Global Practice Online is a unique digital platform providing, in the Russian language, a holistic approach to gathering and understanding international compliance regulations and practice for compliance specialists from CIS countries.
Global Practice Online will equip you with practical tools to build effective compliance systems in your organisation, drawing on real case studies and international examples, as well as providing the opportunity to participate in free Q&A sessions on all aspects of anti-corruption, anti-trust and sanctions compliance.
Our key experts include partners from leading international law firms: Stephenson Harwood, White & Case, Baker MacKenzie, Richardson Lissak, Cooke, Young and Keidan, financial investigators and dispute resolution specialists and forensic experts from the American firm Grant Thornton International, the seventh largest accounting network in the world by total revenue from fees.
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1. International certificate in the field of compliance - International GP & ICA Compliance Certificate - with online training in Russian and at a time convenient for you.
2. Access to international publications on compliance topics with translation or comments in Russian.
3. Access to the electronic library for the compliance specialist, which contains all the latest regulatory documents in the field of compliance, both in CIS countries and the world, with comments on the documents in Russian.
4. Access to webinars in Russian and English with the webinar slides in Russian.
5. Free online Q&A consultation with a partner of an international law firm on anti-corruption, anti-monopoly or sanctions compliance in Russian or English, with the assistance of an interpreter.
6. Possibility to receive a 5% discount on all events hosted by Global Practice Ltd. Discount does not apply to GP & ICA Certificate in Compliance program.
02-01-2025
Putin orders Russian bank to cooperate with China on AI
Sberbank, Russia’s largest financial institution, has been told to work with China on
the development of AI-based services.
According to Russian state news agency TASS, President Putin has ordered the government and Sberbank to "ensure further co-operation with the People's Republic of China in technological research and development in the field of artificial intelligence".
The move comes amid ongoing sanctions from Western countries over Russia’s war with Ukraine. The world’s major producers of microchips have halted any exports to Russia.
In early December, Putin announced that Russia would be teaming up with BRICS partners, which includes China, to develop an AI Alliance Network to challenge the dominance of the US and other Western countries.
Back in 2023, Sberbank’s CEO German Gref conceded that the bank was struggling to replace graphic processing units which are essential for the development of AI technology.
It is not the first time that Putin has turned to his BRICS partners in a bid to develop alternatives to Western banking initiatives. In October, Russia called for an alternative to international payment system Swift.
TOPIC: CHINA AND RUSSIA COOPERATION ON AI
Source: www.finextra.com
International Compliance & AML News
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22-10-2024
The US is set to impose sanctions on intermediaries from third countries aiding Russia's military efforts.
According to US Treasury Secretary Janet Yellen, the new sanctions aim to curb the growth of Russia's military capabilities and will target entities in third countries that conduct business with Russia. "Intermediaries in third countries providing key military resources to Russia will also face sanctions," Yellen was quoted during the IMF and World Bank Group annual meetings held from October 21 to 26. Bloomberg reports that these sanctions are expected to be announced the following week. Additionally, Yellen mentioned the Treasury Department's ongoing efforts to assess the value of Russia's frozen sovereign assets to support Ukraine, as per Interfax.
TOPIC: US SANCTIONS
Source: x-compliance.ru
20-09-2024
The US imposed sanctions against the International Settlement Bank and "Timer Bank"
The US Treasury Department's Office of Foreign Assets Control (OFAC) has identified and sanctioned a network comprising five entities and one individual located in Russia and South Ossetia. This network has been involved in establishing and facilitating unauthorized payment channels between Russia and North Korea (DPRK), as reported on the department's official website.
The US Treasury Department has charged Russia with employing unlawful financial strategies to grant North Korea access to the global banking system, contravening UN-imposed financial sanctions.
The department's recent sanctions are directed at covert financial arrangements set up by two DPRK state-controlled entities: the Foreign Trade Bank (FTB) and the Korea Kwangson Banking Corporation (KKBC), both listed under the 1718 sanctions. The FTB, designated in 2013 and 2017, functions as the DPRK's chief foreign exchange bank and is crucial to the DPRK's clandestine financial operations that finance its weapons of mass destruction and ballistic missile endeavors. The KKBC was sanctioned in 2009 for its financial support to various groups identified as WMD proliferators.
