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
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 >
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
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.
Do you really know your customers, your vendors, and your third parties? Melaine Campbell, Dun & Bradstreet's Managing Director explains why it's important as ever to know who you are really doing business with.
Beneficial Ownership and Ultimate Beneficial Ownership (UBO) identification and verification are critical requirements for combating everything from financial crime, tax evasion and corruption, fraud and money laundering, to trafficking and terrorist funding.
In this essential D&B Perspectives Webinar you will learn:
- The most important regulations and challenges are around Beneficial Ownership
- Which are the best practices to safeguard your business
- How accurate data can keep your business safe
- How to accelerate customer and third party due diligence
- How D&B can help you uncover who you really are doing business with
Melaine Campbell is a global authority and writer on business compliance. An experienced lawyer and former prosecutor in the US legal system she has an extensive background in Global Anti-bribery / Anti-corruption and Anti-money laundering and is a widely regarded industry subject matter expert speaking regularly on compliance issues around the world.
Mutual distributed ledger (MDL) identity schemes could empower people with personal data storage and management, permission frameworks for access by third parties such as banks insurers or governments, and even distributed reputation ratings.
Such applications could reduce financial fraud, costs, and crime, and increase returns, confidence, and security. MDLs are uniquely supportive of controlled distribution and sharing of digitally-signed documentation and could form the backbone to identity and authentication systems worldwide. In fact, some claim that identity authentication infrastructure is the ‘killer app’ for MDLs rather than payments.
While anti-money-laundering/know-your-customer/ultimate-beneficial-ownership processes are arduous for high-net-worth individuals, about 2.4 billion poor people worldwide lack official identification, about 1.5 billion over the age of 14.
This webinar will examine how MDLs might aid both rich and poor.
As businesses begin to rely more on data-driven Artificial Intelligence applications, the new applications lead to new business issues, security, and privacy concerns. Each bank also needs to have a transparent system for total audit-ability so one can see who did what, and when. Bank can use AI Deep Learning techniques to identify erroneous or incomplete data to avoid misleading decisions.The new AI applications introduce a number of business, security and privacy issues which will have to be addressed. Neural Network, Natural Language Processing, Image Recognition, Speech Recognition and Sentimental Analysis techniques are Deep Learning techniques used in Banks and Financial Services. AI Deep Learning techniques are used to help with anti-money laundering programs, know-your-customer checks, sanctions list monitoring, billing fraud oversight or other general compliance functions, artificial intelligence can:
- Improve efficiency
- Weed out false-positive results
- Reduce costs and increase profits.
- Make better use of workers’ time and company resources
- Help banks handle their compliance monitoring
- Automate some legal and regulatory work
- Handle most customer service and improve customer experience
- Help in detection of Fraud
- Creates a massive competitive advantage
Bhagvan Kommadi, Founder, Architect Corner has around 20 years experience spanning in the creation of products & incubation of Product Startups. He has done Masters in Industrial Systems Engineering at Georgia Institute of Technology (1997) and Bachelors in Aerospace Engineering from Indian Institute of Technology, Madras (1993).Architect Corner is in CIO Advisor Top 25 Fast Growing AI startups in APAC for 2017. Architect Corner is part of Citi T4I Growth Accelerator.
Financial institutions from all over the world are facing increasingly strict regulations regarding the verification and authentication of their customers’ identity. The imminent enforcement of the 4AMLD and the publication of the 5AMLD will nothing but add pressure on the financial services industry.
To keep a competitive edge and still be compliant with the latest Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, banks, prepaid card operators, digital currency processors, exchanges, and wallets are being compelled to embrace the digitalisation of traditionally cumbersome processes such as customer due diligence and ongoing authentication.
Aiming to simplify KYC in this ever-changing regulatory environment, and optimizing the digital channels for further security and convenience, financial institutions need to successfully achieve this change within their policies, procedures, business models, and technology infrastructures.
During this webinar, our panel of experts will provide answers to the following questions:
•Are the technologies to underpin digital identity verification reliable and robust enough for financial institutions to rely on them?
•Are customers prepared to go down the digital route?
•Can financial institutions strike the right balance between rock-solid compliance, and smooth, easy, digital customer experience?
•How are financial institutions coping with the challenges posed by the latest regulatory updates?
Join us for this panel discussion with our expert speakers:
Don Thibeau, Chairman & President, The Open Identity Exchange (OIX)
Fintan Byrne, Head of Risk & Chief Compliance Officer, CurrencyFair
Sarah Clarke, General Manager - Identity, Mitek
David Rennie, Identity Assurance Programme, UK Cabinet Office