Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence

Susannah Hammond, an expert in compliance and sanctions, is joined by Rachel Wolcott and Brett Wolf to discuss the current state of play with sanctions and the unintended consequences arising from the response to the conflict in Ukraine. They explore challenges faced by financial institutions, personal liability for UK firms, the use of Swift as a sanctioning weapon, unintended consequences of sanctions, and the importance of documentation in dealing with sanctions.

In the ninth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson to take a look at look at all things Islamic finance. Not every financial services firm is going to choose to consider Islamic finance as a strategic opportunity, but it is an area with substantial global potential both in terms of growth and in its ‘green’ credentials. It is also one in which risk and compliance functions would be required to play a critical role. Links to content referenced in the discussion: Link to TRRI Islamic finance quarterly roundup: Q4 2021 https://www.linkedin.com/posts/susannahhammond_islamic-finance-quarterly-update-q4-2021-activity-6912316840622891008-ByB-?utm_source=linkedin_share&utm_medium=member_desktop_web Link to UK Islamic Finance Council and UN Development Programmes joint paper on Innovation in Islamic Finance: green sukuk for SDGs https://www.ukifc.com/wp-content/uploads/2021/09/UKIFC21_Green_Sukuk_v1-2_20210927.pdf Link to House of Commons briefing paper on Islamic alternative to student loans https://commonslibrary.parliament.uk/sharia-compliant-alternative-student-finance/ Link to Fitch article on Garuda Airlines sukuk default https://www.fitchratings.com/research/corporate-finance/garuda-airlines-sukuk-default-resolution-could-set-precedent-in-indonesia-06-07-2021 Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

In the eighth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Helen Chan to take a look at look at the challenges for risk and compliance functions posed by corporate investigations particularly with a backdrop of geopolitical tensions and with examples from, in the most part, Asia. Links to content referenced in the discussion: Impact of China’s ‘unreliable entity’ list https://www.linkedin.com/posts/helenhchan_unreliable-entity-list-overview-activity-6907901406703943680-pzit Compliance risks for overseas listed Chinese companies https://www.linkedin.com/posts/helenhchan_compliance-risks-for-overseas-listed-chinese-activity-6876078181410058240-BmHK New draft measures from the Cyberspace Administration of China on security assessments for cross-border data transfers is expected to impact business https://www.linkedin.com/posts/helenhchan_cac-draft-measures-activity-6869223709106946048-C-j5 Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

In the seventh episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Michael Cowan to take a look at the challenges and indeed threat posed by Big Tech to mainstream financial services. The perceived benefits of allowing tech firms to operate with a banking licence are seen to be ‘compelling but require scrutiny’. Unburdened by legacy infrastructure, tech firms often offer superior technology and user-friendly apps that may allow them to reach more consumers and perform various aspects of the banking business (onboarding, deposit-taking, lending, payments) more efficiently than incumbents. Links to content referenced in the discussion: Financial Stability Institute ‘Gatekeeping the gatekeepers’ paper (link is: https://www.bis.org/fsi/publ/insights39.pdf ) Kelly report on Co-op Bank (link is: https://assets.ctfassets.net/5ywmq66472jr/3LpckmtCnuWiuuuEM2qAsw/9bc99b1cd941261bca5d674724873deb/kelly-review.pdf )Link to Department of Culture, Media and Sport statement on adding paid-for advertising to Online Safety Bill https://www.gov.uk/government/news/major-law-changes-to-protect-people-from-scam-adverts-onlineLink to article on joint Parliamentary committee draft report on the Online Safety Bill https://www.linkedin.com/feed/update/urn:li:activity:6907301343145693184/ Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

In the sixth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Hedwige Nuyens who is, among other things, the chair of European Women on Boards to celebrate International Womens Day. “Any workplace that fails to harness the energy and creativity of its women is at a huge disadvantage in the modern world." Links to content referenced in the discussion: World Economic Forum Global Gender Gap report https://www.internationalwomensday.com/Missions/14537/World-Economic-Forum-Global-Gender-Gap-Report-showed-equality-99-years-away LeanIn and McKinsey & Co Women in the Workplace report reveals over 1 in 4 women may downshift or leave their careers https://www.internationalwomensday.com/Missions/15573/LeanIn-and-McKinsey-Co-Women-in-the-Workplace-report-reveals-over-1-in-4-women-may-downshift-or-leave-their-careers Ursula von der Leyen, President of the European Commission, the Gender Diversity Index report for 2021 and other useful presentations https://europeanwomenonboards.eu/portfolio/2021-gender-diversity-index/ Link to my article on Menopause in the Workplace report https://www.jdsupra.com/legalnews/banks-need-menopause-policies-to-retain-4772441/#:~:text=October%2018%2C%202021-,Banks%20need%20menopause%20policies%20to%20retain%20pipeline%20of%20talent,senior%20ranks%2C%20Standard%20Chartered%20says&text=Financial%20services%20firms%20are%20losing,a%20study%20published%20October%2018 Link to FCA pilot diversity data https://www.onlinesurveys.fca.org.uk/CP/File.php?F=F_6A9kXyooLnFWJ7g Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