The US Treasury Department disclosed that, through a strategy managed by the Central Bank of Russia, MRB Bank (MRB) in South Ossetia served as a go-between for a sanctioned Russian bank, CMRBank LLC, to form a hidden banking alliance with FTB. Dmitry Nikulin, Vice President of CMRBank, orchestrated the transfer of funds from FTB via CMRBank to MRB Bank. Nikulin managed the opening of correspondent accounts for FTB and KKBC with MRB and collaborated with North Korean representatives to ensure the transfer of substantial sums of dollars and rubles to the MRB accounts of FTB and KKBC. Some of these accounts were reportedly used to finance fuel shipments from Russia to the DPRK, according to the Treasury Department.
Furthermore, the department mentioned that a separate scheme was uncovered in late 2023, involving JSC.
TOPIC: US SANCTIONS.
Source: https://x-compliance.ru
20-09-2024
German authorities confiscate servers of 47 cryptocurrency exchangers
German authorities have confiscated the servers of 47 cryptocurrency exchangers, the Federal Criminal Police Bureau (Bundeskriminalamt, BKA) said in a statement. The service operators are accused of deliberately concealing the origin of criminally obtained funds on a large scale.
The BKA claims that closed exchange services facilitated anonymous transactions, helping to launder money.
"Exchange services allow barter transactions to be carried out without going through the registration process and identity verification (the so-called know your customer principle). The offer was aimed at quickly, easily and anonymously exchanging cryptocurrencies for other cryptocurrencies or digital currencies in order to conceal their origin. Among the users are extortionist groups, darknet dealers and botnet operators who use such services to withdraw ransoms or other criminal proceeds into regular currency circulation in order to be able to use the money obtained by criminal means," the BKA explained.
During the operation, law enforcement agencies received data on users and transactions of closed exchangers and plan to actively use this information in investigations.
TOPIC: CRYPTOCURRENCY.
Source: https://www.bka.de
19-09-2024
In Kazakhstan, compliance is becoming an analogue of a security service — senator
The deputy recalled that compliance should be aimed at supporting and protecting businesses from violations, and not at performing the functions of law enforcement agencies.
Deputy Zhanna Asanova proposed measures to improve the efficiency of compliance services in the quasi-public sector at a plenary session of the Senate, reports a Total.kz correspondent.
She reminded that compliance should be aimed at supporting and protecting business from violations, and not at performing the functions of law enforcement agencies.
In addition, according to her, there are additional difficulties due to the lack of independence of compliance services, especially in organizations with a sole executive body. As an example, she cited organizations where the CEO is the sole manager, and accordingly, the compliance service is accountable to him, which violates the principle of independence provided for by law.
Another problem is the lack of management involvement in compliance and anti-corruption issues. The parliamentarian also believes that in small quasi-governmental organizations, creating separate structural units of compliance services is not economically feasible.
The deputy asked the head of government to instruct the relevant ministries and departments to consider a number of proposals, including introducing personal responsibility for top managers for failure to take measures to combat corruption, providing for administrative sanctions.
TOPIC: COMPLIANCE IN KAZAKHSTAN
Source: https://www.total.kz
07-06-2023
UK lawmakers call for urgent action on crypto regulation
A cross party group of MPs and Lords in the UK Parliament has called for urgent regulation of the cryptocurrency sector and the appointment of a 'Crypto Tsar' to coordinate the Government's approach.
Following a 10-month inquiry, the Aall Party Parliamentary Group (APPG) has made a total of 53 recommendations on a number of key areas, warning that the UK has a finite window of 12-18 months to ensure early leadership on cryptocurrency regulation.
The report looks into the the role and current approach of UK regulators including the Bank of England, the FCA and the ASA, the potential offered by Central Bank Digital Currencies and the risks faced in terms of consumer protection and economic crime.
The lawmakers contend that cryptocurrency and digital assets are best regulated within existing and new financial services regulations, but state "significant concerns" about whether regulators currently have the resources, capacity and technical expertise required to deliver on their responsibilities. The APPG recommends that all UK regulators related to the sector should have dedicated and properly resourced cryptocurrency and digital assets units, states the report.
Read more....
