Money Laundering dominated the headlines in January, to an extent not seen since we started The SKADI Sammendrag.
Casinos under the microscope. In our Key Story this month we look at the crackdown on the casino sector in multiple jurisdictions.
As anticipated in December, LIBOR-related news remained in the headlines.
Regulators levied a $200m fine for employee communication monitoring failures. This is the second fine we have seen in this area in the last 3 months. We anticipate more focus on record-keeping within internal controls over the coming months.
There was a spike in Insider Trading cases reported in December, including a deal reached between the SEC and a Swiss trader who allegedly made at least $70m at the centre of an international insider trading ring.
LIBOR-related news increased as the 31-Dec-21 deadline for the bulk of tenors came and went.
Released every morning, the SKADI Sammendrag covers headlines to assist Compliance, Internal Audit and control teams. In this monthly research document, Horizon, we collate and analyse these 100 or so articles.
The information that we are collating daily from our Sammendrag report1 allows us to construct a dataset to look at trends within the industry from a risk and control perspective. This is the first report that we have published, and we envisage that it will be released on a monthly basis going forward. Even with only one month’s headlines, we have over 100 data points that we can interrogate, and we expect that, as we collect more and more articles, we will build up a dataset that will allow us to give a more accurate overview of the space.
In our latest SKADI Impact Piece, we look at some of the recent high-profile payment and documentation errors and consider both the reputational and financial risks associated with them. Even though finance holds itself out as being a cutting-edge, technology driven business, the reality is that some very high-risk areas of finance still rely on manual processes.
