GIFA Academy Event – An alternative approach to running a regulated business – movie time

Start Date
Thursday 21st November 2019
End Date
Thursday 21st November 2019
Booking Link
https://www.eventbrite.com/e/gifa-academy-event-to-be-presented-by-gfsc-tickets-76296517939

Over the last four years the Financial Crime Division of the Guernsey Financial Services Commission has presented three short episodes on a fictional firm called Salarie Financial Services at industry seminars.  At this GIFA Academy Event all three episodes will be shown together for the first and only time.  The issues raised in this movie are based upon what the GFSC have seen across industry from supervision but they have been anonymised.  The issues do not belong to one single firm or sector. Whilst some of the acting is somewhat exaggerated for entertainment purposes, fund administrators will find the key messages useful, in particular, firms should have:

  • Appropriate checks and balances in place to encourage strong corporate governance practices.
  • Boards which promote an environment which encourages open and honest discussion.
  • The ability to decline a client who is outside of its risk appetite.
  • Policies, procedures and controls to identify, and verify the identity of beneficial owners, and take reasonable measures to establish the source of their wealth and funds.
  • An effective compliance department, that is empowered to challenge questionable requests.

The movie will be introduced by Nick Herquin and Wade Hodgson, who also play starring roles.

Bios:

Nick is the Deputy Director of the Financial Crime Division and has been a financial services regulator for more than 17 years.  The Financial Crime Division of the Guernsey Financial Services Commission is responsible for AML/CFT supervision for all financial services and prescribed business sectors (lawyers, accountants and estate agents) and policy initiatives such as the AML/CFT Handbook. Nick is a Fellow of International Compliance Association and Chartered Fellow of the Securities Institute and also a trained MONEYVAL/FATF assessor.  Nick also recently took part as one of the Moneyval assessors in the mutual evaluation of Malta against the FATF standards.

Wade is an Assistant Director of the Financial Crime Division and has been a financial services regulator for 5 years.  Prior to that he worked in the Australian Minerals industry for 15 years.  Wade is a Member of the International Compliance Association, a student member of the Institute of Chartered Secretaries and Administrators and is currently completing a MSc in Corporate Governance.