Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
Good day all,
Please find attached the May 2017 edition of our very informative Newsletter. Apologies for the tardiness.
We look forward to your continuing support and comments. Please send all comments and suggestions to training@kawmanagement.com or training.kawmgmt@candw.ag.
Happy reading.
This document provides an overview of anti-money laundering topics including what money laundering is, how it is carried out in practice, how corporate vehicles and terrorist financing relate to money laundering, and regulations and prevention measures used to fight money laundering. Key points covered include the stages of money laundering, negative impacts of money laundering, methods used, corporate structures that enable it, differences between money laundering and terrorist financing, US and EU AML regulations, and customer due diligence and screening processes organizations use to prevent money laundering.
This document discusses converging customer lifecycle risk management into a single department. It argues that siloed risk functions create inefficiencies, while a unified approach allows for fast decision-making, elimination of duplicate efforts, and a single objective of acquiring profitable customers. The presentation outlines how a telecommunications company implemented a holistic risk management strategy across the customer lifecycle from sales to collections. It describes the preventative controls, credit modeling, product monitoring, and smart collection strategies employed. Results of the unified approach included significantly lower bad debt, reduced fraud and collection costs, and improved customer acquisition and retention.
This document discusses internal controls and fraud prevention for organizations. It begins by defining fraud and describing common fraud perpetrator characteristics. It then discusses the fraud triangle of incentive, opportunity, and rationalization. Various types of fraud like fraudulent financial reporting and asset misappropriation are explained. The responsibilities of management, boards, and auditors in fraud detection are outlined. Key internal controls around physical access, job descriptions, and accounting reconciliations are recommended. The importance of tone at the top and professional skepticism are also emphasized.
This document discusses how SugarCRM can help insurance companies by providing customer relationship management solutions tailored to the insurance vertical. It begins by outlining the key steps to understand an industry in order to conceptualize vertical-specific solutions. It then provides an overview of the insurance industry, how insurance companies work by developing products, pricing them, distributing them and processing claims. It also discusses the challenges insurance companies face in growing in a stagnant market with commoditized products and demanding customers. Finally, it proposes that focusing on customers through better engagement and transparency using CRM solutions like SugarCRM can help insurance companies overcome these challenges.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
Good day all,
Please find attached the May 2017 edition of our very informative Newsletter. Apologies for the tardiness.
We look forward to your continuing support and comments. Please send all comments and suggestions to training@kawmanagement.com or training.kawmgmt@candw.ag.
Happy reading.
This document provides an overview of anti-money laundering topics including what money laundering is, how it is carried out in practice, how corporate vehicles and terrorist financing relate to money laundering, and regulations and prevention measures used to fight money laundering. Key points covered include the stages of money laundering, negative impacts of money laundering, methods used, corporate structures that enable it, differences between money laundering and terrorist financing, US and EU AML regulations, and customer due diligence and screening processes organizations use to prevent money laundering.
This document discusses converging customer lifecycle risk management into a single department. It argues that siloed risk functions create inefficiencies, while a unified approach allows for fast decision-making, elimination of duplicate efforts, and a single objective of acquiring profitable customers. The presentation outlines how a telecommunications company implemented a holistic risk management strategy across the customer lifecycle from sales to collections. It describes the preventative controls, credit modeling, product monitoring, and smart collection strategies employed. Results of the unified approach included significantly lower bad debt, reduced fraud and collection costs, and improved customer acquisition and retention.
This document discusses internal controls and fraud prevention for organizations. It begins by defining fraud and describing common fraud perpetrator characteristics. It then discusses the fraud triangle of incentive, opportunity, and rationalization. Various types of fraud like fraudulent financial reporting and asset misappropriation are explained. The responsibilities of management, boards, and auditors in fraud detection are outlined. Key internal controls around physical access, job descriptions, and accounting reconciliations are recommended. The importance of tone at the top and professional skepticism are also emphasized.
This document discusses how SugarCRM can help insurance companies by providing customer relationship management solutions tailored to the insurance vertical. It begins by outlining the key steps to understand an industry in order to conceptualize vertical-specific solutions. It then provides an overview of the insurance industry, how insurance companies work by developing products, pricing them, distributing them and processing claims. It also discusses the challenges insurance companies face in growing in a stagnant market with commoditized products and demanding customers. Finally, it proposes that focusing on customers through better engagement and transparency using CRM solutions like SugarCRM can help insurance companies overcome these challenges.
