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COMPANIES MUST BEWARE OF CONFLICTING NATIONAL PROTECTIONS FOR EMPLOYEES WHEN LAUNCHING ANTI-FRAUD PROBES
EMPLOYERS who fear they are being fleeced by a corrupt employee or being hacked externally do not just need to find the attacker, they must comply with data protection and privacy protections while they conduct their investigations. Breaching such laws can undermine any criminal or civil case brought against a fraudster or hacker or can weaken inside dismissal and disciplinary negotiations with the offender.…
TURKISH MANUFACTURERS COMPLAIN OF CONTINUED SHARP TREATMENT BY BRANDS
Nearly a year after the Covid-19 pandemic adversely impacted the Turkish garment sector, the country’s clothing manufacturers are once again complaining of ill-treatment by major brands amid subdued market demand.
“The year has not started well. We are again facing some unfair treatment by some brands,” Hadi Karasu, president of the Turkish Clothing Manufacturers’ Association (TGSD, Türkiye Giyim Sanayicileri Derneği) told just-style.…
GLOBAL CRYPTO-CURRENCY REGULATION NEEDED, SAY EXPERTS, AS AML/CFT CRYPTO-FINTECH GROWS IN SOPHISTICATION
An international model of rules for monitoring and control cryptocurrency operators and crypto-exchanges’ compliance with anti-money laundering and counter financing of terrorism (AML/CFT) regulations worldwide, is needed, some AML/CFT specialists are arguing. Nina Kerkez, market planning director at LexisNexis Risk Solutions, said regulatory frameworks are currently being developed “at an alarming rate” in a wide range of jurisdictions, with significant divergences apparent in, for example, KYC/CDD requirements and when to file suspicious activity reports (SARs).…
RESEARCH PAPER - Gulf States: Biden and Changing Priorities
Ever since President Joe Biden defeated former US President Donald Trump last November (2020), foreign policy experts have been predicting change regarding American foreign policy. This is especially as regards approaches to the Middle East, notably in dealings with the Gulf states.…
EBA WARNS CENTRAL BANKS AND REGULATORS OF POTENTIAL INCREASE IN AML/CFT RISK THROUGH COVID-19
THE EUROPEAN Banking Authority (EBA) has warned that national banks and financial regulators within the European Union (EU) to take care financial institutions they monitor do not weaken their AML/CFT controls through Covid-19.
In its latest biennial assessment on AML/CFT risk, the EBA warns that increased remote on-boarding by banks and services unused to handling KYC and CDD online “may expose the financial sector to additional ML/TF risks”.…
UAE FACES SHIFTS IN CYBERCRIME BECAUSE OF COVID-19 AND LIKE INCREASE IN OVERALL REMOTE SCAMS
Fraud, cybercrime and e-commerce scams are on the rise in the United Arab Emirates, with the COVID-19 pandemic presenting new opportunities for criminals. The government has launched an anti-fraud campaign, but laws and enforcement are still not up to scratch. Paul Cochrane reports.…
INTERNATIONAL REGULATORY ROUNDUP – EU CONFECTIONERY SECTOR FIGHTS MOVE TO REIMPOSE CONTROLS ON EUROPEAN SUGAR MARKETS
EUROPEAN confectionery and sugar processing associations have appealed to the European Parliament not to reimpose market controls on the European Union’s (EU) sugar sector. MEPs have pressed for new restrictions during the ongoing negotiations about reforming the EU Common Agricultural Policy (CAP).…
COVID-19 PANDEMIC’S ECOMMERCE BOOM WILL PUSH FINANCIAL INSTITUTIONS TO USE MORE BIG DATA ANALYSIS TO FIGHT FRAUD
The surge in ecommerce in the past year driven by the Covid-19 pandemic will push financial institutions and commercial traders to use more big data analysis, maybe utilising artificial intelligence (AI), to identify anomalous behaviour, say fraud analysts.
International payments company Worldpay (part of the FIS Group, based in Florida, USA, since 2019) valued global online spending at USD4.6 trillion last year, up 19% on the previous annual figures – the highest growth in the past five years.…
EU ROUND UP – CYPRUS PRESSED TO APPOINT FULL-TIME EPPO PROSECUTOR
CYPRUS is under pressure to appoint a full-time prosecutor working with the European Public Prosecutor’s Office (EPPO), with the EPPO’s chief prosecutor Laura Kövesi claiming 10% of the office’s 3,000 anticipated initial cases will involve this small island country.
Kövesi was addressing a joint meeting of the European Parliament’s committees on civil liberties, justice and home affairs and budgetary control, saying the claim was based on data received from the 22 European Union (EU) member states participating in the EPPO, which includes offshore banking centre Cyprus.…
HOW CLOTHING FIRMS CAN PREPARE SUPPLY CHAINS FOR THE NEXT CRISIS
FASHION brands and clothing retailers have seen their supply chains struggle under lockdown measures imposed by governments trying to contain Covid-19. The shutdowns, of course, began just in time for 2020’s spring season, causing maximum disruption.
According to consulting firm McKinsey, 2020 was the fashion industry’s worst year on record, with a 90% decline in overall profits and almost three-quarters of registered firms globally making a loss.[1]…