This Week in the Audit, Compliance and Financial Crime News

Here is a roundup of some of the news we’re following in the audit, compliance and financial crime spaces:

Anti-Money Laundering (AML)

• European Commission plans tougher AML rules for virtual currency exchanges
• Philippine casinos could face strict AML requirements under new law
• NY Department of Financial Services issues AML/sanctions programs and annual certification requirements for banks, money transmitters and check cashers
• From catching corrupt advisors to seizing WMDs: FinCEN awards highlight how reporting fights crime
• FinCEN publishes the final rule codifying new customer due diligence (CDD) requirements

Data Analytics and Internal Controls

• Insurance companies slowly catching on to the use of data analytics
• African branch of Chase Bank in hot water after advancing 16.6 billion shillings to a variety of entities, many associated with bank insiders, without proper security
• Visualize your audit: Part 1 and Part 2
• As city audit plans roll out, there is a shift toward using continuous control monitoring applications to cut expenses
• Reasons are clear for why you should use Fuzzy Duplicate

Abuse, Fraud, Theft and Bribery

• Survey: 50% of fraud mitigation professionals are ‘highly concerned’ with identify theft
• ACFE’s 92-page report shows that the costs of occupational fraud and abuse are mind boggling
• KPMG: Companies slow to deploy data and technology to detect fraud
• Insurance companies are relying on tips rather than capitalizing on technology for fraud detection

Purchase Card (P-Card) Use Monitoring

• But why? The reason you should dig into your P-Card transactions
• Three former Georgia Tech employees charged in connection with fraudulent use of P-Cards
• How non-compliant are your T&E and P-Card expenses?
• Developing a preventative and sustainable P-Card program