This document discusses how SugarCRM can help insurance companies by providing customer relationship management software. It begins by outlining the key steps to understanding an industry vertically, then provides an overview of the insurance industry, how insurance companies work, their products and distribution channels. It identifies challenges in the insurance industry like growth pressures and commoditization. The document proposes that focusing on customers through better engagement, transparency and service can help tackle these challenges. It acknowledges complications for insurance CRM like independent agencies and legacy systems. It concludes by offering to demonstrate SugarCRM capabilities for an insurance customer.
This document discusses ecommerce fraud prevention. It begins with an introduction to Paul Young, a CPA and expert in risk management, reporting, and financial solutions. The agenda outlines that it will provide an ecommerce diagram and discuss solutions for businesses. It then shares an ecommerce diagram. The bulk of the document discusses online fraud trends, citing a report on the growing fraud detection and prevention market. It outlines three common types of fraud prevention solutions for ecommerce businesses: basic gateway filters, manual transaction review, and automated solutions.
NICSA Webinar | AML Enhanced Customer Due Diligence - "Beneficial Owner Rule"NICSA
The wait is finally over, after years of waiting we now have the final Customer Due Diligence Rule. This new rule will require financial institutions to enhance their AML programs to further scrutinize entity accounts and their beneficial owners. The panel will detail key requirements and dates while comparing the CDD rule to the EU 3rd directive.
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Risk & Advisory Services: Quarterly Risk Advisor May 2016CBIZ, Inc.
This issue includes the following articles: 1) 3 Questions Every Board Needs to Ask About Enterprise Risks 2) 3 Ways to Improve Your Credit Card and Data Security 3) 5 Major Risks Construction Project Owners Face
This guideline takes you through a step-by-step guide on how to conduct a money laundering business risk assessment. The slides consider each core division of an aml risk assessment.
This document discusses managing money laundering and terrorist financing risks for clients through a risk-based approach. It identifies several types of risks to evaluate like geographical, activity, behavioral, and relationship risks. The risk-based approach is used to establish a risk profile for each client by assessing these factors. Regular reviews of higher risk clients and continuous monitoring are also recommended to comply with anti-money laundering obligations. An automated global AML system can help professionals efficiently conduct client due diligence and risk assessments.
Sriram Natarajan provides an introduction to risk management within consumer banking. He outlines the main types of risk such as credit, market, interest rate, and operational risk. Credit risk, in particular, is the risk that borrowers do not repay loans in a timely manner or at all. He discusses the five "C's" of credit - character, capacity, capital, collateral, and cash flow - that are used to evaluate borrowers and make credit acquisition decisions. The role of the credit risk team is also summarized as setting risk appetite, managing lending policies, prescribing credit and collection policies, and monitoring portfolio performance. Specific challenges in credit risk management in the UAE are highlighted.
Contego Fraud Solutions Ltd fin tech week 2014Rebecca1243
Data and Risk Management:A Match Made in FinTech.
Earlier this year Adrian Black, CEO of Contego, gave an insightful presentation on what data needs to be leveraged in the fight against fraud. Here at Contego we think that sharing the right intelligence reduces collective risk. So please take a look.
How really to prepare for a credit card compromise (PCI) forensics investigat...Security B-Sides
The document discusses preparing for a PCI forensic investigation following a payment card data breach. It provides lessons learned from over 100 card compromise investigations, including what merchants can expect from the process, who the key stakeholders are, and common trends seen in breaches. Merchants are advised to have an incident response plan in place, know their responsibilities, work with qualified forensic experts and lawyers, and notify all necessary parties immediately in case of a breach.
Elements of Customer Risk: Profiles and RelationshipsAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-profiles-relationships/
Customer risk rating is an integral part of the customer due diligence process, yet it can be a difficult tool to implement. The risk tolerance of the organization, what products are used, what data is available and the weighting of each risk factor are just some of the variables that need to be considered to determine whether the overall aggregate score is considered high-, medium- or low- risk.
