News
The FSA makes it “crystal clear” that senior managers must take responsibility for the firms that they run.
The latest in a recent spate of FSA fines sees Matsui Sumitomo Insurance Company’s (Europe) Ltd being fined £3.3 million for serious corporate governance failings. The FSA also imposed a ban and fine of £119,303 on its former Chief Executive, Yohichi Kumagai.
In a statement, Tracey McDermott, acting FSA director of enforcement and financial crime, said: “If those who hold senior positions in financial services firms had any doubt about how seriously we view their regulatory responsibilities this fine and ban should make our position crystal clear.”
Catherine Bunton, Managing Director of Ebis Risk Services, commented, “Insurers and other regulated firms must ensure that they can identify and address the risks inherent in their business if they are to avoid enforcement action and be confident that their businesses are not left open to financial crime.”
She went on to say, “Clearly, some regulated entities are paying less attention than necessary to corporate governance. The focus of the FSA is now on the wider regulated sector who have been warned to get their house in order. However, to get it right firms need practical solutions to support the decisions they make and address the real risks that they face. ”
Ebis Risk Services provides a range of risk services to the regulated sector, including consultancy, due diligence and training on corporate governance, CDD and supply chain issues. For further information please contact Catherine Bunton or Richard Veale on 020 7531 9555
Coutts’ Fine Highlights Need for Specialist Training
Coutts’ recent £8.75million fine by the FSA for “significant, widespread and unacceptable” failings in their anti-money laundering processes yet again highlights the need for specialist “how to” training in this area.
Coutts are the latest to be fined in the FSA’s crackdown on regulated entities that fail to come up to standard. In this case, of the files examined nearly three quarters of those relating to PEPs and other high risk individuals were found to be deficient, leaving Coutts open to an unacceptable risk of handling the proceeds of crime. The FSA confirmed that it is currently still investigating four other banks.
Richard Veale, Director of Ebis Risk Services, commented, “This again highlights the need for specialist training for those tasked with Customer Due Diligence. Many organisations have reasonable awareness of the statutory and regulatory framework within which they must operate, but time and time again we see failings occur when they try to put those steps into practice.”
He added, “Practitioners must be equipped with the knowledge and skills to be able to apply a risk based approach to the CDD process. One needs to look beyond the regulation itself and address the practicalities of sourcing information on new clients and sources of funds. Many understand what they should be doing but need further training to address how to get the right information and satisfy AML requirements.”
Past attendees of Ebis’s training include HMRC investigators, British Bankers’ Association and CIFAS members, trained financial investigators and due diligence specialists. Courses can be run in house or at external training venues.
For further information please contact Richard Veale or Jane Inzani on 020 7531 9555 or e-mail training@ebis.co.uk
Ebis address the Pharmaceutical Security Institute's 19th General Assembly at Interpol Headquarters in Lyon
On 14 April 2011, Richard Veale, the Ebis director with responsibility for special projects, addressed representatives of the pharmaceutical industry at the Pharmaceutical Security Institute's 19th General Assembly at the headquarters of Interpol. Richard's presentation focused on new approaches to tackling those who make the trade in counterfeit pharmaceutical products possible.
The address, entitled, 'Tackling the Enabler', considered how professional, financial and technical enablers who support organised groups that profit from the sale of counterfeit pharmaceuticals might be effectively tackled and removed from the counterfeiting chain.
Established in 1997, Ebis assists its clients to make informed decisions, protect their reputation and assets, conduct profitable transactions and build stronger, more resilient businesses. Ebis provides a complete range of risk services including consultancy, investigations and training.
Ebis has developed PIPette™ (Protecting Intellectual Property - enforcement through third party enablers) specifically to tackle the growing trade in counterfeit pharmaceuticals by focusing action on third party enablers and strategic targets. For further information or to receive a copy of the PIPette factsheet contact Richard Veale or Jane Inzani by telephone +44 20 7531 9555 or e-mail: protect@ebis.co.uk
Ebis announce latest SRA accredited 'Ebis Training' seminars
Ebis have announced their latest 'ebis Training' seminars addressing the most current topics impacting on the legal sector.
One of the Ebis Training seminars to be offered is entitled, "Information NOT Technology: Getting the best from Digital Evidence and eDisclosure". The seminar will introduce lawyers to all aspects of computer system investigations and the eDisclosure process.
The second, "Fraud Investigations and Management" will address this topic with the aim of giving lawyers of all levels and backgrounds an introduction to the mechanisms involved in the prevention and investigation of fraud, and also approaches to asset identification and recovery.
Both seminars have been accredited by the Solicitors Regulation Authority for 2 hours CPD training.
Further details and dates can be found on home page as they become available. To book a place, or to arrange a bespoke in-house training course please contact us on +44 (0) 20 7531 9555 or email training@ebis.co.uk
Ebis expand portfolio of workshops offered to BBA
Ebis continues to expand its portfolio of specialist training to the banking sector in association with the BBA by announcing two workshops; one which addresses fraud investigations and approaches, and another which discusses verification of identity. Both will be held at British Bankers' Association, Pinners Hall, London EC2N 1EX.
The workshops will examine the important issues surrounding fraud and identity determination and verification in the UK and provide insight into the policies and procedures that are required to achieve successful identity verification, including ways of improving identity verification through the understanding and examination of documentation produced in connection with the process, and effective methods of approaching and managing fraud investigations.
The BBA workshops will take place on Tuesday 21 September and Thursday 7 October 2010, respectively.
If you would like to know more about of our portfolio of ebis Training seminars, please visit the training areaon this website or contact us.
For additional information on our workshops run in conjunction with the BBA, please contact Vanessa Palmer 020 7216 8816.