Managing change is never easy. In a traditionally human-oriented industry, anti-financial crime professionals have struggled not only with the emergence of increasingly high-tech threats but also with the development of high-tech solutions. In other words, things are getting more complicated – and not everyone is prepared. While tech-savvy executives and MLROs may be familiar with cutting-edge solutions that help manage financial crime risks, not all high-level management is on board with these new technologies. For some, traditional methods are best, and this growing schism between the old breed and the new has caused tensions within the industry. 

To better understand this struggle, ahead of the Anti-Financial Crime Summit, we spoke to Christine Drabble, Chief of Risk, Underwriting and MLRO, Straal. 

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The past twenty years have seen digital solutions take over the world, and the market for financial crime prevention technology is vast. From one-size-fits-all tools to tailor-made software, technology offers more solutions than ever before – the only problem is finding it. Between costs, capabilities, and competition, determining the right solution for a business is no easy task. Often, cutting through the sales pitch to truly understand whether a provider is the right choice for your company is a time-consuming and frustrating process. 

Ahead of the Anti-Financial Crime Summit, we spoke to Malcolm Dallas, MLRO & Compliance Manager at Centtrip Ltd, to gain some insight into this issue. 

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Fighting financial crime is not a job that can ever be finished, and the importance of information and intelligence sharing cannot be overstated. Collaborative efforts and seamless exchange of insights among institutions, regulatory bodies, and law enforcement agencies are pivotal in detecting and preventing fraudulent activities, safeguarding the integrity of the financial system, and protecting both businesses and consumers alike. 

Ahead of the Anti-Financial Crime Summit 2023, we spoke to Debbie Grant, Global Head of Financial Crime Operations & Fraud, Wirex and Kirsty Coughlan, Head of Compliance, MLRO UK & EEA, Wirex, about the impact of advancing technology, preventing financial crime in a digital era, staying ahead of criminals, what more can be done by regulatory bodies to prevent fraud, and the importance of information and intelligence sharing within the financial sector. 

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According to our latest survey, a huge 70% of leaders reported that the lack of consensus in regulations across different countries and too many regulations were the biggest challenges they faced with the ongoing change to financial crime regulations. This can impact potential expansion for financial institutions and limit the number of new markets or countries they can conduct business in. 

With this at the forefront of many leaders’ agendas, we highlight the newest European financial crime regulations and regulatory changes you need to know this year, to ensure your organisation remains compliant in its effort to effectively mitigate financial crime risks. 

Read more and discover: 

• Current financial crime governance & regulation changes 
• Future European financial crime regulations 
• The impact of financial crime regulations across the financial sector 

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Financial crime is a nebulous field. From old-fashioned fraud to cryptocurrency scams, the range and creativity of fraudsters seem to have no bounds. Unsurprisingly, the evolution of technology in the internet age has seen fraudsters employ increasingly sophisticated tools and techniques to scam people out of their money. This technological prowess has not gone unnoticed – but it has left gaps on the regulatory side of this traditionally human-focused field.

Tools like pattern recognition and analytics play an ever-increasing role in the prevention of financial crime, alongside myriad other technologies available today. Most recently, the development of powerful artificial intelligence has complicated the conversation: how can regulators, much less single MLROs, keep up with such a fast-moving industry, and prevent criminals from exploiting and abusing these systems?

In a couple of words – it’s complicated. To gain a better perspective on these financial crime issues, we asked Mateo Jarrin Cuvi, Global Manager for Partners & Media, The Association of Governance, Risk & Compliance and ahead of the Anti-Financial Crime Summit 2023, for his thoughts on the matter.

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In the fast-paced and interconnected world of finance, how to fight financial crime has become an increasingly complex and challenging endeavour for banks and financial institutions. Traditional approaches to combat illicit financing, such as money laundering, fraud, and terrorist financing, often struggle to keep up with the evolving tactics of sophisticated criminals. However, with the right technology and its successful implementation, the financial sector holds the promise of largely reducing financial crime risks. 

