3 March 2021: A shared understanding between law enforcement, supervisory bodies and firms of money laundering and terrorist financing risks is crucial to ensuring firms recognise when they are at risk of being used to facilitate money laundering.
The ways in which criminals operate are constantly evolving. By maintaining awareness and applying professional scepticism, accountants can be more effective in identifying and reporting a suspicious activity when it arises.
Following on from instalment two of the IFAC series, ‘A Risk-Based Approach’, several key resources have been published which should inform firm-wide risk assessments. These include the National Risk Assessment (NRA) of Money Laundering and Terrorist Financing. The NRA assessment is a stock-take of the UK s collective knowledge of money laundering and terrorist financing risks in the UK. It concludes that the risk accountancy service providers could be used to facilitate money laundering is high.
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The idea of a proactive or a risk-based approach is not new and may seem obvious: Identify the greatest risks to your organization and prioritize the related controls, policies, and procedures. This is familiar territory for risk managers, but it may require compliance professionals to take a second look at their approach.
We brought in the expertise of Carrie Penman, Chief Risk and Compliance Officer at NAVEX Global; Vera Cherepanova, the Head of Studio Etica; and Scott Moritz, Senior Managing Director of FTI Consulting, to explore a risk-based approach to regulatory compliance.
Guide: A complete low-down on crypto-currency regulation in India
February 9, 2021
The Indian government is contemplating introducing legislation to ban crypto-currency trading, mining and investments in the country. At the same time the proposed legislation will pave the way for the Reserve Bank of India (RBI) to create a Central Bank-backed Digital Currency (CBDC). While the government’s decision to ban crypto-currency trading in India is still at an incipient stage, the final contours of the bill would depend on industry consultations and stakeholder feedback.
Here is a complete guide to crypto-currency regulation in India.
Evolution of domestic crypto-industry
Prior to the RBI’s April 2018 circular, which barred the banking system from providing services to crypto-firms in India, the crypto-industry was fairly un-regulated and represented a ‘free market’ in many respects. Once the RBI circular came into play, several companies facilitating crypto-trading had to shut
An ISO 14155:2020 Primer â Good Clinical Practice For Medical Device Trials
By Sandra SAM Sather and Jennifer Lawyer, Clinical Pathways, LLC
The International Organization for Standardization (ISO) recently released
ISO 14155:2020, Clinical investigation of medical devices for human subjects Good clinical practice,
1 a standard developed to guide clinical research professionals during the design, conduct, recording, and reporting of clinical trials related to the safety and effectiveness of medical devices. For post-market clinical trials, it should be followed as much as it is relevant to the particular clinical trial or according to regional requirements. The standard outlines requirements to:
Protect of the rights, safety, and well-being of human subjects,
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On 1 January 2021, Congress overrode President Trump’s veto of the National Defense Authorization Act (the NDAA). As part of the NDAA, Congress included long-considered provisions with the potential to revolutionize anti-money laundering and Bank Secrecy Act (AML/BSA) enforcement in the United States. Specifically, the NDAA includes the Anti-Money Laundering Act of 2020 (the AMLA), which contains numerous provisions to enhance the government’s enforcement powers, redefine enforcement priorities, increase international data sharing, and streamline certain reporting procedures. The NDAA also includes the Corporate Transparency Act (CTA), which establishes beneficial owner reporting obligations for certain non-public companies. Both the AMLA and the CTA include significant penalties for violations. As the Treasury Department issues new priorities for the Financial Crimes Enforcement Network (FinCEN) and promulgates regula