In Part 1 of this webinar series, Laurie Kelly, CAMS will discuss her experience with calculating risk ratings and things that every financial institution should consider.
Viewers will learn about the objectives and fundamentals of customer risk scoring, as well as a logical way to categorize types of risks. She will then review various risk factors to consider when assessing customer risk from a demographic/profile and relationships perspective.
Finally, Laurie will explore separately individual and business/commercial customers risk factors but with a greater focus on business customers, which have more nuanced and complex risk considerations.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Don’t let the title fool you. Establishing a comprehensive AML Program may involve “Five Steps” – but the steps are giant. We’ll break them down, but each area is time-consuming and takes a focused mindset.
We don’t suggest holding someone new to the AML profession solely responsible for implementing an AML Programme. Senior Management needs to understand that there are significant financial and reputational risk exposures if you have an underdeveloped AML Programme. Seek the input of an experienced advisor rather than trying to build a programme alone if you don’t have the experience.
This document summarizes the Financial Intelligence Centre Act (FICA) in South Africa, which aims to combat money laundering and financing of terrorist activities. It outlines that FICA affects accountable institutions like banks and attorneys, as well as their clients. Accountable institutions have responsibilities like identifying clients, record keeping, reporting suspicious transactions, and implementing a risk-based compliance program. It also discusses rules for client due diligence, risk management, reporting, record keeping, training, and penalties for non-compliance.
The document outlines 10 common reasons why businesses fail. They include poor financial management, inadequate business planning, lack of understanding of pricing structures and margins, poor cash flow management, lack of financial reserves, inappropriate use of credit, poor tax management, failure to submit tax returns on time, poor processes and procedures, and failure to seek professional advice. Addressing these issues through financial tracking software, comprehensive business planning, regular pricing and cost reviews, cash flow monitoring, maintaining financial reserves, obtaining appropriate credit, managing taxes, following procedures, and consulting advisers can help businesses avoid common pitfalls and improve their chances of long-term survival.
This document discusses a risk management solution that helps companies comply with anti-financial crime regulations by providing knowledge and tools to identify risks. It collects information on financial crime methods and shares analysis digitally to help companies understand how they could be misused and take preventative actions. This knowledge-based approach can increase compliance quality while significantly reducing costs for risk management frameworks and activities. The solution is applicable to various anti-financial crime use cases such as risk assessment, framework design, training, and transaction monitoring.
The document discusses fraud risk management tools and techniques used to identify and prevent fraud, including risk heat mapping to monitor high-risk customer accounts based on country and transaction risks, computer-assisted audit techniques, artificial intelligence, machine learning and data analytics to detect patterns of potential fraudulent activity. It also covers case studies on banking, digital, and online fraud risks as well as the roles and responsibilities in an effective fraud risk management program.
Risk and Compliance Oct 2018 Adrià VázquezMorgan Jones
This document summarizes an interview with Adrià Vázquez, the regional TRI manager for Asia-Pacific at Tokio Marine HCC, about insuring cross-border M&A deals. Vázquez discusses the increasing but still emerging use of insurance like warranty and indemnity policies for deals in emerging markets. He notes the complex risks in these markets and how insurance can help mitigate risks and facilitate deals by resolving issues like unknown liabilities. Looking ahead, Vázquez expects continued rising demand for M&A insurance in emerging markets as the market matures and more players offer specialized coverage.
Kaluwa Maitre-Avril, FICA takes a frank look at client onboarding procedures at Financial Institutions with a view to providing solutions that add value to the process and manage risks more effectively while making money safely.
This article first appeared in inCOMPLIANCE Issue 28 "Coming into focus" published March 2017. It is an official publication of the International Compliance Association, www.int-comp.org
Navigate the Financial Crime Landscape with a Vendor Management ProgramPerficient, Inc.
What is the impact of a failed risk management program as a result of actions committed by a vendor or service provider? Your financial institution may be exposed to reputational damage and financial losses running into billions of dollars.
During this webinar, our financial crime and risk management experts discussed current financial crime trends, steps to identifying vendor risks, the need for Know Your Vendor (KYV) and due diligence, and creating a cross-functional risk-based approach to vendor governance.
