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The Year Regulators Got Personal | Global Regulatory Fines 2020

In 2020, fines for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC), data privacy and MiFID regulations against financial institutions and individuals totalled $10.6 billion, rising 27% from the year before.

Penalties against financial institutions for compliance breaches are rising in volume and value and 2020 was the second highest year in these respects for enforcement actions. The number of fines aimed at individuals has also increased during 2020, hinting towards a new trend where more individuals are being held accountable for compliance breaches. Will this along with whistleblowing incentives and a widening of the net with regards to the law impact the unrelenting rise in financial crime?

On this webinar, we will uncover the key findings and trends emerging from Fenergo’s annual financial industry fines report. Register now to join the debate with our special guests and Fenergo panellists including financial crime expert, Graham Barrow from The Dark Money Files, Jeremy Kuester, Counsel at White & Case and previously at the Financial Crimes Enforcement Network (FinCEN) and Rachel Woolley, Global Director of Financial Crime at Fenergo.

Key findings for discussion include:

- Landmark action against Goldman Sachs totalling $6.8 billion (from multiple regulators) for its involvement in 1MBD scandal

- Major Australian bank fined almost $1bn for its money laundering scandal with links to serious crimes

- In 2019 nine fines amounting to $2.4 billion were issued by US regulators to foreign banks (UK and Italy) for sanctions violations. This year there were just two significant sanctions fines issued by UK and USA regulators totalling $76 million to banks headquartered in UK and South Korea

- Individuals were fined $89 million for AML and MIFID breaches.
Recorded Jun 30 2021 67 mins
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Presented by
Rachel Woolley, Fenergo; Graham Barrow, The Dark Money Files; Jeremy Kuester, White & Case and previously at the FinCEN
Presentation preview: The Year Regulators Got Personal | Global Regulatory Fines 2020

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  • KYC Done Differently: The Step-by-Step Guide to Effective Client Journeys Recorded: Oct 13 2021 49 mins
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    Fenergo and PwC have joined forces to deliver client onboarding, KYC and refresh operations as managed services to address the ongoing KYC challenge.

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    Together, we’ll explore:
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    - How mid-tier banks are competing on customer experience today
    - The core pain points facing mid-tier banks. Is it technology, integration, data, compliance?

    We’ll showcase:
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    - The ideal mix of technologies that can be delivered in a SaaS model

    Speakers:
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    - Michael Cordas, SVP, Enterprise Business Transformation, City National Bank
    - Corey Le Blanc, Chief Digital & Innovation Officer, Origin Bank
    - Andrew Brandman, SVP, Office of the CEO, Financial Services, Salesforce
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    Lada Chu, Investors Bank; Niall Twomey, Fenergo; Austin Wells, IBM; Michael Dawson, Promontory
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    - The data and systems integrations that can create a centralized, end-to-end client lifecycle ecosystem
    - How OCR and NLP technologies can extract relevant information from documentation and attach to client profiles
    - Reduced need to perform customer outreach for data collection through API integration with leading data and screening providers and digital data and document captured, coupled with intelligent document processing (OCR, NLP)
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    - Niall Twomey, Chief Technology Officer, Fenergo
    - Austin Wells, Watson Financial Crimes Offering Manager (AML/KYC/Fraud), IBM
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  • Digitally Transforming KYC & Onboarding in the Cloud Recorded: Jul 14 2021 51 mins
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    The financial services industry is facing an unprecedented phase of disruption across the globe. This can either be an age of opportunity for those who are empowered with agile technology or a mountain to climb for firms who are in their own way.

