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Financial crime audits might not usually be considered glamorous, but this one was an exception! In this video, Robert Evans and Emil Dall shed some light on FINTRAIL's approach to audits by discussing a recent project with a luxury car dealer. 🏎 👇 ( Don't forget to register for our upcoming audits & assurance workshop if you haven't already: https://lnkd.in/eDSsWVHU ) #fincrime #audit #assurance

We’ve seen the fallout from the Financial Conduct Authority investigation into car finance commissions send shockwaves through the industry. 🚘 Without internal expertise, criminal threats and complex regulations can be a challenge. The key is to access specialised consultancy support to ensure you remain protected and compliant. Our latest financial crime blog explores how consultancy firms can support the motor finance industry https://lnkd.in/e5fxeTxv #FinancialConductAuthority #FCA #MotorFinance #Compliance

Our latest blog, "𝐅𝐫𝐨𝐦 𝐜𝐥𝐚𝐬𝐬𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐜𝐫𝐢𝐦𝐢𝐧𝐚𝐥 𝐩𝐫𝐨𝐜𝐞𝐞𝐝𝐢𝐧𝐠𝐬: 𝐓𝐡𝐞 𝐥𝐞𝐧𝐝𝐞𝐫𝐬' 𝐠𝐮𝐢𝐝𝐞 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞𝐬 𝐚𝐧𝐝 𝐫𝐞𝐩𝐨𝐫𝐭𝐢𝐧𝐠 𝐫𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 𝐰𝐡𝐢𝐥𝐞 𝐡𝐚𝐧𝐝𝐥𝐢𝐧𝐠 𝐰𝐢𝐥𝐟𝐮𝐥 𝐚𝐧𝐝 𝐥𝐚𝐫𝐠𝐞 𝐝𝐞𝐟𝐚𝐮𝐥𝐭𝐞𝐫𝐬" delves into the #RBI's recent Master Directions governing the protocols identifying, scrutinizing, and managing such defaulters, expounding on the nuanced characteristics that set #wilfuldefault apart from other categories. For those seeking understanding of these Directions—and insights into how #Komrisk, our cutting edge #compliancemanagement tool, may facilitate seamless adherence to regulatory imperatives—we invite you to peruse this blog in full: https://lnkd.in/gUtXMcSR Abhishek Roy, Nishtha Chakrabarti, Koushik Sinha, Kanishka Bose, Dipesh Bhandari, chittabrato paul, Vijay S

Since introducing new rules the FCA have been persistent in requesting higher levels of due diligence and ongoing oversight of Appointed Representatives (ARs) by their Principal firms, who are responsible for ensuring compliance. This was in response to high levels of complaints and supervisory cases against Principals of ARs. In this article, we consider the key points raised by the FCA, and while they relate specifically to the Credit Broking sector, it is clear that these can be read across to other sectors and firms should consider how it relates to their own arrangements, to understand where FCA scrutiny may come in the future. Find out more: https://bit.ly/3yrJh2u #dwf #uk #FCA #financialservices #compliance #regulatory

We are excited to announce the Compliance & Legal Issues Seminar education lineup, August 22-23, in Dallas, TX. Day one of the seminar is focused on compliance challenges and regulatory issues that are making a big impact on the mortgage servicing industry. Featured is keynote speaker Dana Dillard, an award-winning leader in financial services who will discuss the importance of building a culture that stresses choosing the ethical path in daily decisions. To learn more about the Compliance & Legal Issues Seminar or to register, click here: https://lnkd.in/guHs8Qkr #USFN #USFNCLI24 #Compliance #Legalissues

The recent fallout from the Financial Conduct Authority investigation into car finance commissions has highlighted how important partnering with an expert specialist consultancy is to remaining compliant and protecting yourself against criminal threats.  A partner can support you with: ⭐️Tailored Compliance Solutions ⭐️Guidance on Regulatory Changes ⭐️Risk Management and Mitigation ⭐️Enhancing Transparency and Consumer Protection ⭐️Building Resilience Through Collaboration ⭐️Rebuilding Consumer Trust Our blog shares more details 👉 https://lnkd.in/eu9ahXSa #FinancialCrime #FCA #FinancialConductAuthority #CarFinance