TOPIC: CRYPTOCURRENCY REGULATION
Source: https://www.finextra.com/
13-04-2023
Microsoft to Pay $3 Million Over Russia Sanctions, Export Controls Violations
Microsoft Corp. has agreed to pay more than $3 million in fines for allegedly violating U.S. sanctions on Russia and other countries after its software and services ended up in the hands of blacklisted companies and persons in the Crimea region of Ukraine.
The U.S. Treasury and Commerce Departments on Thursday said they had reached a joint settlement with Microsoft over the apparent violations of U.S. sanctions and export controls rules, which the software giant voluntarily disclosed.
The sanctions violations, which occurred between July 2012 to April 2019, predate the larger Russian incursion into Ukraine that President Vladimir Putin launched in 2022. The U.S. and its allies have since significantly ratcheted up economic restrictions in response to the invasion.
Topic: Sanctions Violations
Sourse: www.wsj.com
03-04-2023
VimpelCom was fined 500,000 rubles for breaches of advertising rules
SMS messages.
VimpelCom was fined 500,000 rubles for distributing an advertising message without the consent of the subscriber (this is the maximum fine permissible, and took into account numerous aggravating circumstances), the Moscow Federal Anti-monopoly Service reported.
In court, the company insisted that it is not a distributor, that it only provides communication services and should not be held accountable for monitoring receipt of consent from a subscriber when distributing advertising; they also submitted that any fine ought to be reduced, referring to the execution of the order. The Moscow Arbitration Court dismissed the applicant's claims and upheld the UFAS decision.
TOPIC: ANTI-MONOPOLY COMPLIANCE
23-03-2023
Income tax: a new fraud scheme has been discovered in Russia, reported the newspaper "Izvestia".
Fictitious firms have transferred funds to the Federal Tax Service and the Federal Customs Service as part of a fraud scheme.
A new scheme for obtaining benefit through fraudulent measures has been identified in Russia: fictitious companies transfer tax or customs payments instead of real companies in exchange for their cash proceeds. This is reported in the Rosfinmonitoring bulletin. This has been confirmed by the Tax and Customs services and by the largest Russian banks. Lawyers interviewed by Izvestia explained that this is most often seen in sectors with a large turnover of cash including the automotive, construction and food sectors.
TOPIC: SHADOW COLLECTION
08-02-2024
Compliance professionals admit unpreparedness for 2024 challenges
A recent survey has uncovered a stark reality: 44% of compliance officers and managers feel unprepared for the compliance challenges that lie ahead in 2024, signalling a potential industry-wide gap in readiness to address the ever-changing regulatory landscape.
The survey (study carried out by VinciWorks on Compliance Trends 2024) received 212 responses from industry leaders in the UK, US, Spain and Germany and assessed professionals' levels of confidence and readiness to address compliance issues. The findings highlight the critical need for robust compliance training programs as organizations navigate an increasingly complex regulatory environment.
The survey gathered 212 responses from industry leaders across the UK, USA, Spain and Germany, and gauged professionals’ confidence levels and preparedness in managing compliance issues. The findings underscore a critical need for robust compliance training programs as organisations navigate an increasingly complex regulatory environment.
Beyond the headline unpreparedness, the survey explored various dimensions of compliance readiness:
1. Fraud Prevention Training:
While 27% have implemented failure to prevent fraud training and an additional 27% are planning to do so, a concerning 46% revealed they have not yet rolled out failure to prevent fraud training, are undecided or have no plans to in the near future. This lack of preparation and preventive measures leaves businesses at an increased risk of fraudulent activities.
The new “failure to prevent fraud” offence comes into the UK as part of the Economic Crime and Corporate Transparency Act, which marks a significant shift in how businesses will be held accountable to combat corporate fraud and protect victims. Failure to provide adequate training can leave organisations susceptible to financial losses and reputational damage.
2. CSRD Compliance Preparedness:
Only 2% of compliance professionals claimed to be fully prepared for Corporate Sustainability Reporting Directive (CSRD) compliance despite 50,000 companies worldwide being expected to be impacted by it. In comparison, almost half (47%) expressed uncertainty or deemed CSRD irrelevant to their operations.
Read more....
SUBJECT: COMPLIANCE AND TRAINING
Source:https://www.thehrdirector.com/