The document discusses UK financial services regulation. It explains that regulatory authorities aim to maintain confidence in the financial system and ensure stability, consumer protection, and reduction of financial crime. The document outlines changes over time, including the introduction of statutory regulation by the Financial Services Authority (FSA) in 2005 and the subsequent splitting of FSA responsibilities in 2012 to different regulatory bodies. It also discusses the FSA's risk-based and principles-based approaches to regulation. The principles aim to ensure integrity, skill, care, customer interests and fair treatment in the conduct of financial businesses like underwriting.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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This document discusses how SugarCRM can help insurance companies by providing customer relationship management software. It begins by outlining the key steps to understanding an industry vertically, then provides an overview of the insurance industry, how insurance companies work, their products and distribution channels. It identifies challenges in the insurance industry like growth pressures and commoditization. The document proposes that focusing on customers through better engagement, transparency and service can help tackle these challenges. It acknowledges complications for insurance CRM like independent agencies and legacy systems. It concludes by offering to demonstrate SugarCRM capabilities for an insurance customer.
This document discusses ecommerce fraud prevention. It begins with an introduction to Paul Young, a CPA and expert in risk management, reporting, and financial solutions. The agenda outlines that it will provide an ecommerce diagram and discuss solutions for businesses. It then shares an ecommerce diagram. The bulk of the document discusses online fraud trends, citing a report on the growing fraud detection and prevention market. It outlines three common types of fraud prevention solutions for ecommerce businesses: basic gateway filters, manual transaction review, and automated solutions.
NICSA Webinar | AML Enhanced Customer Due Diligence - "Beneficial Owner Rule"NICSA
The wait is finally over, after years of waiting we now have the final Customer Due Diligence Rule. This new rule will require financial institutions to enhance their AML programs to further scrutinize entity accounts and their beneficial owners. The panel will detail key requirements and dates while comparing the CDD rule to the EU 3rd directive.
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Risk & Advisory Services: Quarterly Risk Advisor May 2016CBIZ, Inc.
This issue includes the following articles: 1) 3 Questions Every Board Needs to Ask About Enterprise Risks 2) 3 Ways to Improve Your Credit Card and Data Security 3) 5 Major Risks Construction Project Owners Face
This guideline takes you through a step-by-step guide on how to conduct a money laundering business risk assessment. The slides consider each core division of an aml risk assessment.
This document discusses managing money laundering and terrorist financing risks for clients through a risk-based approach. It identifies several types of risks to evaluate like geographical, activity, behavioral, and relationship risks. The risk-based approach is used to establish a risk profile for each client by assessing these factors. Regular reviews of higher risk clients and continuous monitoring are also recommended to comply with anti-money laundering obligations. An automated global AML system can help professionals efficiently conduct client due diligence and risk assessments.
Sriram Natarajan provides an introduction to risk management within consumer banking. He outlines the main types of risk such as credit, market, interest rate, and operational risk. Credit risk, in particular, is the risk that borrowers do not repay loans in a timely manner or at all. He discusses the five "C's" of credit - character, capacity, capital, collateral, and cash flow - that are used to evaluate borrowers and make credit acquisition decisions. The role of the credit risk team is also summarized as setting risk appetite, managing lending policies, prescribing credit and collection policies, and monitoring portfolio performance. Specific challenges in credit risk management in the UAE are highlighted.
Contego Fraud Solutions Ltd fin tech week 2014Rebecca1243
Data and Risk Management:A Match Made in FinTech.
Earlier this year Adrian Black, CEO of Contego, gave an insightful presentation on what data needs to be leveraged in the fight against fraud. Here at Contego we think that sharing the right intelligence reduces collective risk. So please take a look.
How really to prepare for a credit card compromise (PCI) forensics investigat...Security B-Sides
The document discusses preparing for a PCI forensic investigation following a payment card data breach. It provides lessons learned from over 100 card compromise investigations, including what merchants can expect from the process, who the key stakeholders are, and common trends seen in breaches. Merchants are advised to have an incident response plan in place, know their responsibilities, work with qualified forensic experts and lawyers, and notify all necessary parties immediately in case of a breach.
