In December 2021, the Biden Administration released the National Strategy on Combating Corruption. Most recently, in September 2022, the European Commission announced an anticorruption initiative which would strengthen the prosecution of bribery and corruption offenses by imposing unified rules for member states. These measures require elevated vigilance from financial institutions when dealing with corruption risk. This includes implementing a host of specific internal controls, including Know Your Customer/Customer Due Diligence (KYC/CDD) measures, transaction monitoring, staff training and alert escalation. This second in a series of three webinars about corruption will explore ways in which a financial institution can best use its finite resources to build an effective and efficient Anti- Bribery and Corruption (ABC) program as part of a broader Anti-Financial Crime (AFC) framework.
Reviewing current regulatory guidance and regulators’ expectations in relation to ABC
Examining how institutions can enhance their AFC programs by focusing on bribery and corruption risk
Addressing operational constraints, common implementation pitfalls, governance issues and AML versus ABC nuances
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