Ahead of the Anti-Financial Crime Summit 2023, we spoke exclusively to John Fernandez, Chief Legal & Compliance Officer, Banked, about how to go about successfully implementing KYC and onboarding solutions, transaction monitoring and automated third-party risk management solutions, to enhance his company’s financial crime threat mitigation efforts and protect their customers. 

Read more and discover: 

• The key steps involved in creating a technology business case 
• The greatest pitfalls encountered when implementing KYC and onboarding solutions, transaction monitoring and automated third-party risk management solutions and how to overcome these 
• How to maximise the impact of KYC and onboarding solutions, transaction monitoring and automated third-party risk management solutions 
• Best practices of successfully implementing technology to help financial crime prevention 

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As technology continues to advance, financial crimes become increasingly difficult to detect, putting banks and financial institutions at greater risk. In response, companies are turning to advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML) to detect suspicious transactions and manage financial crime risks. As a result, the financial sector continues to increase its emphasis on technology investment to combat financial crime. 

In the run-up to the Anti-Financial Crime Summit 2023, we conducted a survey whereby industry leaders explore the biggest trends impacting financial crime risks. This comprehensive report also provides key insights into the technologies leaders are focusing on most this year, the top solutions and how to successfully implement technology and integrate it into existing systems, to help you mitigate your financial crime risks. 

Read the report and discover: 

• The biggest trends impacting financial crime risk 
• The technologies leaders are focusing on most this year 
• The top solutions to reduce the risk of financial crime 
• How to successfully implement technology and integrate it into existing systems 

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Ahead of the Anti-Financial Crime Summit 2023, we spoke exclusively with Paul Munson, UK Compliance Director, about his experience building transaction monitoring technology in-house at Shares App Ltd UK vs buying it, to combat financial crime. 

Read more and discover: 

• Why Shares App Ltd UK decided to build transaction monitoring in-house vs buying it 
• The potential benefits and limitations of building technology in-house vs buying it 
  
• The key steps used to build transaction monitoring technology in-house 
• The greatest challenges faced while building technology in-house, and how to overcome these challenges 
• The KPIs used to measure the effectiveness of transaction monitoring technology in the fight against financial crime 
• Practical advice for leaders who are considering building technology in-house rather than buying it in 

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Ahead of the Anti-Financial Crime Summit, the 2023 Attendee lists highlights the leading organizations within the industry and an extensive list of high-level attendees that have confirmed attendance. Join over 300 of your peers to understand the latest criminal methodologies, and gain insight how the latest in technology, data and insight can help both you and them combat the risks financial crime poses.

Ahead of this year’s Anti-Financial Crime Summit, we surveyed over 300 finance leaders to find out the latest financial crime regulations, emerging financial crime typologies, and how new technologies can help you manage your financial crime risks. This comprehensive benchmarking report will provide you with the unique opportunity to explore the current state of anti-financial crime within the financial sector.

Gain key learning and takeaways within this report including:

• The leading drivers for anti-financial crime initiatives
• The vital technologies companies are investing in for financial crime prevention and why they have invested in these technologies
• The greatest challenges with integrating new financial crime technology
• The top financial crime strategies to overcome technology implementation challenges
• The key typologies and methodologies used to manage financial crime risk
• The greatest anti-financial crime regulatory issues and the key financial crime strategies to overcome these issues
• Predictions for how regulatory issues will impact the future of financial crime risk in the near future

Download your copy below ahead of the upcoming summit on 6th-7th December at the Hilton London Canary Wharf, UK.

"To meet their legal and regulatory obligations, institutions must identify sanctioned individuals and entities (and other high-risk customer categories, such as Politically Exposed People) using some form of a screening process. More often than not, this is automated. In addition to customer themselves, customers’ transactions made to or from their customers must also be screened (primarily those made cross-border)."

In a recent article by Ben Rayner, Regional Head UKI and MEA, Silent Eight, you can learn about the different approaches being taken by financial crime teams to ensure effective and efficient sanctions programmes and screening solutions, as well as key methods for striking a balance between effectiveness and efficiency when delivering on sanctions obligations.