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    In this session, we will discuss:

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    - The need for self-sufficiency for true speed to market
    - How to manage data security, residency and privacy in the cloud
    - How to accelerate onboarding from weeks to hours and minutes
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    Meet the speakers:

    - Paul Kavanagh, Chief Revenue Officer, Fenergo
    - Jim Williams, Head of Technology & Innovation, RBC Global Asset Management
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  • The Year Regulators Got Personal | Global Regulatory Fines 2020 Recorded: Jun 30 2021 67 mins
    Rachel Woolley, Fenergo; Graham Barrow, The Dark Money Files; Jeremy Kuester, White & Case and previously at the FinCEN
    In 2020, fines for non-compliance with Anti-Money Laundering (AML), Know your Customer (KYC), data privacy and MiFID regulations against financial institutions and individuals totalled $10.6 billion, rising 27% from the year before.

    Penalties against financial institutions for compliance breaches are rising in volume and value and 2020 was the second highest year in these respects for enforcement actions. The number of fines aimed at individuals has also increased during 2020, hinting towards a new trend where more individuals are being held accountable for compliance breaches. Will this along with whistleblowing incentives and a widening of the net with regards to the law impact the unrelenting rise in financial crime?

    On this webinar, we will uncover the key findings and trends emerging from Fenergo’s annual financial industry fines report. Register now to join the debate with our special guests and Fenergo panellists including financial crime expert, Graham Barrow from The Dark Money Files, Jeremy Kuester, Counsel at White & Case and previously at the Financial Crimes Enforcement Network (FinCEN) and Rachel Woolley, Global Director of Financial Crime at Fenergo.

    Key findings for discussion include:

    - Landmark action against Goldman Sachs totalling $6.8 billion (from multiple regulators) for its involvement in 1MBD scandal

    - Major Australian bank fined almost $1bn for its money laundering scandal with links to serious crimes

    - In 2019 nine fines amounting to $2.4 billion were issued by US regulators to foreign banks (UK and Italy) for sanctions violations. This year there were just two significant sanctions fines issued by UK and USA regulators totalling $76 million to banks headquartered in UK and South Korea

    - Individuals were fined $89 million for AML and MIFID breaches.
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    Paul Kavanagh, Greg Beltzer, Greg Blausey, Mike Perkowski
    From front and back office teams operating in silos to multiple disconnected legacy systems, financial institutions have to overcome many challenges to deliver the fast, frictionless onboarding experience today’s customers demand. However, integrating your customer relationship management (CRM) and middle-to-back office systems can be an effective way to optimize the onboarding process and build better customer relationships.

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  • The Future of Banking & Regulatory Impact in North America, What to Expect. Recorded: May 19 2021 72 mins
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  • The FinCEN Leaks: What Happens Next? Recorded: Oct 19 2020 68 mins
    Conor Coughlan, Rachel Woolley, David Doughty, Sam Gibbins, Graham Barrow
    No one truly knew the scale of money laundering and suspicious transactions activity that takes place every day across mainstream banking until the FinCEN files were leaked to the International Consortium of Investigative Journalists (ICIJ).

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    This leak only relates to a fraction of all SARs filed during the period. What are professionals to make of this? How should practitioners, regulators and governments react? Is this old news or new news? Can we reverse the damage done?

    In this live webinar we will aim to answer your questions and to discuss:
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    - How does the FinCEN leak compare to the Paradise and Panama papers?
    - How do we think investors, regulators & governments will react?
    - What change has to take place now and why?
    - What should banks do to stop financial criminals from using their firms for illicit purposes?
    - Questions & Answers
  • Remote Account Opening, Total Cost Reduction & Digital Transformation in a Covid Recorded: Jul 3 2020 47 mins
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    - Live demo of Fenergo’s RAO solution with digitalized AML / KYC processes
  • Are You Ready for a Cloud-First Approach to Client Lifecycle Management? Recorded: May 22 2020 46 mins
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    Financial Institutions are under pressure to digitalize their operations in the face of multiple challenges. These include the emergence of new challenger banks and the worldwide COVID-19 pandemic, which has forced many financial institutions to accelerate their provision of remote services. However, migrating to the cloud is a long-term, strategic project.
  • Disrupting the Disruptors in Banking Recorded: May 8 2020 55 mins
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    The emergence of digital-first challenger banks delivering Uber-like, highly personalised and efficient customer experiences are pushing traditional bricks and mortar financial institutions to re-define banking. Alarmingly our survey of client lifecycle management (CLM) trends in banks in the US, Europe, APAC and MENA found that 33% of banks have not invested in any technology to improve client onboarding and that outdated technology was preventing 20% of banks from investing in new, disruptive technology.

