Financial Crime 360

Rocked by scandals and revelations, the financial services industry needs to re-evaluate business models, risk management, and compliance functions

In times when law enforcement units increasingly prosecute global money laundering groups, offshore tax havens, insider trading, Ponzi schemes, and sanctions violations; as regulatory demands by FATCA, FINRA, FCPA, and others continue to be refined, expanded, and made more stringent, and financial institutions worldwide face increasing costs of compliance and significant risks of noncompliance, how does the industry respond?

Banks are increasing budgets for bolstering IT security and compliance, often setting up an anti-financial crime department or cybercrime unit. They are trying to hire employees with skills in cybercrime, operational risk, cyber resiliency, and anti-money laundering. Many institutions are tightening their customer acceptance policy and KYC procedures. Motivated by a need to lower their overall risk profiles, banks are increasingly using de-risking measures and closing down accounts considered as too dicey. SMEs, money service businesses, fintech companies, charities, and foreign entities are the most likely to face such closures.

But, compared to an increasingly sophisticated and globally connected threat landscape, most banks seem ill prepared, understaffed, and lack suitable technology to tackle the challenges.

Following last year’s success, The Asian Banker is pleased to conduct the Financial Crime 360 conference for the third time combining the conference with workshops.

Training workshop on understanding new threats and what is takes to keep your organisation safe: September 21st
Acknowledging the growing importance of anti-money laundering, operational risk, and cyber security on the compliance agenda, The Asian Banker is offering this one-day training workshop to chief compliance officers, auditors, and other staff in compliance, risk, auditing, network security, IT disaster recovery and related departments of financial institutions. The workshop will focus on providing know-how including the means to avoid and minimise the impact of fraud, breaches, cybercrime, and insider trading by installing the right protection measures and processes.

Through interactive discussions and exercises, participants will be able to gain a deeper understanding of the current threat landscape, especially in areas that extend beyond the traditional expertise of a compliance officer but are highly relevant for the safety of a bank’s business.

delegates will be presented with a certificate of participation at the end of the workshop and gain free access to the conference on the following day.

Conference on the need to re-evaluate business models, risk management, and compliance functions: September 22nd
In light of recent cyber heists, data breaches, and ATM thefts, it is clear that today’s threats to financial institutions have to be approached in a collaborative way. Thus, the conference on 22 September is organised as a dialogue between regulatory bodies, national and international law enforcement units, banking executives, as well as consultants and technology companies with the focus on exchange of information, experience, best practises, and solutions to fight financial crime in its different shapes and forms.

Key Issues to be covered in Financial Crime 360 include:

• An update on national and international regulations
• Reinstalling trust in the international payment system
• New data and analytics solutions to combat fraud and ensure compliance
• Terror financing and the latest sanction regimes
• Fintech – What to consider in future risk assessment models?
• Introduction to the dark web and its bitcoin use
• Cyber crime and how to protect your own organisation against it
• Understanding the fast-growing threat of trade-based money laundering
• Site visit and tour through the INTERPOL Global Complex for Innovation