Are Pro Golfers Committing Financial Fraud? — Medium

Friendly, but big stakes betting amongst a few PGA Tour players raises questions about the potential for financial shenanigans

Professional golfer Phil Mickelson (aka ‘Lefty’), who has won 42 tournaments and five majors on the PGA Tour, was inducted into the World Golf Hall of Fame in 2011. Mickelson has earned more than $77 million over three decades and also has “lucrative endorsement deals with Callaway, Barclays, KPMG, Exxon Mobil, Rolex and Amgen that collectively pay him more than $40 million annually,” according to Forbes.

Mickelson also seemingly has a gambling problem. It has put him in the crosshairs of a number of federal investigations related to financial fraud, be it money laundering, insider trading, or trying to send illicit funds off-shore.

As the US Open begins play today at Oakmont Country Club, Mickelson will likely be considered one of the favorites. He hopes to win the one major championship that has so far escaped him in his career, and where he has finished runner-up a frustrating six times. I suspect that when the tournament concludes on Father’s Day, Mickelson will be nowhere near the lead. In fact, I think his game and interest have faded over the past few years to the point where he is more interested in the easy gains offered by gambling on Sportsbooks than in facing the pressures, frustrations and potential embarrassments often exposed during final rounds at major championships (see Jordan Spieth at this year’s Masters Championship). And I further suspect that he’d rather make easy money by needling younger opponents foolish enough to join his infamous money games during the Tour’s Tuesday practice rounds.

Click here to read the rest of this story: Are Pro Golfers Committing Financial Fraud? — Medium

The Panama Papers and the UK’s ‘Dirty Dozen’ — Medium

From Simon Cowell to David Cameron’s father, the Panama Papers offer up a rogue’s gallery of wealthy UK citizens

Which country/region has seen its highest profile citizens, celebrities and politicians most exposed by the Panama Papers? For Western nations it is the UK, by a landslide. From Prime Minister David Cameron’s father to American Idol creator and producer Simon Cowell to Margaret Thatcher’s son, the International Consortium of Investigative Journalists (ICIJ, which released the Panama Papers) and the press in the UK have produced a rogue’s gallery of wealthy actors. Keep in mind, none of the UK’s ‘dirty dozen’ has admitted to any wrongdoing.

In the event you don’t have time to review the Panama Papers’ data, the infographic posted above that lays out the case for each member of the ‘dirty dozen’. . . To view a full size render of this graphic, please click here: The Panama Papers and the UK’s ‘Dirty Dozen’ — Medium

4 process tactics banks should employ today — Medium

Banks should embrace process improvements now in order to improve the bottom line and pave a smooth road to the future

As the financial industry continues to evolve in the face of rapid technology advances and ever-changing compliance regulations, banks today are faced with the challenge of constantly retooling internal processes or risk falling behind more enlightened competitors. Rather than fear the dynamics of change, however, banks should lean into it and embrace process improvements and reengineering as ways to improve the bottom line. By taking a deep look into your bank’s programs and processes, you’ll likely find several opportunities where simple process changes can improve efficiencies across the board.

In fact, here are four areas of focus where you can easily start the process:

1) Know your high-risk customers

One of the most frequently asked question by regulators is how many high-risk customers do you have? If you are not able to answer that question, it’s time to make improvements. . . Click here to read the rest of this story: 4 process tactics banks should employ today — Medium