Profit Re-Engineering

27/07/2023

Of the 13 000 suicides in South Africa last year, more than 11 000 were men. Have you hugged a guy today?

04/04/2018

Say no more ...

A money laundering crackdown sparked by lavish bets at Vancouver gambling tables has a new target in sight: The Canadian city’s gleaming luxury dealerships where buyers can pay cash for $300,000 supercars.

15/02/2018

Global Anti-Money Laundering Compliance Survey 2017

The 2017 Global Anti-Money Laundering & Sanctions Compliance Survey examines what AML compliance professionals are thinking, problems, & potential solutions

23/10/2017

Presidential hopeful Nkosazana Dlamini-Zuma's name has been dragged into an investigation by UK authorities as a person close to alleged financial crimes committed by the Gupta and Zuma families. Besides the three Gupta brothers, President Jacob Zuma and some of their close family members, a British...

23/10/2017

Banks globally have paid $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing, according to data from Boston Consulting Group.

That tally is set to increase in the coming years as European and Asian regulators catch up with their more aggressive U.S. peers, who have levied the majority of charges to date, BCG said in its seventh annual study of the industry published Thursday. Banks paid $42 billion in fines in 2016 alone, a 68 percent rise on the previous year, the data showed.

In January this year Deutsche Bank was fined more than £500m by British and American authorities for anti-money laundering failings that allowed wealthy clients to transfer $10bn out of Russia in trades that were “highly suggestive” of financial crime.

Will this discourage banks in future, or are the profits so much that these fines become just become another cost of sales?

05/10/2017

Eas-e F**a ahead of it's time ...

The governor of Hong Kong's central bank has spelled out a series of up-and-coming reforms - from the introduction of faster payments to open API standards - intended to prepare the territory for a revolution in retail banking services.

19/09/2017

As custodians of data, traditional financial service companies need to become data experts who understand the value of data and what it can do for the organisation,

Google, Apple, Amazon Pay and Alibaba are now far more dangerous than they have ever been for traditional banking institutions..

17/09/2017

And the future of KPMG SA is looking bleaker and bleaker.

Former finance minister Pravin Gordhan will seek legal advice after KPMG retracted parts of its report into the SARS intelligence unit, which was incorrectly dubbed the “rogue unit”.

13/09/2017

Data visualization of the world biggest data breaches, leaks and hacks. Constantly updated. Powered by VizSweet.

12/09/2017

143 million American consumers had sensitive personal information exposed in a data breach at Equifax, one of the US's three major credit reporting agencies.

The breach lasted from mid-May through July.
Any guesses as to how big their fines will be?

If you have a credit report, there’s a good chance that you’re one of the 143 million American consumers whose sensitive personal information was exposed in a data breach at Equifax, one of the nation’s three major credit reporting agencies.

12/09/2017

I think we can lay some blame on MTN for the rise in "compliance fines" It's easy money for the regulators. The era of ever-increasing regulatory requirements is upon us. In the past the larger companies have just paid them, but with fines now ranging from R10 Million to R1 Billion, more people will be getting worried as the October 2nd deadline looms.

Eas-e F**a Central to the implementation of an effective Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regime is the risk rating of clients by Accountable Institutions (AI’s). This risk rating is determined by four factors: The client’s status by reference to prescribed United Na...