If you work in financial services, you care a great deal about red flags and identifying them. Like it or not, but you are in the business of identifying and reporting suspicious behaviour – it comes with the job! 

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A common misconception we encounter among well-meaning staff working in financial services is that any reporting of suspicious activity might inconvenience the client.

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Think about numbers as stars, each with its own story to tell!

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IFRS 9 and the internal controls environment: what are the challenges for internal auditors? 

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AML is not just about abstract concepts that you learn once a year in training and then forget. It is about actually getting to know what counts as suspicious behaviour there and then in your line of work. The more examples and case studies you are exposed to, the better you can know when to spot a red flag and report it! This is better not just for you, but also for your firm and wider society! 

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When the law firm Mossack Fonseca found itself in the heart of the media storm known as the ‘Panama Papers’, the number one panic was to try to show robust record-keeping which was clearly missing. 

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The new IFRS simply require what they always required, i.e., to reflect the true intention behind a transaction, to show the economic reality of the transaction and to relate both of these to what the client expects from the seller. Stick to these key principles, and things are not that complicated.

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Costing – and you may know it as relevant costing, economic costing, or opportunity costing – is very often what makes or breaks a project.

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Do the numbers look good? Are profits showing an increase? Then WATCH OUT!!!! You might be being misled by numbers that are hiding in plain sight!

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‘PEP’ is short for ‘Politically Exposed Person’. Those in the financial services are supported by regulations which oblige them to be on the lookout for suspicious transactions 

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