The Risk Universe is a website and a monthly digital magazine that seeks to shed some much needed illumination onto the world of operational risk management.

Updating your whistleblowing policy
Recent high-profile examples of whistleblowing in action, such as the Panama Papers and Cambridge Analytica scandals, have highlighted the importance of creating a whistleblowing procedure which allows employees to feel assured that any issues they raise will be taken seriously and dealt with in confidence. Our latest report looks at upcoming developments in the area of whistleblowing policy, including the EU Whistleblowing Directive, the ISO whistleblowing guidance currently under development (ISO 37002) and the FCA’s recent awareness campaign.
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Latest News

N26 faces BaFin scrutiny over money laundering failures

German financial regulator BaFin has ordered mobile bank N26 to fix problems with its IT monitoring and customer due diligence to prevent money laundering and terrorist financing.

CFTC secures order for foreign assistance in case against former HSBC exec

The United States Commodity Futures Trading Commission (CFTC) has secured a Court order approving its request for international assistance in a case targeting former HSBC executive Christophe Rivoire, who is accused of manipulation and fraud in connection with swaps related to a bond issuance.

FINRA imposes $250,000 fine on Cantor Fitzgerald

Cantor Fitzgerald & Co has agreed to pay a fine of $250,000 as a part of a settlement with the United States Financial Industry Regulatory Authority (FINRA). The settlement stems from Cantor’s alleged violations of FINRA rules concerning reporting of short interest positions.

1MDB files multibillion suits against Deutsche Bank, Coutts, JP Morgan, Wong & Partners and others

1Malaysia Development Bhd (1MDB) has filed a total of five separate suits, including against foreign banks Deutsche Bank, JP Morgan and Coutts & Co.

JPMorgan memo warned $875 million Nigeria payment was graft risk

JPMorgan Chase & Co. was warned by its compliance team over the “great risk” of corruption just days before it made the last of three transfers that totaled $875 million to a former Nigerian oil minister.

Top law firm's invoices exposed to ANZ which employees were cooperating with ASIC investigation

During a 2014 investigation into alleged market manipulation, a group of employees at ANZ believed they were secretly giving information to the corporate regulator.

FCA fines London boutique investment bank for failing to spot financial crime relating to cum-ex trading

The City regulator has fined Sapien Capital £178,000 after it failed to carry out proper due diligence on a client likely participating in financial crime.

Regulator tells Chime to stop using the word 'bank'

US digital banking giant Chime has agreed to stop using the word "bank" in its URL and elsewhere after falling foul of Californian regulators.

Swedbank fined in Stockholm over historic anti-money-laundering failures

The Disciplinary Committee at Nasdaq Stockholm on May 5 ordered Swedbank to pay a fine of twelve annual fees, equivalent of SEK 46.6 million (EUR 4.57 million) over historic failures in the field of anti-money-laundering measures linked to its Baltic operations.

ASIC commences civil proceedings against Westpac for insider trading

ASIC has today commenced proceedings in the Federal Court against Westpac Banking Corporation (Westpac) for insider trading, unconscionable conduct and breaches of its Australian financial services licensee obligations.

Major bank app suffers iPhone crashes

CommBank customers with iPhones have been left frustrated on Tuesday morning as the bank’s app suffers repeated issues.

Financial Supervisory Authority fines DNB 400 million kroner for violating Money Laundering Act

DNB has been fined NOK 400 million for violating the Money Laundering Act. The fee from Finanstilsynet (Norway’s Financial Supervisory Authority) comes after a money laundering inspection at the bank in 2020.
 
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