WATCH WEBINAR: https://www.caseware.com/alessa/webinars/strategies-to-enhance-your-screening-and-transaction-monitoring-processes/
Transaction monitoring and sanctions screening are crucial processes for both traditional and non-traditional financial institutions. With changing regulations coupled with increased regulatory scrutiny being the new normal, having a streamlined and flexible approach has become more important for AML Compliance teams looking to improve cost savings and resource allocation.
In this webinar, our presenters from ICICI Bank and Transfast join CaseWare RCM to discuss
• How to assess and factor risk criteria such as regulatory, country, customer and services risks;
• Data elements to consider when determining lists selection and customer and/or transactions attributes
• Policies and procedures to determine monitoring and screening type and frequency as well as management of high risk situations
• Strategies for increasing detection of real reportable activities and reducing false positives and time for investigations
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
Elements of Customer Risk - Products & Services, Activity Patterns and BehaviorsAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-products-services-activity-patterns-behaviors/
In this presentation we explore how a customer's anticipated transaction activity, products and services can impact their risk score. We delve into various patterns of higher risk and red flag customer transactions and behaviors, and how these and other factors impact an evolving risk score over the life of the customer relationship.
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
Sanctions List Screening with World-Check and CaseWare Alessa
Get the most comprehensive sanctions list screening capability available today with CaseWare AML Compliance and the Thomson Reuters World-Check database.
WHAT IS CASEWARE AML COMPLIANCE?
As part of their anti-money laundering (AML) compliance programs, financial institutions and other organizations must take measures to ensure they are not doing business with sanctioned individuals, groups or countries. CaseWare AML Compliance is a solution that has Know Your Customer (KYC), transaction monitoring, sanctions list screening, and regulatory reporting capabilities in a single platform, allowing businesses to fulfill all key areas required by AML regulations.
By adopting this solution, compliance teams have at their fingertips advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and electronically file reports to regulators.
THOMSON REUTERS WORLD-CHECK DATABASE
CaseWare AML Compliance is integrated with Thomson Reuters World-Check database, which currently includes more than 100,000 sources. Hundreds of global researcher analysts review more than 530 sanction, watch and regulatory law and enforcement lists in addition to thousands of other sources of information related to politically exposed persons (PEPs) and individuals and entities not found on official lists daily. This makes World-Check the most comprehensive and up-to-date sanctions list available today.
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
AML compliance is a tough job and requires constant attention in order to meet changing requirements and fraud scenarios. Read about one way to reduce your AML compliance workload.
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
Assessing AML Geographic Risk: a Methodology (November 2020)Alessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/assessing-aml-geographic-risk-a-methodology/
Foreign transaction activity is an established risk factor for money laundering. But, what makes one country "riskier" than another from a money laundering or terrorist financing perspective? Financial institutions have no definitive source for country money laundering risk. In this presentation on customer risk scoring, Laurie Kelly, CAMS explores one objective methodology financial institutions may consider to assess individual countries' money laundering risk, which in turn may be used in transaction activity monitoring, customer risk scoring and the institution's high level money laundering risk assessment.
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
AML and Compliance Analytics
- A Disrupting Technology for Compliance
- A New Approach to Mitigating Risk
- The Latest Tool for the Chief Compliance Officer
Understanding Its Suspicious Activity Reporting (SAR) Requirementcomplianceonline123
What is Suspicious Activity Report (SAR)?
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
Distinction between CTR and SAR
CTR is required whenever the transaction or series of transactions exceeds the minimum threshold requirement in a 24 hour period.
SAR is required to be filed when there are elements of uselessness, suspicion or indicators of potential illegal activity. Minimum threshold requirement is not applicable to SAR situation.
How to Identify Suspicious Activity?
Banks can use a number of methods to track and identify unusual activity – this may include:
Employee identification
Law enforcement enquiries and requests
Transaction and surveillance monitoring system output
Any combination of the above
When is SAR Filling Required?
A SAR filing is required for any potential crimes:
involving insider abuse regardless of the dollar amount;
where there is an identifiable suspect and the transaction involves $5,000 or more; and
where there is no identifiable suspect and the transaction involves $25,000 or more
When to File SARs:
A SAR should be filed no later than 30 calendar days from the date of the initial detection of facts that may constitute a basis for filing a SAR.
In cases where no suspect can be identified, the time period for filing a SAR is extended to 60 days.
SAR Narratives
SAR Narratives Should:
Be concise and clear
Be chronological and complete
Provide a detailed description of the known or suspected criminal violation or suspicious activity
Identify the essential elements of the information
Outline of Effective SAR Narrative:
Introduction
Body
Conclusion
Want to learn more about anti-money laundering process, BSA requirements and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
How to Write an Effective SAR Narratives
Best Practices for Writing Effective SAR.
