Today organisations need to take a closer look at who they’re doing business with to be vigilant in understanding individuals and their assets. They need measures to do so with, systems, software and processes in place, so they can understand and draw insight from complex relationships and connections within their clients’ data. They also need a forensic look at their own organisations to investigate if they have the capability and capacity to handle and understand the sheer volume of data they are handling. With technological challenges the stakes are even higher and the consequences of not doing so results in unbelievable fines, scandal and brand damage but worse it results in the loss of human lives to slavery, drugs, terrorism and criminal activity. Anti-money laundering is a complex problem that eats away at the very fabric of our societies. A high level of due diligence is required to ensure our organisations are not supporting criminal activity. The criticism of AML laws has also clearly contributed to apathy across different sectors and there is much debate internationally around what is required to raise awareness. It will take a combined and vigilant effort to fight criminal activity in an era of greater technological sophistication, from the reinforcement of law and regulation to controls at the ground level.
Financial crime is not limited to the finance sector alone; it affects every organisation and no organisation is immune. Banks however are prime targets and criminal activity around AML/CTF today is highly organised, sophisticated and always one step ahead of that target. For the financial services sector, specifically, the measures for transparency, compliance and best practice are vital. To re-establish trust and drive down risk to eliminate criminal activity requires militant strategies today and as the technological revolution creates new opportunities for criminals it can also create new ways of dealing with criminal activity both internally and externally.
In this forum we explore;
- Is technology creating insuperable problems for financial services and other industries alike?
- Why artificial intelligence is the future of anti-money laundering initiatives
- Are compliance managers specialising in AML/CTF sufficiently supported and educated?
- Are the right programmes being implemented and externally audited to ensure sound practice?
- Do our regulators have sufficient capability and capacity?
- Is there an open forum between the regulator and the regulated?
- What are the challenges with virtual currencies and trade based money laundering initiatives today
- Why Culture and fighting apathy and corruption should be the priority of every board, executive and organisation
- Historic case studies that have taught us invaluable lessons
Looking at why the capability and capacity to do so is of utmost importance and why apathy in an organization is the number one enemy when it comes to compliance, we will hear from various experts and international organisations that are creating that co-ordinated effort to combat anti money laundering. We will also take a close look at virtual currencies and trade based money laundering activities that are challenging the financial services industry particularly.
A high-profile case study provides us the opportunity to understand why the right strategies create the first line of defence against criminal activity when it comes to anti-money laundering.
Director, Aub Chapman Consulting Services
BSA/AML/OFAC Sanctions Officer - Charles Schwab Bank, USA; Advisory Board Member Association of Certified Financial Crime Specialists
Dr Mohammed Ahmad Naheem
Executive Consultant, Mayfair Compliance; Executive Consultant & Leading World Expert on TBML
Dr David Chaikin
Chair - Discipline of Business Law, The School of Business, The University of Sydney & an expert consultant for Government, Organisations and Academia
Honorary Ambassador, Actionable Research Programmes into Latin (South) America , Liberty Asia
Chair of RegTech Association; CEO & Managing Director, GRC Solutions
Founder, Arctic Intelligence, Co-Founder, AML Accelerate
General Manager Sales, ANZ, BAE Systems Applied Intelligence
Consulting Principal, Keypoint Law
Founder at The Murinbin Group