Knowing and trusting who customers are is the primary responsibility of due diligence.
In the past decade, the ‘Regulatory Technology’ sector, or ‘RegTech’, has developed quickly in response to the need to manage existing financial crime risks better, enabled by the growing capacity and capability of evolving technologies themselves.
KEYNOTE: The transparency illusion- UK companies and the Beirut Explosion. A case study in how transparency may not be all it seems but can still assist in Global Investigations.
The explosion in Beirut was allegedly the largest non-nuclear explosion in history. But it has since emerged that the cause of the explosion was Ammonium Nitrate owned by a dormant UK company.
Money mules have become a modern day gold rush for cybercriminals.
Even before 2020, law enforcement agencies had been warning of a growing nexus between cyber and financial crime, and an expanding role from international serious organised crime groups.
Regulators consistently talk about the need for a ‘risk-based approach’ to financial crime, and many organisations have created ‘risk management’ functions to complement, and in some cases replace, legacy compliance functions. This shift is based on a recognition that it is not just what you do, it is how you do it that matters. Financial criminals are agile and reflexive, and those that seek to stop them need to be so in response.
Effective Financial Crime Risk Management. How do we evidence what we are doing in AFC is actually effective?
We have started to see a shift in the AFC community, as the pressure from regulators for firms to achieve good outcomes in financial crime prevention increases. There is likely to be greater focus on how outcomes are measured and how confident firms are that their controls are effective at tackling financial crime.
Keynote: ‘Everyone Is Doing Badly’: AML After 30 Years - A Conversation with David Lewis, Executive Secretary of FATF
In 1989, the Group of Seven leading industrialised nations formed the Financial Action Task Force (FATF) to create international standards in Anti-Money Laundering (AML).
In the last twelve months, the world has faced two pandemics. In the wake of Covid-19 has come a significant increase in digital fraud. Although much of that fraud has continued via what we now see as ‘traditional’ routes - such as phone, text and email - it has spread into the wider digital spaces of the internet, encouraged by social restrictions that force so many of us to live our lives largely online. But, is this change here to stay? Or will the landscape return to normal as vaccines roll out worldwide.
Evolving technology is often described as a key vulnerability in the fight against financial criminality, an argument made eloquently by the boom in cyber fraud during the pandemic. But the problem is not just technology - but the way we, as human beings, use it.
Many of us living in developed economies have liked to believe that slavery is a thing of the past. But we are coming to understand that it remains a very modern reality; one that blights the lives of 40 million men, women and children across the globe and creates criminal profits only rivalled by counterfeit goods and illegal narcotics. Shockingly, human misery is once again one of the biggest of global businesses.
The demands on compliance functions are increasing, but resources are limited. As the pace of business accelerates and both customer expectations and regulation are rising, the management of compliance and customer due diligence demands fresh thinking. Simply repeating how things have been carried out in the past will ultimately lead to failure.
The Asia-Pacific region is undoubtedly home to some of the fastest growing and most innovative Fintech markets, with rapidly advancing customer adoption rates in developing and developed economies alike.
Tackling the FinTech Regulatory Landscape: Addressing Challenges in Privacy, Compliance and Cybersecurity
Fintech has disrupted the financial sector dramatically over the past few years. With new, fast services, increased connectivity it has enabled the industry to be quicker and more agile.
Data Protection or Data Protectionism? The Future of International Data Sharing
Open banking has shaken up the financial services industry and has been considered a game-changer to the industry over the past couple of years.
The Schrems II ruling has created serious implications for data privacy around the globe, forcing organisations to understand its ramifications for their data security strategies.
Governance, risk, and compliance technologies are on the rise and are forecasted to grow in 2021. But how useful are they for GRC teams?
Join Manetu and Which? as they discuss CSR, ESG investing, how security, transparency, and control of personal information will affect companies’ customer relationships and corporate value.
Employee surveillance and biometric data has seen a surge in use over the past few years including in the workplace.
The UK Cyber Security Council: Perspectives on the role of the CISO The newly formed UK Cyber Security Council will discuss the changing role of the CISO, whether it is important or essential for qualifications and certifications for the role.