Managing an Effective AML Compliance Program
Are You Doing Your BSA/AML Risk Assessment Properly?
How to Report under AML/BSA?
BSA/AML Compliance Checklist
How to Create Effective AML/BSA Compliance Program?
How to Develop Risk Models for AML Monitoring Program?
How to conduct an anti-money laundering (AML) system assessmentKeith Furst
This presentation was given on October 4, 2016 at the Toronto Marriott Downtown Eaton Centre Hotel at the 14th installment of Canada’s premier event in the field of money laundering compliance and control. The theme of Money Laundering in Canada 2016 is Financial Crime, Compliance, and Regulation: Keeping Pace with the Times.
Elements of Customer Risk - Products & Services, Activity Patterns and BehaviorsAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/elements-customer-risk-products-services-activity-patterns-behaviors/
In this presentation we explore how a customer's anticipated transaction activity, products and services can impact their risk score. We delve into various patterns of higher risk and red flag customer transactions and behaviors, and how these and other factors impact an evolving risk score over the life of the customer relationship.
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
Sanctions List Screening with World-Check and CaseWare Alessa
Get the most comprehensive sanctions list screening capability available today with CaseWare AML Compliance and the Thomson Reuters World-Check database.
WHAT IS CASEWARE AML COMPLIANCE?
As part of their anti-money laundering (AML) compliance programs, financial institutions and other organizations must take measures to ensure they are not doing business with sanctioned individuals, groups or countries. CaseWare AML Compliance is a solution that has Know Your Customer (KYC), transaction monitoring, sanctions list screening, and regulatory reporting capabilities in a single platform, allowing businesses to fulfill all key areas required by AML regulations.
By adopting this solution, compliance teams have at their fingertips advanced and configurable analytics, visualizations, workflows, alerts and case management capabilities. Organizations can identify high-risk individuals and entities; detect suspicious transactions; manage investigations and compliance risks through automated workflows; and electronically file reports to regulators.
THOMSON REUTERS WORLD-CHECK DATABASE
CaseWare AML Compliance is integrated with Thomson Reuters World-Check database, which currently includes more than 100,000 sources. Hundreds of global researcher analysts review more than 530 sanction, watch and regulatory law and enforcement lists in addition to thousands of other sources of information related to politically exposed persons (PEPs) and individuals and entities not found on official lists daily. This makes World-Check the most comprehensive and up-to-date sanctions list available today.
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
AML compliance is a tough job and requires constant attention in order to meet changing requirements and fraud scenarios. Read about one way to reduce your AML compliance workload.
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
Assessing AML Geographic Risk: a Methodology (November 2020)Alessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/assessing-aml-geographic-risk-a-methodology/
Foreign transaction activity is an established risk factor for money laundering. But, what makes one country "riskier" than another from a money laundering or terrorist financing perspective? Financial institutions have no definitive source for country money laundering risk. In this presentation on customer risk scoring, Laurie Kelly, CAMS explores one objective methodology financial institutions may consider to assess individual countries' money laundering risk, which in turn may be used in transaction activity monitoring, customer risk scoring and the institution's high level money laundering risk assessment.
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
AML and Compliance Analytics
- A Disrupting Technology for Compliance
- A New Approach to Mitigating Risk
- The Latest Tool for the Chief Compliance Officer
Understanding Its Suspicious Activity Reporting (SAR) Requirementcomplianceonline123
What is Suspicious Activity Report (SAR)?
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
BSA requires every US national bank to file a Suspicious Activity Report (SAR) when they detect certain known or suspected violations of federal law or suspicious transactions related to a money laundering activity or a violation of the BSA.
Purpose of SAR:
Identify new methodologies of money-laundering
Offer data for law enforcement investigation
Deter and Constraint money-laundering
Distinction between CTR and SAR
CTR is required whenever the transaction or series of transactions exceeds the minimum threshold requirement in a 24 hour period.
SAR is required to be filed when there are elements of uselessness, suspicion or indicators of potential illegal activity. Minimum threshold requirement is not applicable to SAR situation.
How to Identify Suspicious Activity?
Banks can use a number of methods to track and identify unusual activity – this may include:
Employee identification
Law enforcement enquiries and requests
Transaction and surveillance monitoring system output
Any combination of the above
When is SAR Filling Required?
A SAR filing is required for any potential crimes:
involving insider abuse regardless of the dollar amount;
where there is an identifiable suspect and the transaction involves $5,000 or more; and
where there is no identifiable suspect and the transaction involves $25,000 or more
When to File SARs:
A SAR should be filed no later than 30 calendar days from the date of the initial detection of facts that may constitute a basis for filing a SAR.
