Today’s criminals and terrorist organizations are outpacing the performance of anti-money laundering (AML) programs by using new and unconventional ways to hide illicit transactions. While financial services firms have taken measures to improve programs, such as fine-tuning alert systems to reduce false positives, and investing in human capital to manage the growing number of investigations, they must look to Big Data to take their AML programs to the next level.
In this one-hour webinar, we’ll discuss how Big Data can be used today to bring AML programs into the new frontier, including how to:
· Improve transaction monitoring and reduce false positives
· Reduce the handle time for AML investigations
· Provide more sophisticated and automated customer risk-scoring
Do you really know your customer? Customer Due Diligence after the Money Laundering Regulations 2017 and the Criminal Finances Act 2017
* How do you ensure you conduct a thorough search for, and provide ongoing monitoring of, adverse information on existing and potential clients?
* How do you prove you are conducting compliant CDD?
A money laundering scam known as ‘Cuckoo Smurfing’ saw three men jailed for attempting to replace £700,000 of legitimate funds with ‘dirty money’. Business Resilience Manager, Graham Vance from the Scottish Business Resilience Centre presents. He discuss the case and how it highlights when a bank’s ‘adequate’ anti-money laundering procedures just aren’t good enough. And the importance of accountability and communication as part of the new FCA Senior Managers Regime.Read more >
In May, 2016 the Financial Crimes Enforcement Network (FinCEN) issued final rules under the Bank Secrecy Act to clarify and strengthen customer due diligence requirements for: Banks; brokers or dealers in securities; mutual funds; and futures commission merchants and introducing brokers in commodities. The rules contain explicit customer due diligence requirements and include a new requirement to identify and verify the identity of beneficial owners of legal entity customers.
Join a distinguished panel of industry professionals to discuss what the rule requires and what it means to your firm. More importantly, the event will include a practical discussion of what firms should be considering and doing in advance of the rule’s May 2018 final applicability date. Topics to be covered include:
· How do financial institutions (“FIs”) intend to identify and verify Beneficial Owners (“BOs”) and Control Persons (“CPs”)?
· What is a “customer profile” and what do you do with it?
· How will the rule affect transaction monitoring, suspicious activity investigations and reporting from both a technology and compliance program standpoint?
· What risk-based trigger events are FIs considering when updating beneficial ownership information?
In this insightful session, Chris Swecker, former FBI Assistant Director and Brendan Brothers, Co-founder of Verafin, review the shortcomings of BSA/AML/CTF programs, which currently focus primarily on regulatory compliance and discuss a more effective means to investigate suspicious activity and the related flow of illicit proceeds.
•Gain an understanding of the challenges and inefficiencies of the current AML/CFT regime
•Understand how a new approach to anti-money laundering efforts can generate stronger actionable information for law enforcement
•Learn how financial institutions can adopt innovative technologies and practices to make a greater impact on fighting financial crime
History teaches us that when things go seriously wrong in the legal and financial world the effects can take Nations to the edge of the abyss and spell personal and economic disaster for citizens and organisations not protected. The scandals of sub-prime mortgages, Libor and Payment Protection Insurance (PPI) provide a sobering reminder of what happens when professionals don’t follow the rules. This presentation exposes a risk that is often unseen – translation.
In his presentation, David will:
• Discuss the factors that contributed to recent financial scandals;
• Ask why scandals such as PPI went undetected for so long despite being identified a decade earlier.
• Highlight the nature of threat society faces from financial crime; and the new tougher enforcement approach being adopted by regulators.
He will then shed light on a major compliance risk that has had little or no coverage to date: The use of translation and interpreting to facilitate fraud and money laundering and misinform customers of their rights and obligations.
He will consider the potential scale of the problem and outline weaknesses in current practices in the professional services sector that poses a significant risk.
David advocates ‘drawing a line in the sand’ and offers 5 steps to help regulated professionals to defuse the multilingual time bomb before it explodes into another major scandal.