Elements of Customer Risk: Profiles and RelationshipsAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-profiles-relationships/
Customer risk rating is an integral part of the customer due diligence process, yet it can be a difficult tool to implement. The risk tolerance of the organization, what products are used, what data is available and the weighting of each risk factor are just some of the variables that need to be considered to determine whether the overall aggregate score is considered high-, medium- or low- risk.
In Part 1 of this webinar series, Laurie Kelly, CAMS will discuss her experience with calculating risk ratings and things that every financial institution should consider.
Viewers will learn about the objectives and fundamentals of customer risk scoring, as well as a logical way to categorize types of risks. She will then review various risk factors to consider when assessing customer risk from a demographic/profile and relationships perspective.
Finally, Laurie will explore separately individual and business/commercial customers risk factors but with a greater focus on business customers, which have more nuanced and complex risk considerations.
About Alessa, a CaseWare RCM product:
Alessa is a financial crime detection, prevention and management solution offered by CaseWare RCM Inc. With deployments in more than 20 countries in banking, insurance, FinTech, gaming, manufacturing, retail and more, Alessa is the only platform organizations need to identify high-risk activities and stay ahead of compliance. To learn more about how Alessa can help your organization ensure compliance, detect complex fraud schemes, and prevent waste, abuse and misuse, visit us at caseware.com/alessa.
Connect with us online:
Visit the Alessa WEBSITE: https://www.caseware.com/alessa/
Follow Alessa on LINKEDIN: https://www.linkedin.com/caseware-alessa
Follow Alessa on TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE to Alessa on YouTube: http://tiny.cc/Alessa
Don’t let the title fool you. Establishing a comprehensive AML Program may involve “Five Steps” – but the steps are giant. We’ll break them down, but each area is time-consuming and takes a focused mindset.
We don’t suggest holding someone new to the AML profession solely responsible for implementing an AML Programme. Senior Management needs to understand that there are significant financial and reputational risk exposures if you have an underdeveloped AML Programme. Seek the input of an experienced advisor rather than trying to build a programme alone if you don’t have the experience.
This document summarizes the Financial Intelligence Centre Act (FICA) in South Africa, which aims to combat money laundering and financing of terrorist activities. It outlines that FICA affects accountable institutions like banks and attorneys, as well as their clients. Accountable institutions have responsibilities like identifying clients, record keeping, reporting suspicious transactions, and implementing a risk-based compliance program. It also discusses rules for client due diligence, risk management, reporting, record keeping, training, and penalties for non-compliance.
The document outlines 10 common reasons why businesses fail. They include poor financial management, inadequate business planning, lack of understanding of pricing structures and margins, poor cash flow management, lack of financial reserves, inappropriate use of credit, poor tax management, failure to submit tax returns on time, poor processes and procedures, and failure to seek professional advice. Addressing these issues through financial tracking software, comprehensive business planning, regular pricing and cost reviews, cash flow monitoring, maintaining financial reserves, obtaining appropriate credit, managing taxes, following procedures, and consulting advisers can help businesses avoid common pitfalls and improve their chances of long-term survival.
This document discusses a risk management solution that helps companies comply with anti-financial crime regulations by providing knowledge and tools to identify risks. It collects information on financial crime methods and shares analysis digitally to help companies understand how they could be misused and take preventative actions. This knowledge-based approach can increase compliance quality while significantly reducing costs for risk management frameworks and activities. The solution is applicable to various anti-financial crime use cases such as risk assessment, framework design, training, and transaction monitoring.
The document discusses fraud risk management tools and techniques used to identify and prevent fraud, including risk heat mapping to monitor high-risk customer accounts based on country and transaction risks, computer-assisted audit techniques, artificial intelligence, machine learning and data analytics to detect patterns of potential fraudulent activity. It also covers case studies on banking, digital, and online fraud risks as well as the roles and responsibilities in an effective fraud risk management program.
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This document summarizes an interview with Adrià Vázquez, the regional TRI manager for Asia-Pacific at Tokio Marine HCC, about insuring cross-border M&A deals. Vázquez discusses the increasing but still emerging use of insurance like warranty and indemnity policies for deals in emerging markets. He notes the complex risks in these markets and how insurance can help mitigate risks and facilitate deals by resolving issues like unknown liabilities. Looking ahead, Vázquez expects continued rising demand for M&A insurance in emerging markets as the market matures and more players offer specialized coverage.
