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.
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
Cloud Raxak, Gartner Cool Vendor in IT Automation, will lead a panel discussion on how intelligent automation is enabling regulated industries like financial services to leverage the cloud, while effectively managing risk, fighting digital fraud and money laundering, and maintaining security compliance.
Join former executives from Bank of America, JP Morgan Chase, Silicon Valley Bank, and the Canadian Imperial Bank of Commerce as they discuss the benefits of analytics-driven risk management and automated security compliance.
Delivering Data-Driven Applications at the Speed of Business: Global Banking AML use case.
Chief Data Officers in financial services have unique challenges: they need to establish an effective data ecosystem under strict governance and regulatory requirements. They need to build the data-driven applications that enable risk and compliance initiatives to run efficiently. In this webinar, we will discuss the case of a global banking leader and the anti-money laundering solution they built on the data lake. With a single platform to aggregate structured and unstructured information essential to determine and document AML case disposition, they reduced mean time for case resolution by 75%. They have a roadmap for building over 150 data-driven applications on the same search-based data discovery platform so they can mitigate risks and seize opportunities, at the speed of business.
Hosted by Hortonworks and Attivio
Making it Big in Bangladesh: Do Business Prospects and Opportunities outweigh Political and Security Risks for firms?
In the current global scenario – plagued by economic slowdown and unrest, India and South Asia have emerged as one of the brighter spots for investment, stability and business growth. Bangladesh represents the new South Asia with its consistent GDP growth, its pivotal location between India, China and Southeast Asia, a thriving business environment, young aspirational population, a stable democratic government and competitive costs. However, Bangladesh also poses several serious questions to investors. These are concerns around terrorism, security, infrastructure, political rivalry, money laundering, large-scale corruption, corporate governance and operational challenges of doing business in the country.
The webinar will discuss whether Bangladesh is a stable and favourable country to conduct business in, what are the business risks, opportunities and regulatory issues involved and whether the reporting on security challenges and business concerns is obsessive or justified. How can businesses be smart and successful in doing business in Bangladesh?
For global financial institutions, it’s nearly impossible to keep up with market changes, regulatory changes, security concerns, and technology advancements. But the right big data discovery solution lets you quickly extract insights—and enables everyone across your organization to dig deep into your big data to stay ahead of market and compliance requirements. What’s more, you can view the insights directly in Platfora or export your findings into any BI tool you prefer.
Join this webinar to see how Big Data Discovery helps detect and monitor these top challenges:
• Anti-money laundering
• Financial liquidity monitoring
• Sector equity within retail wealth management
This webinar will look at the less covered track of cybercrime, namely getting away with it. Whereas much focus is on the hack, the actor, and the target, little focus is placed on the payment mechanisms for cybercrime, and even less so on the laundering of illicit funds.
Based on the recent McAfee Whitepaper entitled Jackpot! this webinar will look at the role of online gambling from a money laundering perspective. Is this really an issue? And if so why are criminals looking at these services to launder illicit gains.