Name: Financial Crime Fighters: A Closer Look at Risks & Best Practices
Start: 2020-02-24T13:00:00Z
End: 2020-02-24T13:44:00.000Z
Location: BrightTALK

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In a rapidly growing FinTech market in the UK companies need innovative approaches to distinguish themselves from competition and to constantly create value for their customers. Collecting and utilising proprietary customer data becomes a key enabler for success. This presentation will focus on how to leverage transaction and customer behaviour data for effective CRM strategies to boost customer loyalty and retention.

Harnessing Data for Effective Customer Relationship Management in a Fintech

Coinfirm AML Oracle was the first smart contract-based solution for AML compliance of the burgeoning decentralized finance (DeFi) scene. The Oracle unlocks a key barrier that DeFi presented to previously developed blockchain compliance technology on the market.

Because DeFi protocols run on-chain smart contracts – meaning that any compliance layer needs the same format of technology required to interact with a DeFi provider such as a decentralised exchange (DEX) through client smart contracts – a specifically tailored solution is necessary.

Currently operated with Ethereum and RSK protocol, the Coinfirm AML Oracle is that solution – enabling decentralized entities to continue their lending, staking and general DeFi activities without fear of falling afoul of nefarious actors in their system – with an added emphasis on security and cost-effective gas usage.

The Financial Action Task Force's updated draft guidance from 09.03.2021 massively expands the types of entities falling under the FATF’s purview. The updated guidance requests member states to ensure DeFi platforms are covered by AML laws, even if there is no single party responsible for live networks. The Coinfirm AML Oracle offers both a partial and fully decentralized solution to proactively manage compliance risks and comply with regulations.

When users interact with a decentralized finance provider, their wallet address is queried for risk through the Coinfirm AML Oracle, which in turn passes data from Coinfirm’s API to generate a report ID C-Score based on 330+ risk evaluation scenarios that relays the information to the DEX.

The Future of Regulatory Compliance in Defi Space

Embedded finance is the seamless distribution and integration of financial products into existing services offered by non-financial brands during the most relevant part of the user journey. Over the last 36-months, Buy Now Pay Later (BNPL) has experienced incredible growth and showing little signs of slowing down – it’s valued at over $4billion and growing.

The embedded finance market presents a £7trillion opportunity by 2030, but it will take more than BNPL to reach this milestone. In this webinar, Barry McCarthy, Founder of Assure Hedge, looks at what’s next for embedded finance.

·     Where are the opportunities?

·     How does data influence product creation?

·     How embedded finance keeps business afloat?

·     How embedded finance gives businesses access to global talent

Embedded Finance: Beyond Buy Now and Pay Later

In today’s complex environment organizations are embarking on Digital Transformation journey.  Compared to existing systems, blockchains are faster, cheaper, more reliable, and much more secure.  For example, in healthcare, patients often have medical history scattered among various medical records maintained in several health-care establishments.  The data is available only in the scope of those specific systems.  Having a Blockchain Medical Profile to store an individual’s medical profile that is accessible from anywhere at the time of need.  This omnipresence of the medical data will be a boon for the field of medical informatics.  

Similarly, in financial institutions, transactions that happens within and among financial institutions can be delivered, provided immediately, shared, and completely transparent stored on an immutable ledger via Blockchain technology.  

The faster the information is received and the more accurate it is, the better.  Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permissioned network members.  Blockchain technology and its infrastructure (hardware, software, and facilities, connectivity, mobility, performance, and security and such can be easily deployed and managed using ITIL best practices.

Speakers: 
Waseem Ahmed, VP IT Production Operations, Citibank NA
Atif Farid Mohammad PhD, Adjunct Professor, Artificial Intelligence, Machine Learning, Blockchain, UNC Charlotte

Blockchain Adoption, Management, and Application

We need to know who writes the Open Source code that is used to build critical applications. Today, engineers use pre-built components of software to accelerate software development. Every day, 20 million developers share and re-use open source software code. Open Source npm packages for Javascript code are used in all websites and most mobile apps. Open Source PyPI packages for Python code are used in almost all AI and Data Analysis system. Every day, continuous integration systems pull in the latest updates to this code. In mid March 2022, malicious code was added to a popular open-source package that is installed 3,292,333 times a week. The malicious code wiped files on computers located in Russia and Belarus. That's one for the good-guys. But the same line of attack can and will be directed at the West. We have to stop this. We need to know who writes the Open Source code. The Software Build of Materials(SBOM) needs to become a Verified Identity Software Build of Materials (VISBOM).

