Andrew Lucas Corruption, Crime and Compliance
Jinfo Blog

Thursday, 4th September 2014

By Andrew Lucas

Abstract

Andrew Lucas highlights some of the latest articles in the FreePint Topic Series: What You Need to Know Your Customer (KYC). With the risk of prison for due diligence and KYC failures, we look at how information professionals can help mitigate the risks as well exploring the due diligence process. We also identify some of the best free online resources that you can use for undertaking KYC due diligence.

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FreePint Topic Series: What You Need to Know Your Customer (KYC)

The responsibility imposed on business by compliance regulations continues to be underlined by enforcement actions.

Commenting on the outcome of the recent Innospec Indonesian leaded fuel corruption case, in which former senior executives received prison sentences, Ben Morgan, joint head of bribery and corruption at the UK Serious Fraud Office, observes in a Legal Week blog that, "The comfort, distance and apparent safety of the boardroom is indistinguishable from any other environment in which crime is committed, and is just as capable of resulting in a custodial sentence."

Stay Out of Jail Card

How information professionals can help management avoid some of the pitfalls that can result in a jail sentence was explored by Tim Buckley Owen in his article Why Compliant Bosses Need Info Pros - Some Cautionary Compliance Tales.

The article forms part of the FreePint Topic Series: What You Need to Know Your Customer (KYC) which is running from July through to the end of September.

Spotting Corrupt Third Parties

Other recent articles in Topic Series include an excellent overview by Mark Dunn, the due diligence segment leader for Risk & Compliance at LexisNexis, of the law regarding Anti-Money Laundering and Anti-Bribery & Corruption.

The article, Due Diligence - from Business Burden to Business Benefit, also looks at how organisations can mitigate the risk of becoming involved in corruption through third parties (e.g. agents and suppliers) by implementing a Simplified or Enhanced Due Diligence process.

In his article Mark describes what the typical KYC due diligence process looks like and provides some useful tips on creating a robust and consistent due diligence process.

Free Know Your Customer Resources

Whether you outsource your KYC function or carry it out in-house, Penny Crossland's article looking at some of the free online resources that you can use for undertaking KYC due diligence makes a very interesting read.

In Risk & Compliance - Free Online Resources, Penny provides an overview of, amongst others, KYC360.com, KYCProfessionals.com, The Wall Street Journal's Risk & Compliance Journal, FATF and Transparency International.

Coming Up

Still to come in the Topic Series is an update of the FreePint Product Review of Bureau van Dijk's Compliance Catalyst where Chris Porter, co-producer of this Topic Series, will be taking a look at the enhancements made to the product over the last year. We'll conclude the series with a vendor market overview.

Editor's Note

This article is part of the FreePint Topic Series: What You Need to Know Your Customer (KYC) running from July-September 2014 which includes articles, reviews and expert tips. Register your interest and you'll also get a free PDF report with selected premium articles when it's published in September.

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