Financial Crime Community Zone

Taking place on the Main Stage from 11:00am on 24th September 2020 and here in the Financial Crime Community Zone for further thought, discussion and contributions.

Sep 24, 2020

Meeting the challenge of sanctions compliance in an increasingly uncertain world

Outstanding questions from the audience for today's session on sanctions:Where do you see the future for divergence from the US and EU approach, eg with Iran?How are you training staff to manage SSI risks?What do you see as the main challenges regarding the operational effectiveness across the bank in preparation / response to new sanctions?Does the panel have some advice on proactive ways of educating oneself/staying informed about sanctions?What are the key challenges with managing the OFAC 50% rule?Can or should compliance professionals be held responsible if the client teams do not do the right thing when an individual is found on the OFAC list? (The above question is in relation to a Russian individual.)Please feel free to share your thoughts on these, and any other questions you had emerging from the discussion  
Sep 24, 2020

The FinCEN leaks from the inside

We had many, many more questions than we could answer during today's session on the FinCEN leaks. Here is a selection:If we are only seizing less than 1% of all funds that are laundered, what is the point in the huge sums of money invested in fighting ML? How do we invoke change?Isn't it a cultural issue to let transactions go through that were flagged and reported as suspicious?Banks have been fined over and over again - is it time to start sending MLROs and senior compliance officers to prison?What's the point of apportioning blame - let's focus on fixing the access and PREVENTION of money laundering and providing continued access to these criminals?When you say that banks should close accounts if there is money laundering, surely they are just going to go elsewhere? Surely it requires criminal charges?What needs to change about the way we think as FinCrime professionals? Lots of talk on procedure, but do we need to talk about culture/values/attitude too?Is there any type of interbank information exchange about money laundering attempts?FATF evaluators gave FinCEN the top rating possible for a FIU in its 2016 mutual evaluation of the U.S.. Was it wrong? Are FATF's evaluation criteria wrong?How can banks measure success given they don't control the law enforcement element?What about the TMNL project - why aren't more nations starting something similar?Please feel free to share your thoughts on these, and any other questions you had emerging from the discussion
Sep 24, 2020

Transaction monitoring: A technological arms race - Questions

Some outstanding questions from today's panel session on technological advances in transaction monitoring:How can tier-2 banks create legal and information sharing agreements in order to actually deploy federation models? Are there any existing examples of this? How do you consider the suspicious transactions MISSED by your systems in continuous improvement?Does the AI discount alerts automatically based on loaded scenarios added to the system or does it refer all transactions for human checking and investigation?AI here is machine learning. If this is true, machine learning needs data, lots of data. If so, how realistic is it to expect AI to be applicable "now"?Someone I knew is a victim of a social media business scam and scammers had used mule account. Would AI help with mule accounts or create more false positives?Please feel free to share your thoughts on these, and any other questions you had emerging from the discussion
Jul 09, 2020

Questions from Arun Chauhan's session

A great session from Arun Chauhan, with not enough time to cover the many questions submitted, including:How do you motivate change in leaders who are actually so focused on the short term that they will not buy the employees' motivation and loyalty arguments?Leadership is key to culture and its potential impact on encouraging fraud. Do we have any metrics around the extent of fraud happening internally vs externally?Please do share your thoughts and experiences on the above

About this community zone

Welcome to the Community Zone for Financial Crime. Appearing on the Main Stage on 24th September we have:

11:00am – Transaction monitoring: A technical arms race, witPekka Dare, FICA (moderator), Director, Stakeholder Engagement & Delivery Excellent, ICA, Pawel Kryszkiewicz, Product Manager, Comarch, Eve RahmaniFinancial Crime Risk Specialist,Accentur
Ashley BostelProduct Development Manager, Nasdaq

11:45am – Surfacing New Threats in Retail Banking with Francisco MainezHead of Business Financial Crime Risk, Data & Analytics, HSBC and Araliya Sammé, Head of Financial Crime at Featurespace

12:45pm –Meeting the challenge of sanctions compliance in an increasingly uncertain world with Chloe CinaDirector, Global Sanctions & Embargoes, Deutsche Bank, Arjun Ahluwalia, Head of SanctionsHSBC UK, Richard Dunmall, Head of Sanctions, SMBC
Shruti Chandhok, AssociateCadwalader, Wickersham and Tafts LLP, Katrin ArendHead of Global Sanctions Policy and RegulationDeutsche Bank

1.30pm - FinCEN leaks from the inside. Martin Woods, Financial Crime Consultant, AML Ltd, Tim Tyler, Head of FInancial Crime ComplianceICA, Pekka DareDirector, ICA