Kaluwa Maitre-Avril, FICA takes a frank look at client onboarding procedures at Financial Institutions with a view to providing solutions that add value to the process and manage risks more effectively while making money safely.
This article first appeared in inCOMPLIANCE Issue 28 "Coming into focus" published March 2017. It is an official publication of the International Compliance Association, www.int-comp.org
Navigate the Financial Crime Landscape with a Vendor Management ProgramPerficient, Inc.
What is the impact of a failed risk management program as a result of actions committed by a vendor or service provider? Your financial institution may be exposed to reputational damage and financial losses running into billions of dollars.
During this webinar, our financial crime and risk management experts discussed current financial crime trends, steps to identifying vendor risks, the need for Know Your Vendor (KYV) and due diligence, and creating a cross-functional risk-based approach to vendor governance.
The document discusses UK financial services regulation. It explains that regulatory authorities aim to maintain confidence in the financial system and ensure stability, consumer protection, and reduction of financial crime. The document outlines changes over time, including the introduction of statutory regulation by the Financial Services Authority (FSA) in 2005 and the subsequent splitting of FSA responsibilities in 2012 to different regulatory bodies. It also discusses the FSA's risk-based and principles-based approaches to regulation. The principles aim to ensure integrity, skill, care, customer interests and fair treatment in the conduct of financial businesses like underwriting.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
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2. www.adamasadvisors.comwww.adamasadvisors.com
Contents:
1. Current Environment
2. Specific challenges for financial institutions:
1. Heavily regulated
2. Lightly regulated
3. Client specific challenges:
1. Domestic clients
2. Foreign clients
4. Compliance solutions
1. Compliance Fintech
2. Correct risk calculation
3. Correct methodology
4. Correct Training
3. www.adamasadvisors.comwww.adamasadvisors.com
Current Environment
- Increasing governmental vigilance in fight against money laundering
- Funding of terrorist activity
- Human trafficking
- Drug related money laundering
- Tax evasion
- Increasing regulatory vigilance in fight against money laundering
- Execution of government policy
- Increased risk for financial institutions
- Current and future activity
- Past activity
- Personal liability for Compliance Personnel
4. www.adamasadvisors.comwww.adamasadvisors.com
Current Environment – IMF Calculation of Global Money Laundering through Banks
1500
1000
Wittingly Unwittingly
1000
2000
Wittingly Unwittingly
1000
500
Wittingly Unwittingly
2000 2005 2011
1250
3250
Wittingly Unwittingly
2016
6. www.adamasadvisors.comwww.adamasadvisors.com
Challenges
- Lack of coherent and universal definition of money laundering
- Mixed definition of terrorism
- Classification of Tax evasion as money laundering
- Lack of global compliance and anti money laundering regulations
- Responsibility left with individual financial institutions
- Underprepared compliance departments
- Lack of use of Compliance FinTech
- Lack of proper Procedures and methodology
- Lack of training
7. www.adamasadvisors.comwww.adamasadvisors.com
Result
- Incorrect risk calculation
- Turn away the wrong business due to incorrect risk calculation
- Accept the wrong business for the same reason
- Incorrect documentary requirements
- Take time and lose client confidence
- Increased risk
- Reduced revenues
- Inefficient procedures
- Increased costs
BUSINESS RISKLOST BUSINESS
TOO CAUTIOUS INCORRECT RISK CALCULATION
8. www.adamasadvisors.comwww.adamasadvisors.com
Contents:
1. Current Environment
2. Specific challenges for financial institutions:
1. Heavily regulated
2. Lightly regulated
3. Client specific challenges:
1. Domestic clients
2. Foreign clients
4. Compliance solutions
1. Compliance Fintech
2. Correct risk calculation
3. Correct methodology
4. Correct Training
9. www.adamasadvisors.comwww.adamasadvisors.com
Heavily Regulated Environments
- Normally large institutions in OECD jurisdictions or branches of the same
- Germany
- US
- UK
- Switzerland
- Large balance sheets allow for increased budget to prevent money laundering