In cases where no suspect can be identified, the time period for filing a SAR is extended to 60 days.
SAR Narratives
SAR Narratives Should:
Be concise and clear
Be chronological and complete
Provide a detailed description of the known or suspected criminal violation or suspicious activity
Identify the essential elements of the information
Outline of Effective SAR Narrative:
Introduction
Body
Conclusion
Want to learn more about anti-money laundering process, BSA requirements and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
How to Write an Effective SAR Narratives
Best Practices for Writing Effective SAR.
Managing an Effective AML Compliance Program
Are You Doing Your BSA/AML Risk Assessment Properly?
How to Report under AML/BSA?
BSA/AML Compliance Checklist
How to Create Effective AML/BSA Compliance Program?
How to Develop Risk Models for AML Monitoring Program?
How to conduct an anti-money laundering (AML) system assessmentKeith Furst
This presentation was given on October 4, 2016 at the Toronto Marriott Downtown Eaton Centre Hotel at the 14th installment of Canada’s premier event in the field of money laundering compliance and control. The theme of Money Laundering in Canada 2016 is Financial Crime, Compliance, and Regulation: Keeping Pace with the Times.
The goAML application is a UNODC strategic response to financial crime including money laundering and terrorist financing. The goAML application has been developed by the Information Technology Service of UNODC in partnership with the UNODC Global Programme Against Money Laundering. It is an integrated database and intelligent analysis system intended for use by Financial Intelligence Units worldwide.
http://goaml.unodc.org/goaml/en/index.html
FATF's June 2013 Guidance Note on a Risk Based Approach to Implementing AML/C...Louise Malady
Understanding and using FATF's June 2013 Guidance note of a Risk Based Approach to Implementing AML/CFT Measures for mobile money and other new payment methods
Money Laundering and Its Fall-out - ROLE OF INFORMATION TECHNOLOGY IN ANTI M...Resurgent India
In an effort to detect potential money laundering schemes, financial institutions have deployed anti-money laundering (AML) detection solutions and enterprise-wide procedural programs.
NICE Actimize launched its anti-money laundering cloud solution on AWS in response to the unique needs of Financial Services institutions. In this presentation, Marketing VP Joram Borenstein describes complex regulatory requirements and increasingly sophisticated means through which AML perpetrators are committing financial-based crimes. The AWS cloud has provided NICE Actimize’s solution with the agility to adapt to this ever evolving environment and protect organizations from suspicious activity.
Understanding SAR (Suspicious Activity Reporting)HEXANIKA
To successfully identify the parties involved in any suspicious activity or money laundering/fraud processes, timely identification and reporting of the same is crucial. The Financial Crimes Enforcement Network (‘FinCEN’) has instituted various changes and updates to the requirements to enhance the process.
We will take a look at SAR requirements and challenges for financial institutions and focus on the solutions that can be enacted to stay compliant.
The anscersX multibureau business trade credit report includes the best elements from business credit reports from Dun and Bradstreet, Equifax and Experian, allowing customers to get the information they need to make a credit decision about their customers.
Cyber Loss Model for the cost of a data breach.Thomas Lee
Cyber Loss Model is a rigorous statistical model based upon historical industry data, which predicts the cost of a data breach.
This valuable model can help demonstrate cyber insurance adequacy, or a no insurance stance, for CCAR/DFAST idiosyncratic scenarios. Some banks are using this model to demonstrate a stronger culture of risk management for tier 1 capital. This model could also serve as a strong Challenger Model to a banks Champion Model, or a Champion model if the bank has no method for assessing the cost of a data breach. This model complies with SR11-7 and can pass model validation.
Streamlining Submission Intake in Commercial Underwriting for Middle Market S...Cognizant
For many insurance carriers, data submission for intake is still a manual, time-consuming process that ultimately takes up valuable underwriter time better spent on risk selection and pricing. We offer a streamlined submission intake process for commercial insurance firms that integrate automated tools and manual prequalification to handle ACORD forms and other data formats.
A new affordable web-based tool for managing complex relationships and compliance for companies. Currently helping banks and financial institutions scale their vendor monitoring compliance.
During this webinar you will learn:
How new advanced fraud detection models, including clustering, data/text mining, machine learning and network analysis can detect more suspicious transactions and behaviours
How workflow decision learning will make your system smarter by learning based on previous decisions and interactions
How batch file attachments can be used to attach invoices, receipts and other documentation to alerts for proper record keeping during investigations
Our new search feature that allows organizations to search alerts, work items, cases, regulatory reports, comments and attachments, as well as data from outside sources, to look for potential risks (for example, searching Export Control Lists to screen for export controlled goods)
How Concur users can now open original images of receipts directly in CaseWare Monitor, making investigations easier
The path to a Modern Data Architecture in Financial ServicesHortonworks
Delivering Data-Driven Applications at the Speed of Business: Global Banking AML use case.