In the fifth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Rachel Wolcott, to discuss where we are now with Brexit. In one sense Brexit seems a pre-pandemic age ago – Brexit day was 31st January 2020 before COVID became headline news and before the world went into lockdown. So, a couple of years on from Brexit while there hasn’t been the ‘bonfire of the regulations’ what we have seen is incremental granular creeping change. Links to content referenced in the discussion: AFME letter to ECOFIN https://www.afme.eu/Events/Detail?eventId=c198d973-a37a-ec11-8d21-00224843337e#event-agendaFCA Regulatory Initiatives Grid, November 2021 https://www.fca.org.uk/publication/corporate/regulatory-intitiatives-grid-november-2021.pdf EFAMA paper on MiFIR reform https://www.efama.org/newsroom/news/efama-position-mifir-review-buy-side-view-consolidated-and-market-structure-reforms Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

In the fourth episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Lindsey Rogerson and Stacey English, director of market intelligence at Theta Lake, to discuss all things hybrid working – what we were all bounced into at the start of the pandemic has, in some shape or form, become the new normal with many, if not all, financial services firms adopting some sort of flexible working going forward. Links to content referenced in the discussion: 10 compliance risks of using Zoom, Microsoft Team and other collaboration platforms: https://www.linkedin.com/posts/stenglish_compliance-risks-of-using-zoom-teams-webex-activity-6895341224052801536-Ogzk Compliance and security for modern communications like Zoom, Microsoft Teams and Webex: https://thetalake.com/ Theta Lake 2021 Modern Communications Survey Report: The Security And Compliance Risks Of Collaboration Tool Usage In Financial Services: https://pages.thetalake.com/2021-modern-communications-survey-report European Commission declaration on digital rights: file:///C:/Users/u6067039/Downloads/Commission_puts_forward_declaration_on_digital_rights_and_principles_for_everyone_in_the_EU.pdf UK Information Commissioner's Office feedback statement on employment practices and data protection: https://ico.org.uk/media/about-the-ico/consultation-responses/4019364/employment-call-for-views-summary-report-v1_0.pdf UK FCA risk management checklist for remote or hybrid working https://www.fca.org.uk/firms/remote-hybrid-working-expectations The Thomson Reuters 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

Financial crime experts Alex Robson, Rachel Wolcott, and Brett Wolf discuss the challenges and implications of tackling financial crime in 2022, including strengthening AML regimes, potential economic penalties and sanctions, the complexities of cryptocurrencies, the risks of money laundering in London, sanctions related to Afghanistan and Russia, delays in implementing measures to combat financial crime, the emergence of AI-powered software for UBO verification, and the focus on anti-money laundering measures and fighting corruption.

In the second episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Mike Cowan to discuss the five key risks for senior managers in financial services firms in 2022. Now at the start of 2022, financial institutions need to consider the changes they might need to make permanent after their largely successful response to the COVID-19 pandemic. A combination of flexibility, deployment of technology and, in the case of banks, balance sheets which had been substantially bolstered following the financial crisis, all helped meet the unprecedented challenges in early 2020. It is likely that for many firms, work is already underway to reassess the strategic approach, together with associated policies, procedures and control infrastructure. The risks financial services firms run are institution-specific but there are some high-level risks applicable to all firms, irrespective of geography or sector. The full five key risks for firms in 2022 can be downloaded from here: https://legal.thomsonreuters.com/en/insights/reports/5-key-risks-for-firms-in-2022 TV interview with Susannah discussing the five key risks can be viewed here: https://cdnapisec.kaltura.com/p/2363721/sp/236372100/embedIframeJs/uiconf_id/49465922/partner_id/2363721?iframeembed=true&playerId=kaltura_player_1643735688&entry_id=1_cryd0pq8 The 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC Special reports mentioned in the podcast: ESG: Fast-emerging challenges for financial institutions report https://www.thomsonreuters.com/en-us/posts/legal/esg-report-2021/ Cryptos on the rise report https://www.thomsonreuters.com.sg/en/resources/cryptos-on-the-rise.html Fintech, regtech and the role of compliance in 2022 report https://legal.thomsonreuters.com/en/insights/reports/fintech-regtech-and-the-role-of-compliance-in-2022/form Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2

In the first episode of season 4 of the Compliance Clarified podcast, Susannah Hammond is joined by Mike Cowan to discuss the ten things the compliance officers of financial services firms need to consider in 2022. Heading into 2022, the pandemic should have been in the rear-view mirror, but instead the world is dealing with the impact of another variant of COVID-19. Many financial services firms had scheduled post-pandemic reviews but those have morphed into a rolling review of the efficacy of hybrid working arrangements. As ever, risk and compliance officers will play a central role in preparing their firms for all eventualities. The list of issues for compliance officers to consider will of course be firm and business specific but there are number of areas which all compliance officers regardless of jurisdiction or sector will need to consider in the coming year. As discussed in the podcast here are some additional resources: The full ten things compliance officers need to consider in 2022 can be downloaded from here: https://legal.thomsonreuters.com/en/insights/reports/10-things-compliance-officers-need-to-consider-in-2022. The 2022 cost of compliance survey is open – to take part please click here https://reuters.az1.qualtrics.com/jfe/form/SV_4SmwDAc25WrncsC Further information on Thomson Reuters Regulatory Intelligence can be found at: https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2