The importance of culture: lessons learned from recent scandals

Description

This hot topic webinar aims to address the critical importance of a robust culture in respect of Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) issues amongst all staff in regulated financial services in leading international financial centres. It will draw upon recent regulatory actions, statements in respect of Lutea Trustees, which emphasised the importance of an effective governance and compliance culture in respect of financial crime matters. Perhaps if the Board of Lutea had taken heed of the famous quote from Peter Drucker, “Culture eats strategy for breakfast” they could have avoided the catastrophic intervention of their regulator?

The webinar will also draw out some key learnings for participants to consider following the calamitous British Post Office/Horizon scandal. This scandal starkly illustrates the destructive impact of a dysfunctional organisational culture. Fuelled no doubt by the next few months of the ongoing public inquiry, revelations arising from former staff members of the Post Office will only prompt a renewed push to focus on how firms can harvest information from their workforce more effectively to prevent them blindly slipping into either regulatory or criminal apocalypse be in no doubt at some stage a regulator is going to ask the question, “when was the last time you assessed your AML culture?"

 

Content

  • What is culture?

  • The Post Office & other recent governance scandals

  • What can we learn from these scandals, in the context of regulated financial services firms?

  • The importance of compliance culture supported by strong governance – red flags, how to spot when the culture is going wrong

  • Regulatory expectations: how are you testing the compliance culture in your firm?

 

Presenter

Rupert Hague-Holmes 

Compliance Consultant at Baker Regulatory

Rupert Hague-Holmes 

A qualified UK solicitor (non-practising), Rupert obtained a degree in Law/Politics from Durham University and has over 35 years' experience in the legal and finance industry. Following careers in legal private practice in the UK, and senior legal and Compliance roles at two leading Channel Islands wealth management businesses, Rupert joined Baker Regulatory Services in June 2023. Rupert's wide-ranging and in-depth legal and compliance experience complements further the unrivalled expertise of our regulatory team. 


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