This Week in the Audit, Compliance and Financial Crime News

July 12, 2016

Here is a roundup of some of the news we’re following in the audit, compliance and financial crime spaces:

Anti-Money Laundering (AML)

Data Analytics and Internal Controls

  • Insurance companies slowly catching on to the use of data analytics
  • African branch of Chase Bank in hot water after advancing 16.6 billion shillings to a variety of entities, many associated with bank insiders, without proper security
  • Visualize your audit: Part 1 and Part 2
  • As city audit plans roll out, there is a shift toward using continuous control monitoring applications to cut expenses
  • Reasons are clear for why you should use Fuzzy Duplicate

Abuse, Fraud, Theft and Bribery

  • Survey: 50% of fraud mitigation professionals are ‘highly concerned’ with identify theft
  • ACFE’s 92-page report shows that the costs of occupational fraud and abuse are mind boggling
  • KPMG: Companies slow to deploy data and technology to detect fraud
  • Insurance companies are relying on tips rather than capitalizing on technology for fraud detection

Purchase Card (P-Card) Use Monitoring

  • But why? The reason you should dig into your P-Card transactions
  • Three former Georgia Tech employees charged in connection with fraudulent use of P-Cards
  • How non-compliant are your T&E and P-Card expenses?
  • Developing a preventative and sustainable P-Card program

About Anu Sood 

Anu Sood (LinkedIn | Twitter) is the Director Marketing at CaseWare RCM and is responsible for the company’s global marketing strategy. She has over 20 years of experience in product development, product management, product marketing, corporate communications, demand generation, content marketing and strategic marketing in high-tech industries.

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