Did Your Adversary Write Your Open Source Code?

The aftermath of economic collapse a decade ago and the current pandemic of COVID-19 have brought in increasing corporate laws, business regulations, stringent guidelines and intransigent restrictions in the financial services sector in the U.S. and worldwide to maintain control over organizational governance, structure and standard practices. These calls for higher degree of corporate governance, operational transparency, higher performance, enhanced security, data privacy and increased capital requirements to thwart any major systemic risk and crisis of the future. This led to the renewed focus on the so-called ‘Governance, Risk Management and Compliance’ practice, also known as GRC. 

Therefore, organizations are under intense pressure one more time to transform their weak and fragmented GRC approach and controls to address a wide array of diverse and complex risks, build strong security, particularly cybersecurity posture, respond to the proliferation of regulatory obligations and demonstrate compliance excellence.

Therefore, in this webinar, we closely examine and discuss the transformation of GRC in the financial services sector. You’ll learn:

Drivers of GRC transformation
Next-gen GRC framework
Transformed GRC with 3 Lines of Defense
How to reach the ideal GRC state? GRC maturity model
Technology as enabler of GRC transformation

GRC Transformation in Financial Services in a Post-Crisis Digital Age

While financial institutions started to automate and digitize more than a decade ago, end customer preferences for digitization of services and communication changed faster than offers.  This created an opportunity that FinTechs embraced and pressure for traditional banks to remain relevant.

The automation of mission critical business transactions is critical for the digital transformation of financial institutions and mandatory for meeting requirements for security and compliance.

Tune in to hear:

How Intelligent Information Capture evolved in parallel with the automation of payment processes
How market requirements for Financial Institutions will change in 2022
Which Information Capture solutions are critical to meet the changing needs  
What Financial Institutions need to prioritize on their Digital Transformation journey

Intelligent Information Capture between Fintechs & Traditional Banks

With an unprecedented growth in the past few years of companies and applications around the fintech, crypto, insurtech, regtech, proptech spaces, users are now more exposed than ever to having their assets, identities and digital personas to become targets of a new breed of sophisticated global criminals. While the fast pace of innovation around all these digital platforms rejects or openly avoids any notion of centralized regulation, the urge to take new services and solutions to the digital users may be posing a threat to the overall sustainability and credibility of alternate ways of conducting online purchases and financial transactions.

Instead of subjecting innovative companies to a closed set of regulations, companies may opt for a set of industry best practices which will allow a self-regulated approach to what is safe for consumers and for an ever-growing digital environment.

This presentation will cover the following points to understand how digital services companies can collaborate on cybersecurity best-practices:

The incredible growth in fintech and digital services in the world
The competing approaches to a safe identity management in the market
The state of cyber-crime in 2021
Six basic cybersecurity domains for digital platforms
A roadmap for adoption and implementation

Back to Basics: Fintech Cybersecurity 101

New technologies, new ways of handling funds and new ways how consumers are interacting with money. Financial institutions are at a crossroads of what direction to take.

Crypto currencies, mobile devices, cloud and an increasingly difficult to manage supply chain is forcing a lot of complexity onto the foundations that FinTech has based its successes on. The solid foundation of what is now considered legacy IT has proven its worth but at the same time the status quo is becoming harder to support, manage and secure against today's ever growing threats. Cyber criminals find new and inventive ways of compromising systems, hijacking data and extorting its owners. So where does that leave us in trying to secure the financial world?

This talk will go over a number of topics and challenges that FinTech is dealing with from the perspective of an ethical hacker's view and experience of breaking into FinTech companies for the last decade. What works and what doesn't and what the future might bring.

