Directors During M&A Procedures

Data breaches are a constant in today’s headlines, but in recent years the risk has been front and centre of some of the most significant M&A deals, writes Jake Olcott. In 2017, Verizon discounted its acquisition price by $350 million when Yahoo belatedly disclosed that it...
Posted On 08 May 2019
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SRA review shows “too many” law firms falling short on money laundering prevention

The Solicitors Regulation Authority (SRA) has issued a stern warning to the profession about money laundering in the wake of a review that shows a significant number of law firms are not doing enough to prevent it, with some falling “seriously short”. The SRA’s...
Posted On 07 May 2019
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Security IT Summit offers Best Practice advice on cyber security regimes

The Security IT Summit – taking place on 2 July at the Hilton Hotel, Canary Wharf in London and for which Risk Xtra is an Official Media Partner – is a ‘must attend’ for senior professionals responsible for protecting their organisations from cyber attacks and for the...
Posted On 01 Apr 2019
Aziz Rahman
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The Money Laundering Implications of Brexit

Among the political turmoil realised by Brexit and the UK’s future relationship with Europe, the issue of money laundering seems to have been overlooked. That would be a big mistake, writes Aziz Rahman. There can be no conclusive estimates of the scale of money laundering in...
Posted On 27 Mar 2019
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Product ranges prioritised over vendors’ country of origin in battle for security sales

Despite ongoing concerns about state data sharing, new research has revealed that senior decision-makers prioritise media reputation (71%) and face-to-face relationships (72%) over where a vendor is based (58%) when evaluating a potential security partner. The in-depth research,...
Posted On 19 Mar 2019