As compliance professionals, you have all experienced the “compliance effect”. This is when you enter a meeting, elevator, or other business setting and things get a little quiet. The tension goes up…just a little bit. Sales people often deal with similar situations, so using sales strategies can help solve the problem.

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Andy Scherpenberg

We know it is coming. And yet, we aren’t ready. Of course we saw a decline in the use of banking malware. Why would a criminal spend time, effort and money to develop a software that defrauds a banking customer if you can just ask their credentials over the phone? Indeed: low cost, highly efficient social engineering took the fraud world by storm when it proved utterly easy to scare people into revealing their login, password and authentication codes.  Continue reading…

The Basel Committee on Banking Supervision today released a consultative document entitled Reducing variation in credit risk-weighted assets – constraints on the use of internal model approaches. The consultative document sets out a proposed set of changes to the Basel framework’s advanced internal ratings-based approach and the foundation internal ratings-based approach. The IRB approaches permit banks to use internal models as inputs for determining their regulatory capital requirements for credit risk, subject to certain constraints. The proposed changes to the IRB approaches are a key element of the regulatory reform programme that the Basel Committee has committed to finalise by end-2016.

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Dunraven Finance Ltd, trading under the name Buy as You View (BAYV), has entered into an agreement with the Financial Conduct Authority (FCA) to redress £939,000 to more than 59,000 customers for historic unfair treatment. BAYV is a rent-to-own provider selling household goods, such as electronics and furniture on hire purchase to customers.
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Delta Lloyd N.V. (‘Delta Lloyd’) and Fubon Financial Holding Co. (‘Fubon’) have agreed to continue their discussions regarding forming an enhanced partnership. Delta Lloyd is also pleased with the announcement of Fubon of its commitment to exercise all the rights in respect of its shareholding (c.7% of Delta Lloyd’s share capital) and to vote in favour of the proposed rights issue at today’s EGM.
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With many advanced economies struggling with secular stagnation, the global economy is likely to see continued subdued growth in 2016 and 2017, despite the boost from low oil prices, low interest rates and less drag from Emerging Markets. In the Nordics Sweden continues to outperform. In a new economic forecast Nordea expects a 3.1 per cent increase in world GDP in 2016 and a 3.2 per cent increase next year.

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Damian Clarke, a former equities trader at Schroders Investment Management Limited, pleaded guilty at Southwark Crown Court to nine counts of insider trading. He will be sentenced on 13 June 2016.  Mr Clarke pleaded guilty to seven counts of insider dealing on 24 July 2015, and today (15 March) has pleaded guilty to the remaining two counts. 
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Today the Basel Committee on Banking Supervision published reports assessing the implementation of the Basel risk-based capital framework and the Liquidity Coverage Ratio (LCR) for Russia and Turkey. These form part of a series of reports on Basel Committee members’ implementation of Basel standards under the Committee’s Regulatory Consistency Assessment Programme (RCAP). A key component of the RCAP is to assess the consistency and completeness of a jurisdiction’s adopted standards and the significance of any deviations from the regulatory framework. The RCAP does not take account of a jurisdiction’s bank supervision practices nor does it evaluate the adequacy of regulatory capital and high-quality liquid assets for individual banks or a banking system as a whole.

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Adriaan Kom

What happens when VimpelCom, the world’s sixth-largest telecommunications company, collides with the daughter of the Uzbekistan president and the U.S. Department of Justice (DoJ)? The answer is $795 million in Foreign Corrupt Practices Act (FCPA) and global anti-bribery, anti-corruption-related fines and penalties.
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The Governing Council of the European Central Bank (ECB) decided today to launch a new series of four targeted longer-term refinancing operations (TLTRO II). The new operations will offer attractive long-term funding conditions to banks to further ease private sector credit conditions and to stimulate credit creation. TLTRO II is intended to reinforce the ECB’s accommodative monetary policy stance and to strengthen the transmission of monetary policy by further incentivising bank lending to the real economy. In conjunction with the other non-standard measures in place, TLTRO II will contribute to a return of inflation rates to levels below, but close to, 2% over the medium term. 
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