From legacy to zero trust: the crossroads of today's FinTech

Software Asset Management is the noble calling of counting software usage versus entitlements and hopefully being compliant at the end of the equation. I and some other SAM aficionados think that a great SAM department or person should also be a provider of data, insight and advice to security. SAM give advice on security you ask? No, that is not our forte. However, in order to correctly license the wide range of software most organisations deploy our job is to know, what software or cloud services are consumed by who, when and under which specific circumstances. That knowledge and insight of patterns, over time along side the actual rights and costs of the software is of use, as I will demonstrate. By the end of the talk, my aim is for you to reach out to your SAM department to find out if they too can provide additional information of value to improve the defences of your organisations assets.

Why Software Asset Management can be a great ally to Security!

2021 provided the perfect cyber storm for many small businesses – be it:
a hit to your finances through downtime costs, 
brand damaged caused by a breach, 
an insider going rogue with your data,
a breach courtesy of a supplier. 
You need to be prepared for it all.   

Join Graham Chee, BCyber's Managing Director and Co-Founder as he takes you through the practical ways your business can prepare for and survive the next perfect cyber storm.

Surviving the perfect storm in 2022

Travel down the Pan-American Highway for a discussion of the risks and opportunities of the emerging cryptocurrency landscape across Latin America. 

Fasten your seatbelts as we explore:
Demand-side dynamics and adoption trends across the region
Supply-side dynamics and key market participants enabling adoption
Political and regulatory backdrop adding express lanes and speed bumps

Debating the case for crypto in Latam – from the Rio Grande to the Rio Plata

Online data is a vast and ever-expanding resource in the battle against financial crime. 

However, the volume of information can be overwhelming, and it can be a struggle to identify what’s relevant. 

In addition, the information explosion has led to more public scrutiny than ever, and reputations that took years to build can be destroyed in one headline.  

How can you ensure you get a full and fair picture?

In this expert discussion you will learn:

1. The latest risks and challenges relating to the use of open source material to fight financial crime
2. Regulatory expectations on using open source data for due diligence and monitoring
3. How technological innovations can harness public information
4. Emerging best practices for reputational risk protection in the digital age


Chair: Laetitia Hoffmann, Global Product Manager - Due Diligence at Dow Jones
Shaun O’Mahony, Co-Founder of Xapien
Daniel Secretan, Co-Founder of Xapien
Tom Lawman, Senior Consultant at FINTRAIL

Mobilising online data to fight financial crime

Key Themes:

-Anti-Financial Crimes & Regulatory Compliance enhanced by PETs?
-Anti-Money Laundering – More effective with PETs?
-KYC and Transaction Monitoring Processes – More effective with PETs?
-Counter-Terrorism Financing (CTF) - More effective with PETs?
-Sanctions, PEP & Adverse Media Screening - More effective with PETs?
-Business Process Analysis & Design - More effective with PETs?
-Compliance Tools, including Intelligent Automation Technologies - More effective with PETs?
-Privacy Protections and Intrusions - More effective with PETs?
-The role of PETs as a best defence - More effective with PETs?
-Describing the technical ecosystem. What technical capabilities exist or are under development in the field of privacy preserving analytics with the potential to support AML and financial crime prevention objectives - More effective with PETs?
-Exploring relevant use-cases. What current and potential use-cases exist for privacy preserving analytics in AML and financial crime prevention; with a particular focus on the relevance to public/private information-sharing (and associated private/private information sharing) within financial information-sharing partnerships - More effective with PETs?
-Identifying privacy implications. What are the implications of these AML and financial crime prevention use-cases in terms of enabling both privacy protections and privacy intrusions - More effective with PETs?
-Understanding adoption challenges. What key technical, legal, policy, regulatory and cultural issues (considering both -AML and data privacy issues) may affect the utilisation of privacy preserving analytics for AML and financial crime prevention purposes in the target countries - More effective with PETs?
-Challenge of detecting financial crime. Modern criminals are using increasingly more complex structures and are acting across multiple financial institutions and jurisdictions.

