Francois is employed in a relationship management role in a large banking organisation in a jurisdiction of your choice.
Francois is employed in a relationship management role in a large banking organisation in a jurisdiction of your choice.
One of the prime accounts that he manages is that of Cortez Alvares (CA), the local regional representative of the Federation of International Football Associations (FIFA). Press rumours have abounded over the last few years of CA’s involvement in corruption, tied to bids to host idence and CA has strenuously denied any allegations. CA’s accounts at the bank have only ever been used for standard payments and receipts.
Recently, Francois has noticed that significant funds have been transferred into and out of CA’s accounts, with funds being transferred to unnamed accounts in several countries in the region. Francois is concerned about the account activity and at a client meeting with CA he asks for more information about the payments. CA informs him that the payments have been advised
by his accountants to legitimately reduce his tax liabilities. Francois tries to get more information but CA is evasive and cuts the meeting short.
Francois does not want to lose what is a lucrative account but is still concerned about the potential for financial crime being committed. Francois is under added pressure as Marina, his line manager, has told him that under no circumstances is he to lose the account of CA and he is to do everything necessary to keep CA happy.
a) Advise Francois about the action he should take in these circumstances explaining why he should take these actions.
b) What should Francois do about the pressure Marina is placing on him?
c) What are the implications for Francois if he decides to call a meeting with CA to discuss the lack of information and the potential
risks that this presents to Francois and the bank?
d) What risks are involved, from the bank’s perspective, arising from this situation?
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