Reference no: EM132352567 , Length: word count:3500

Question 1

You are the financial crime prevention manager for a medium-sized, financial services firm, based in a jurisdiction of your choice. You receive a notification from the whistle-blowers helpline that highlights the following:

‘Anonymous phone call received. The caller stated that closer attention should be paid to Jorge, on the front-line customer service desk. When he is dealing with customers that have queries on their accounts he takes their debit card with him, into a separate office and takes photos of the card using his mobile phone. He has been overheard discussing items he's purchased for his new house using ‘various cards'.

• Identify and evaluate the initial steps that should be considered upon receipt of the notification from the whistle-blowers helpline.
• Analyse the risks to the firm, should the details of the notification and potential fraud be made public, but no action had been taken by the firm.

Include examples and any relevant jurisdictional regulatory or legislative obligations.

Question 2

The Olympus scandal highlighted concerns regarding the strength of the corporate governance regime in Japan.

Michael Woodford was sacked as president of Olympus after he revealed a $1.7 billion accounting cover-up. The board of the Japanese camera maker lied about the mystery for weeks. When the truth at last came out, the board kept their jobs and the whistleblowing boss lost his. Mr Woodford called it a "black comedy". In no other developed market, he lamented, could this happen.

From a jurisdiction of your choice:

Identify and evaluate why, as well as how, a regulated firm would seek to implement an effective corporate governance regime. Within your response, incorporate any relevant international and jurisdictional guidance or regulatory obligations.

Question 3

The transnational nature of organized crime means that criminal networks forge bonds across borders as well as overcome cultural and linguistic differences in the commission of their crime. Organized crime is not stagnant, but adapts as new crimes emerge and as relationships between criminal networks become both more flexible, and more sophisticated, with ever- greater reach around the globe.
Identify and critically evaluate the effectiveness of the international co-operation regime regarding global investigation and exchange of intelligence. Within your evaluation, examine the involvement from some of the international governing bodies and organisations that have provided guidance.

Question 4

Fraud and money laundering are global concerns and continue to impact on economies world- wide. To embed an effective financial crime prevention (FCP) framework within any country or jurisdiction requires international cooperation.

For a country of your choice, evaluate the importance of inter-government cooperation and the use of mutual legal assistance treaties for both money laundering and fraudulent activity.