In this 1-hour webinar, Vamsi Chemitiganti, Hortonworks GM for Financial Services, will discuss the key business issues and technology considerations in moving a financial services anti-money laundering (AML) regime onto Hortonworks Connected Data Platforms and the key benefits in doing so. Banks and capital markets firms can use Hortonworks Data Platform and Hortonworks DataFlow to process huge amounts of transaction-related data from both traditional and non-traditional sources. Compliance teams can then analyze that data-in-motion and data-at-rest for actionable intelligence required for Suspicious Activity Reports—to discover illegal activity and provide detailed reporting to authorities. There will be time for Q&A at the end of the presentation.Read more >
In 2015, it goes without saying that Banking is an increasingly complex as well as a global business. Leading Banks now generate a large amount of revenue in Global markets and this is generally true of all major worldwide banks. Financial crime is a huge concern for banking institutions given the complexity of the products they offer their millions of customers, large global branch networks and operations spanning the spectrum of financial services. The BSA (Bank Secrecy Act) requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, to file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. After the terrorist attacks of 2001, the US Patriot Act was passed into law by Congress. The Patriot Act augments the BSA with Know Your Customer (KYC) legislation which mandates that Banking institutions be completely aware of their customer’s identities and transaction patterns with a view of monitoring account activity. This webinar discusses the key business issues and technology considerations in moving your AML regime to a Hadoop based infrastructure and the key benefits in doing so.Read more >
No institution wants the fines or bad publicity for supporting money laundering or financing to terrorist or criminal organizations. How can firms deliver an AML reporting and compliance process that delivers comprehensive analytic results and can evolve with changing regulations?
Watch our on-demand webinar to hear our panel of industry thought-leaders from McKinsey, Airbnb, S&P Global and Datameer as they explore:
--The business challenges firms face in dealing with constantly evolving AML regulations
--Best practices used by firms to implement comprehensive AML processes
--Analytic solutions that make AML compliance processes faster and more effective
Coordinating Legal and Investigative Fact Finding to Recover Hidden Assets
Kobre & Kim and Mintz Group will draw on their substantial experience in asset tracing and recovery to present on how legal teams and investigators can develop coordinated investigative strategies, including exploiting judicial mechanisms, to locate and recover debtor’s assets across multiple jurisdictions. The panel will outline the common steps debtors take to hifr and structure assets and—in turn— how each of these steps provide opportunities for investigators and legal teams to find assets. Among the questions the panel will seek to answer are:
•What judicial mechanisms in debtors’ favored jurisdictions can assist in tracing and recovering assets?
•Are the patterns in how subjects hide assets the same around the world?
•Are the patterns subjects use to hide and structure assets the same regardless of whether they are clean or dirty?
Criminals throughout the world are constantly discovering and utilizing unsuspecting alternative payment methods to perpetrate their crimes. The accessibility of easy-to-use tools are increasingly available, which unfortunately help to facilitate cybercrime and the proliferation of payments laundering. We will take a unique look at the threats posed by these new cybercriminals from the "payment hustler’s" point of view. From peer-to-peer payments, eWallets, mobile payments to prepaid cards — it is imperative that financial institutions remain proactive in efforts to combat fraud and alternative payment laundering. During this informative webinar, current tactics used by criminals, as well as case studies of transaction and payments laundering will be discussed.
•Review recent case studies of transaction and payments laundering for lessons-learned and practical approaches
•Understand how criminals set up new payment methods (“Payments Hustling”) to perpetrate their crimes
•Gain insight on how to improve current due diligence processes to effectively and efficiently detect fraudulent activity
Does the current UK financial crime compliance environment, in terms of regulation, focus and culture, promote a proactive approach to overcoming money laundering? Will the successes of the Joint Money Laundering Intelligence Taskforce be realised by the broader banking community? What impact will Brexit have on the UK’s ability to combat financial crime?
This webinar delivers the views of over 170 senior financial crime professionals in the UK as conveyed in the Future Financial Crime Risks 2017 report. Current and future risks that banks in the UK face when combatting financial crime will be considered, with focus on key areas of concern such as information sharing, the cost of compliance and the role of technology.
•Gaining the perspective of leading practitioners from a variety of banking institutions on the most significant current and future financial crime risk challenges in the UK
•Highlighting the importance of an intelligence led, collaborative risk based approach to outcomes
•Examining the challenges and opportunities technology creates when tackling financial crime
•Considering the impact and risks created by a tumultuous geo-political environment
Due to characteristics including high value, portable, virtually untraceable and odourless commodities, precious metals and stones are often exposed to elevated levels of money laundering risks. Money launderers and terrorist financers are drawn to precious metals and stones—especially diamonds since they are often highly valuable relative to their weight and also have a relatively stable price. During this informative webinar, our experts will explore initiatives undertaken by an organisation involved with one of the largest diamond dealer communities in Europe to raise awareness and bolster measures that can be taken to prevent the misuse of these products.
•Raising awareness about how precious metals and stones are used to launder proceeds of crime
•Analysing current typologies involving the use of precious metals and stones to move proceeds of crime and conceal its detection
•Understanding measures that European diamond dealers are taking to comply with AML regulatory requirements
Corruption scandals, trade-based money laundering and rapidly changing sanctions requirements are among the complex challenges facing compliance professionals throughout the APAC region. This webinar examines these and other regional challenges, providing concrete guidance for regional financial institutions to combat emerging threats, strengthen compliance effectiveness and refine existing AML models to address regulatory changes in a robust manner.
