ISSA sets up crime compliance squad
24 April 2015 Zurich
Image: Shutterstock
The International Securities Services Association (ISSA) has established a new working group to explore and better understand the challenges and activities in financial crime compliance.
The group is comprised of industry practitioners who will review the growing range of transparency regulations with an aim to compile a series of clear, actionable and measurable principles for the industry to follow.
It will look at the impact of these regulations in relation to financial crime, with a focus on securities transactions in the post-trade landscape, and on cross-border transactions.
The main objectives of the principles will be to govern the securities intermediation process and the tools available to provide greater transparency. It will put forward a final set of principles and solutions for wider discussion.
CEO of ISSA Josef Landolt said: “The objective of this review is to arrive at a set of principles to be adopted by ISSA members and, ultimately, the industry as a whole. This will ensure that institutions can establish transparency and clarity that is adequate and reasonable in matters of legislative compliance, particularly where it relates to criminal activity.”
He added: “We believe that the results of this initiative will be of significant benefit to all industry stakeholders, and will make positive steps in mitigating financial crime across the board.”
The group is comprised of industry practitioners who will review the growing range of transparency regulations with an aim to compile a series of clear, actionable and measurable principles for the industry to follow.
It will look at the impact of these regulations in relation to financial crime, with a focus on securities transactions in the post-trade landscape, and on cross-border transactions.
The main objectives of the principles will be to govern the securities intermediation process and the tools available to provide greater transparency. It will put forward a final set of principles and solutions for wider discussion.
CEO of ISSA Josef Landolt said: “The objective of this review is to arrive at a set of principles to be adopted by ISSA members and, ultimately, the industry as a whole. This will ensure that institutions can establish transparency and clarity that is adequate and reasonable in matters of legislative compliance, particularly where it relates to criminal activity.”
He added: “We believe that the results of this initiative will be of significant benefit to all industry stakeholders, and will make positive steps in mitigating financial crime across the board.”
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