Articles

Carlo V di Florio, Director, Office of Compliance Inspections and Examination at the USA's Securities and Exchange Commission says that compliance and ethics are each an integral part of risk management in all businesses but especially in the financial sector were reputation greatly matters to the individual, to individual businesses to the industry as a whole and, ultimately, to the entire country. He was speaking to the National Society of Compliance Professionals on 17 October 2011.

The USA's Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) have announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the previously notified filing date of 30 June, 2011.

On Friday 15th April 2010, the Securities and Exchange Commission was heavily criticised by the Office of the Inspector General. That day the SEC announced "fraud charges" against Goldman Sachs, sending markets reeling but diverting attention from the OIG report. Schapiro appeared before the House Subcommittee the following Monday, in part to rebut the OIG's findings. That the news agenda continued to be taken up with the Goldman's action and paid little or no attention to her appearance before the subcommittee's Appropriations Committee (applying for funding for the SEC) demonstrates the success of the diversionary tactic. Her full testimony is below (unedited)

Commissioner Elisse B. Walter
U.S. Securities and Exchange Commission

Australia's latest tranche of its highly complex Anti-Money Laundering and Counter-Terrorism Financing Act 2006 came into force on . That's the last part of the process. Now all that remains to be seen is whether anyone actually understands it enough to comply with it.

Below, unedited, is the USA's Federal Trade Commission's note regarding the so-called "Red Flag Rules" to combat identity fraud published June 2008 and referred to in "Red flags rules" shown the red flag .

In the buzzword-laden world that the USA's regulatory regime has become, regardless of whether the buzzwords actually make sense, the so-called "red flags rules" relating to so-called "identity theft" are amongst the most badly phrased. And now they have been red-flagged in the true sense of the phrase.