•Detailing recent sanctions changes to assure current practices meet regulatory requirements
•Training staff on phantom shipping and other trade-based money laundering typologies to strengthen transaction monitoring
•Reviewing the Panama Papers case to aid monitoring of PEPs, shell firms and offshore havens
Wholesale de-risking is creating a boomerang effect for Caribbean and Central American banks that are caught as pawns as a result of conflicting global expectations. On the one hand, regulators expect global financial institutions to screen their clients for potential ties to terrorist activities, money laundering and other financial crimes. On the other hand, they urge banks to resist the temptation to completely walk away from risky areas such as money services businesses (MSBs) and correspondent banking. Correspondent banking allows Caribbean and Central American banks access to the international payment system, facilitating money transfers through transactions such as wire transfers, check clearing and currency exchange, affecting entire economies. How can banks, regulators and lawmakers work together to manage risk and continue serving their local economies?
•Why do banks engage in wholesale de-risking and what are the implications?
•How can wholesale de-risking be bad for banks?
•How can we facilitate more effective risk management across the financial industry?
As with other regions of the world, APAC financial institutions face financial crimes such as tax evasion, money laundering and organized crime. This webinar brings together a trans-national panel to spotlight the region’s biggest financial crime vulnerabilities, highlighting best practices to shield your institution from these ongoing threats.
•Scrutinizing recent regional financial crime cases to identify typologies and adjust compliance oversight
•Constructing effective systems to flag possible trade-based money laundering and other financial crimes
•Enhancing CDD to better identify PEPs and potential proceeds of corruption
There has been a lot of debate in the media on the extent of the money service business (MSB) sectors’ adaptation and adherence to creating a solid compliance regime with respect to AML/CTF regulations. Many banks have decided to end long-term relationships with the MSB sector, refuse to open bank accounts for businesses that fall into FINTRAC’s/FinCEN’s definition of a MSB, or have adopted de-risking strategies to manage perceived compliance MSB risks. This webinar will provide further insight into MSB-sector issues such as unique compliance challenges and solutions when finding and retaining banking services, as well as implementing risk-based practices.
•Understanding why anti-money laundering risks in the MSB sector are elevated
•Identifying areas for improvement to address the sectors’ unique challenges
•Discussing the benefits of automated solutions for effective and efficient ongoing compliance program
From countering evolving methods of terrorist financing to mastering KYC and ultimate beneficial ownership rules — compliance experts in the MENA region today face new global challenges and heightened regulatory requirements. During this webinar, compliance experts will detail the fast-changing demands on AML managers, present practical strategies for managing compliance risks of particular resonance in the MENA region – everything from trade-based money laundering (TBML) in free zones to sophisticated terror financing schemes such as seized tax revenues in occupied cities.
•Quantifying geographic, transactional and sectoral risks to strengthen client assessment accuracy
•Training staff on TBML typologies such as invoice manipulation to bolster monitoring effectiveness
•Examining case studies of black market trading in stolen goods to identify and resolve red flags
The latest EU Anti-Money Laundering directive will significantly increase the frequency with which financial service providers need to conduct ‘Know Your Customer’ (KYC) checks. To maximise the effectiveness of digital transformation initiatives, financial services and other regulated industries must find effective digital identity verification solutions.
Current methods for identity verification checks place an enormous cost burden on banks, payments processors, and lenders, as most methods rely heavily on manual processes. Furthermore, these processes are cumbersome for users, driving away potential customers.
Figuring out how to balance the competing needs of compliance and costs against the expectations of today’s digital native users is key to any financial service provider looking to win and retain new customers.
In a recent case the DOJ dubbed a “wake-up call,” the SEC and DOJ charged four individuals for their roles in a massive international bribery scheme, which the SEC discovered during a periodic examination of a broker-dealer. The agencies allege that employees of Direct Access Partners, LLC (“DAP”), a registered broker dealer, paid illicit bribes to high-ranking officials of Banco de Desarrollo Economico y Social de Venezuela (“BANDES”), the state-owned economic development bank of Venezuela. The action illustrates how conduct that has traditionally formed the basis of a Foreign Corrupt Practices Act (“FCPA”) case might also subject individuals and entities to a much broader array of charges under US law, including charges under anti-money laundering laws and the Travel Act.
Join an experienced panel of government enforcement experts to learn how multi-national organizations in all industries can ensure that they have developed and implemented robust compliance programs that address these overlapping regulatory schemes.