- Normally have trained international staff
- Normally have methodology in place
- More aggressive posture regarding risk
10. www.adamasadvisors.comwww.adamasadvisors.com
Lightly Regulated Environments
- Smaller institutions in non-OECD jurisdictions or branches of the same
- Smaller balance sheets do not allow for increased budget to prevent money
laundering
- Do not normally have trained international staff
- Do not normally have methodology in place
- Perception that can be more easily manipulated
- Defensive posture regarding risk
11. www.adamasadvisors.comwww.adamasadvisors.com
Contents:
1. Current Environment
2. Specific challenges for financial institutions:
1. Heavily regulated
2. Lightly regulated
3. Client specific challenges:
1. Domestic clients
2. Foreign clients
4. Compliance solutions
1. Compliance Fintech
2. Correct risk calculation
3. Correct methodology
4. Correct Training
12. www.adamasadvisors.comwww.adamasadvisors.com
Domestic Clients
- Compliance officers and MLROs normally more comfortable with domestic clients
- Risk is better known and same culture
- Risk can be better calculated and identified
- Resident account holders more easily accessed and due diligence carried out
- Lower profitability due to fee competition
- More competition in domestic market compared to international
- Only aim is to increase market share against domestic competitors
13. www.adamasadvisors.comwww.adamasadvisors.com
International Clients
- Compliance officers and MLROs normally less comfortable with international clients
- Risk is less known
- Risk more difficult to calculate and identify
- Non-Resident account holders less easily accessed
- Higher profitability
- Less competition
- Bring new assets to the jurisdiction
14. www.adamasadvisors.comwww.adamasadvisors.com
Contents:
1. Current Environment
2. Specific challenges for financial institutions:
1. Heavily regulated
2. Lightly regulated
3. Client specific challenges:
1. Domestic clients
2. Foreign clients
4. Compliance solutions
1. Compliance Fintech
2. Correct risk calculation
3. Correct methodology
4. Correct Training
15. www.adamasadvisors.comwww.adamasadvisors.com
Compliance FinTech
- Increasing amount of FinTech and RegTech support helps identify risk factors
- Tailored, risk-based screening for real-time global Sanctions and Warnings, PEPs
and Adverse Media
- Maintain a clear audit trail of user activity and decisions
- Reduction of time consuming manual work
- Research Portals for Enhanced Due Diligence investigations into Customer &
Third Party risk
- AML Transaction Screening (Sender, Beneficiary, Bank, Reference Text, etc.)
- Corporate Registry and Beneficial Ownership checks for businesses
- Fraud Monitoring for Onboarding and Payments risk using custom fraud matrices
- Cannot replace compliance officers and human decision-making
16. www.adamasadvisors.comwww.adamasadvisors.com
Correct Risk Calculation
- All risk can be controlled and remedial procedures put in place if correctly calculated
- Client risk
- Fraud risk
- Counterparty risk
- Balance sheet risk
- Legal risk
- Regulatory risk
- Reputational risk
- Objective risk calculation analyzing data , not subjective
- Correct calculation ensures good business is not turned away
- Ensures wrong business is identified early
17. www.adamasadvisors.comwww.adamasadvisors.com
Correct Methodology
- Standard set of internationally-recognised procedures need to be put in place
- Use of international standards ensure legal protection if cases emerge in the future
- Less provisioning and unexpected costs
- Easier to defend robust procedures
18. www.adamasadvisors.comwww.adamasadvisors.com
Correct Training
- Lack of internationally trained compliance officers leads to incorrect decisions
- Based on ethnicity
- Based on business segment
- Based on human subjective factors
- Correct training to international standards offers long term protection
- Correct training in recognizing most used money laundering schemes
- Early identification of money laundering key, during the placement phase
PLACEMENT LAYERING INTEGRATION
20. www.adamasadvisors.comwww.adamasadvisors.com
Adamas Services
- Compliance audit
- Current arrangements
- Past practices
- Individual trasnsactions
- Individual relationships
- Compliance consultancy
- Fintech/RegTech recommendation and selection
- 3rd Party Compliance and Due Diligence
- Training of Compliance and Anti Money Laundering Teams