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    If you are interested in finding out more about this topic please email hello@fenergo.com
  • Another Fine Mess | Analysis of Global Financial Institution Fines Recorded: Apr 24 2020 66 mins
    Rachel Woolley, Conor Coughlan, Graham Barrow, Ray Blake
    Fenergo’s latest analysis of global financial institution fines shows that regulators across the US, EMEA, MENA and APAC have issued USD$36 billion in AML/KYC and sanctions-related fines since 2008 and $10 billion in the past year.

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    Key highlights from the research include:

    - US$10 billion in fines issued in 2019 for non-compliance with AML, KYC and sanctions regulations
    - 12 of world’s top 50 banks penalized
    - US$89.1 million was the average 2019 fine value issued
    - France issued 51% of the total amount (by $) in fines, followed by US (43%), Belgium (3%), UK (2%)
  • Real-Time Digital KYC: How to Ignite Revenue and Minimize Client Disruption Recorded: Jan 29 2020 47 mins
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    In this webinar we examined:
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    As witnessed in 2018, the global regulatory outlook in 2019 will be characterized by considerable challenges and changes by regional regulators, who will have a keen focus on AML, data protection and OTC reform. So how will this impact financial institutions and their clients? Join our regulatory experts as we evaluate:

    - What lies ahead on the Regulatory Roadmap for 2019/2020
    - How to plan and future-proof regulatory change management in your organization
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    - Our market leaders, have also answered questions via our pre-event poll and real-time Q&A session.
  • KYC, AML & Transparency for Cryptocurrencies and ICOs Recorded: Sep 18 2019 59 mins
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    Watch our recent webinar to learn more about:

    - The latest market research.
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    - Practical requirements that are needed to solve the problem.
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  • Automating Regulatory Change & The Regulatory Rules Engine Recorded: Aug 28 2019 37 mins
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    An insight into the industry's leading regulatory automation solutions and services, market research, insights and best practices. This special webinar aims to ensure compliance, regulatory, risk and operations professionals are armed with a key insights into how to solve the problem of regulatory change when it comes to KYC, AML & Client Lifecycle Management. This webinar will:

    Watch our recent webinar to learn more about:

    Market Trends & Regulatory Outlook
    The Fenergo approach to Regulatory Change
    The Fenergo regulatory rules engine
  • Delivering Digital Client Onboarding For Better Client Experience Recorded: Aug 13 2019 43 mins
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    In this webinar, Fenergo and Accenture join forces to present a target operating model for how commercial and business banks can design their digital client journeys from end-to-end to deliver a better client experience throughout initial client onboarding and throughout the entire client lifecycle.

    In this webinar, you'll learn:

    The top trends in digital transformation and client experience
    Expected regulatory changes in 2019/2020 impacting Client Lifecycle Management
    Target Operating Model: How to design and implement a frictionless, straight through client journey from initial onboarding to ongoing lifecycle management, including the key digital technologies that will make this happen e.g. eSignatures, digital ID&V, biometrics etc.
Placing clients at the heart of the digital banking journey.
Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management.

Counting 70 global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes. Fenergo CLM empowers financial institutions to deliver a faster, compliant and digital customer experience while achieving a single client view across channels, products, business lines and jurisdictions.

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  • Title: The Year Regulators Got Personal | Global Regulatory Fines 2020
  • Live at: Jun 30 2021 3:00 pm
  • Presented by: Rachel Woolley, Fenergo; Graham Barrow, The Dark Money Files; Jeremy Kuester, White & Case and previously at the FinCEN
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