Privacy-Enhancing Technologies (PETs)

• Tokenization of everything – Assets, Money, Cryptocurrencies
• Digital Identities & payments – phase one : Centralized identity, phase two: Federated Identity, Phase three: User-centric Identity, Phase Four : Self-sovereign Identity, from personal data controlled/owned and centrally stored by business to owned/controlled and de-centrally stored by User
• Increasing A2A Payments and open banking support – open finanance API network, Account Entry Push Notifications, Reservation of funds, Deferred and recurring payments, Request to Pay, Initiation of a consumer loan = BNPL, SEPA Direct DebitImproving conversion and UX
• Value Added Services around payments e.g. - BNPL will further grow, Credit card-based BNPL as fight back for banks, Digital Receipts will get more momentum, Next Generation Loyalty Offers - the age of data blindness & simple transaction-rewarding is over
• Improving the PSD2 SCA with better use of newer 3DS protocols (EMVCo 3DS 2.3) - eCOM Tokenization, Click To Pay, Delegated Authentication, split SDK and device binding
• Increasing Interest in Crypto Assets - Crypto trading apps as part of their digital offering
• Green & Sustainable Payments – Carbon free - For the Financial Services Industry, Green Payment is going from niche to mainstream through the following development drivers: technology, consumers, data and coming soon

Digital ID, Open Banking, BNPL, Tokenization, PSD2 SCA, Crypto Assets, Payments

Clarifying several misconceptions in options and options trading, presenting a new set of symbols and equations for intuitively reading & understanding options, plus a new framework of ISO (investors, scenarios & option features) that prevents us from stating things wrong about options.

Options Trading for Equities & Cryptocurrencies

Fintech has joined the host of other industries and sectors fighting off determined and creative cybercriminals taking advantage of business as they adapt to the post-COVID environment. The Fintech industry needs to place ever more emphasis on securing their systems. Join this interactive discussion to discuss important topic areas such as:

Intelligent authentication
Encryption, data protection and identity management
Protecting links in the supply chain
Defending against do-it-yourself attacks
Competing for security talent


Facilitators:
Robert Clyde, ISACA Board Director, White Cloud Security Executive Chair, and ShardSecure Executive Advisor 
Victoria Martin, Head of Regulatory Affairs and Compliance at 10X Banking

Best Practices to Strengthen the Security of Systems in Fintech to Minimize Risk

Future of Finance is Data-Driven

The Analytics and AI Approach to the Customer Experience

Transforming Compliance with Artificial Intelligence

How Agent Analytics Bolsters CX

How AI is Powering the Fight Against Financial Crime

Impersonation and Personal Data: Securing and Protecting Financial Services

Building security and compliance into your financial services enterprise cloud

Applying AI and Machine Learning to Fight Fraud at Scale

Solving Fraud and Risk Challenges using Machine Learning Threat Detection

The Future of Financial Services Security

Transforming Payment Security from a Burden to a Competitive Advantage

Payments Strategy is the New Marketing Strategy

Panel Session: Big Data and AI in Banking

10 Tips to Dramatically Reduce Friction During Account Onboarding

Trends in eCommerce, Mobile and Cross-Border Payments

Application of Privacy Regulations in the Canadian Financial Services Industry

How the Right Data Platform Can Lower Risk

Cryptocurrency Typologies for Traditional Finance

A Practical Data Privacy and Security Approach to FFIEC, GDPR and CCPA

AML and KYC: Best practices for the new era of compliance and security

Optimizing the Customer Experience in Financial Services

What are the current risks banks are facing regarding financial crimes, and what are the controls that need to be put in place to mitigate those risks? This webinar will take a closer look into best practices that financial institutions can implement to lessen the risk of fraud and protect their customers. You'll discover:

- The security risks and threats that banks and financial institutions are facing in today's technology landscape
- Best practices around KYC (Know Your Customer), CDD (Customer Due Diligence), (Enhanced Due Diligence) EDD and Transactions Monitoring that will strengthen data security and reduce potential for fraud
- And more!

Financial Crime Fighters: A Closer Look at Risks & Best Practices

Fintech

Financial Services

Risk Assessment

Risk Management

Risk Mitigation

Fraud Prevention

Customer Data

Data Protection

Compliance

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Financial Crime Fighters: A Closer Look at Risks & Best Practices

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