Download your copy below ahead of the upcoming Anti-Financial Crime Summit on 6th-7th December at the Hilton London Canary Wharf, UK.

Banks and Financial Institutions (FIs) are required to implement systems that ensure any proceeds they accept are legitimate and are not as a result of criminal activity. However, there are many obstacles that banks and FIs need to consider. For example, the emergence of new technologies allows criminals to better obscure the ultimate source of their wealth, governments are becoming stricter with their punishments for allowing financial crime to take place, including potential individual criminal punishment under the “failure to prevent” offense, and there is an ever-increasing number of rules that banks and FIs must adhere to for every country they operate in across every operation. This creates a huge risk, and with criminals continuing to invest money and time into beating the system, banks and FIs are struggling to keep up. 

Ahead of this year’s Anti-Financial Crime Summit, we spoke exclusively to Debbie Grant, Head of Financial Crime, Compliance & Fraud Operations at Wirex, about Wirex's top anti-financial crime strategies and best practices, to help you better identify, combat, and protect your organisation against the risks of financial crime. 

Read more and discover: 

• The impact new technologies will have in the fight against financial crime 
• How to overcome the greatest challenges with financial crime 
• The best practices for remaining compliant with current regulations 
• The top strategies for reducing financial crime risk 
• Predictions for the future of the financial crime sector in the coming years 

Download the full interview here >>>

“The Power of Data in Transforming Your Approach to FinCrime” presentation was delivered by Grant MacDonald, Director of FinCrime Market Engagement, Experian at the 2022 Anti-Financial Crime Summit that covers:

• Why UK Businesses Area a Popular Choice for Money Launderers
• How UK Businesses Have Been Compromised
• How Companies House is Too Often Trusted
• The Real-Life Story of Ambrus Varga
• Improve Your Understanding of Any Portfolio Type
• Typical Characteristics of a Money Laundering Business
• Industry Transaction Data Sharing
• Cashflow Profile Creation

Grant MacDonald will return to the 2023 Anti-Financial Crime Summit where he will deliver a presentation on “Using data to detect and mitigate financial crime”.

Ahead of the Anti-Financial Crime Summit, we spoke exclusively to Christine Drabble, MLRO and Group Compliance Consultant, Payabl, about the greatest challenges impacting the implementation of financial crime detection strategies and how to overcome them, how changing compliance and risk skillsets will impact the use of technology to manage financial crime risks, as well as highlights from the Anti-Financial Crime Summit, to help you learn about the latest regulations, understand new financial crime typologies and identify new technologies to manage your financial crime risks.

Ahead of the Anti-Financial Crime Summit, we spoke exclusively to Liliya Gelemerova, Head of UK Financial Security, Credit Agricole CIB, about whether the EUs 6th Anti-Money Laundering Directive and the UK’s 2nd Economic Crime Bill will have their desired impact, where you can see unwanted impacts of recent AML regulations, and what impact this will have on the future of the financial sector, as well as highlights from the Anti-Financial Crime Summit, to help you learn about the latest regulations, understand new financial crime typologies and identify new technologies to manage your financial crime risks.

Ahead of the Anti-Financial Crime Summit, we spoke exclusively to Matthew Banham, Partner, Dechert LLP, about what financial crime trends he envisages for 2023 and why, what more the industry can do to reduce the risks of financial crime, as well as highlights from the Anti-Financial Crime Summit, to help you learn about the latest regulations, understand new financial crime typologies and identify new technologies to manage your financial crime risks.

Ahead of the Anti-Financial Crime Summit, we spoke exclusively to Che Sidanius, Global Head of Financial Crime and Industry Affairs, London Stock Exchange Group Ltd, about how his company is overcoming data issues despite current regulations to take the next step in financial crime management (PPPs), what role regulatory authorities can play within a PPP, what the future of the regulatory agenda looks like, as well as highlights from the Anti-Financial Crime Summit, to help you learn about the latest regulations, understand new financial crime typologies and identify new technologies to manage your financial crime risks.