Financial institutions have paid more than $1.5bn in regulatory fines globally for failures relating to financial crime, data protection and corporate governance in 2024 H1. Regtech firm Corlytics recently announced the headline figure, which brings the value of total fines amassed worldwide since 2020 Q1 to $47 billion.       Three of the top ten fines from the first half of this year related to fair treatment of consumers, according to Corlytics’ head of Legal and Regulatory Analysis, highlighting regulators’ increased scrutiny of firms’ conduct in this area. The shift in focus has been reflected in UK enforcement over the past few years, notably with the FCA’s ongoing roll out of the Consumer Duty, but also with some hefty penalties imposed on companies for customer service failures, including one £90m fine handed to Lloyds Banking Group in 2021 for sending customers misleading home insurance renewal letters. #financialservices #regulation #enforcement #fines #penalties #consumerduty

Is the Corporate Transparency Act Still ‘Opaque’ to You? Here’s Some Clarity. Title insurance professionals bear the responsibility of ensuring an entity in a real estate transaction has the proper authority to take action. A new law called the Corporate Transparency Act (CTA) has increased that responsibility by introducing new reporting requirements for #title pros. Taking effect on Jan. 1, 2024, the CTA requires certain U.S. companies to report specific information about their beneficial owners to the Financial Crimes Enforcement Network, US Treasury (FinCEN), a bureau of the U.S. Department of the Treasury. If FinCEN is a new concept for you, our blog this month offers some guidance on how to comply with the new reporting requirements – and even if you’re in an area that has already been reporting transaction information to FinCEN, you’ll benefit from this information! This blog tackles your FAQs on the CTA, including: ✅Who must report? ✅What must be reported, and when? ✅What are the penalties for noncompliance? PLUS: If you’ve seen recent headlines about the constitutionality of this new law, we’ve got the latest update on that, too. Get clarity on the Corporate Transparency Act with this clearly written guidance from Marilyn Cook Cunningham, Vice President, Mid-Atlantic Regional Underwriting Counsel for Doma Title Insurance, Inc. #Doma #titleinsurance #realestate #underwriter #transparency #FINCEN

🌟 Did You Know? Navigating Consumer Finance Law for Empowerment🌟 In the realm of consumer finance, knowledge truly is power. One essential tip for everyone to remember is the importance of understanding your rights under the Fair and Accurate Credit Reporting Act (FACRA). The FACRA is designed to ensure the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. It gives you the right to know what information is in your credit report, to dispute incomplete or inaccurate information, and to obtain one free credit report from each credit reporting agency annually. Why is this important? Because your credit report impacts many areas of your life, from loan approvals and interest rates to employment opportunities and rental applications. By understanding and utilizing your rights under the FACRA, you can take proactive steps to maintain a healthy credit score and protect your financial future. 🔍 Regularly reviewing your credit report not only helps you catch and rectify any errors quickly but also guards against identity theft. Remember, your financial well-being isn't just about managing money; it's also about safeguarding your rights and ensuring the information about you is accurate and fair. Stay informed and take control of your financial destiny! 💼✨ get your www.annualcreditreport.com right here #ConsumerFinance #FinancialWellbeing #CreditRights #FACRA #Empowerment #FinancialLiteracy

Fed up with FICA? Here’s what you need to know. During property transactions, clients often – understandably – express frustration over the requirement to provide both agents and conveyancers with their FICA documentation, including IDs and recent proof of address. In transactions involving the use of a mortgage originator and registration of a bond, purchasers are additionally required to supply these parties with FICA documents. As frustrating as this process may be, estate agents and attorneys, who are designated ‘accountable institutions’ under the Financial Intelligence Centre Act (‘ the FICA’), are statutorily required to establish and verify clients’ identities and related information. In accordance with this designation, accountable institutions are obliged to develop and implement their own strategies for assessing and managing the money laundering and terrorist financing risks posed by parties to a transaction. In essence, each institution is required to identify the client, including the natural person controlling an entity, where applicable, and source of funds. With this information, conveyancers and agents are required to cross-check clients’ information against an international list of known terrorists, assess risk, and report any suspicious transactions to the Financial Intelligence Centre, among other requirements. While accountable institutions’ processes for addressing risk share similarities, the FICA requires each accountable institution to develop a unique risk strategy. This precludes conveyancers, agents, and financial institutions from substituting their compliance with another’s. Importantly, failure to comply with FICA’s requirements may result in steep penalties. Indeed, accountable institutions are increasingly sanctioned for non-compliance. For further information or legal assistance, contact our compliance specialists at [email protected]. #STBB #TheBigSmallFirm #FICA #accountableinstitution #moneylaundering #terroristfinancing #conveyancer #attorney #agent #bank #propertylaw #conveyancing #property #purchaser #seller #law #lawfirm #legalservices