Chief Data Officers in financial services have unique challenges: they need to establish an effective data ecosystem under strict governance and regulatory requirements. They need to build the data-driven applications that enable risk and compliance initiatives to run efficiently. In this webinar, we will discuss the case of a global banking leader and the anti-money laundering solution they built on the data lake. With a single platform to aggregate structured and unstructured information essential to determine and document AML case disposition, they reduced mean time for case resolution by 75%. They have a roadmap for building over 150 data-driven applications on the same search-based data discovery platform so they can mitigate risks and seize opportunities, at the speed of business.
TrustedAgent GRC supports several initiatives within the Public Sector including FISMA, FedRAMP, cyber incident management, NIST SP 800-37 Rev 1., DIACAP and CNSSI-1253, and DIACAP to NIST RMF Migration. Additional TrustedAgent also streamlines activities related to DFARS 252.204-7012 and NIST 800-171.
The goAML application is a UNODC strategic response to financial crime including money laundering and terrorist financing. The goAML application has been developed by the Information Technology Service of UNODC in partnership with the UNODC Global Programme Against Money Laundering. It is an integrated database and intelligent analysis system intended for use by Financial Intelligence Units worldwide.
http://goaml.unodc.org/goaml/en/index.html
FATF's June 2013 Guidance Note on a Risk Based Approach to Implementing AML/C...Louise Malady
Understanding and using FATF's June 2013 Guidance note of a Risk Based Approach to Implementing AML/CFT Measures for mobile money and other new payment methods
Money Laundering and Its Fall-out - ROLE OF INFORMATION TECHNOLOGY IN ANTI M...Resurgent India
In an effort to detect potential money laundering schemes, financial institutions have deployed anti-money laundering (AML) detection solutions and enterprise-wide procedural programs.
NICE Actimize launched its anti-money laundering cloud solution on AWS in response to the unique needs of Financial Services institutions. In this presentation, Marketing VP Joram Borenstein describes complex regulatory requirements and increasingly sophisticated means through which AML perpetrators are committing financial-based crimes. The AWS cloud has provided NICE Actimize’s solution with the agility to adapt to this ever evolving environment and protect organizations from suspicious activity.
Understanding SAR (Suspicious Activity Reporting)HEXANIKA
To successfully identify the parties involved in any suspicious activity or money laundering/fraud processes, timely identification and reporting of the same is crucial. The Financial Crimes Enforcement Network (‘FinCEN’) has instituted various changes and updates to the requirements to enhance the process.
We will take a look at SAR requirements and challenges for financial institutions and focus on the solutions that can be enacted to stay compliant.
The anscersX multibureau business trade credit report includes the best elements from business credit reports from Dun and Bradstreet, Equifax and Experian, allowing customers to get the information they need to make a credit decision about their customers.
Cyber Loss Model for the cost of a data breach.Thomas Lee
Cyber Loss Model is a rigorous statistical model based upon historical industry data, which predicts the cost of a data breach.
This valuable model can help demonstrate cyber insurance adequacy, or a no insurance stance, for CCAR/DFAST idiosyncratic scenarios. Some banks are using this model to demonstrate a stronger culture of risk management for tier 1 capital. This model could also serve as a strong Challenger Model to a banks Champion Model, or a Champion model if the bank has no method for assessing the cost of a data breach. This model complies with SR11-7 and can pass model validation.
Streamlining Submission Intake in Commercial Underwriting for Middle Market S...Cognizant
For many insurance carriers, data submission for intake is still a manual, time-consuming process that ultimately takes up valuable underwriter time better spent on risk selection and pricing. We offer a streamlined submission intake process for commercial insurance firms that integrate automated tools and manual prequalification to handle ACORD forms and other data formats.
A new affordable web-based tool for managing complex relationships and compliance for companies. Currently helping banks and financial institutions scale their vendor monitoring compliance.
During this webinar you will learn:
How new advanced fraud detection models, including clustering, data/text mining, machine learning and network analysis can detect more suspicious transactions and behaviours
How workflow decision learning will make your system smarter by learning based on previous decisions and interactions
How batch file attachments can be used to attach invoices, receipts and other documentation to alerts for proper record keeping during investigations
Our new search feature that allows organizations to search alerts, work items, cases, regulatory reports, comments and attachments, as well as data from outside sources, to look for potential risks (for example, searching Export Control Lists to screen for export controlled goods)
How Concur users can now open original images of receipts directly in CaseWare Monitor, making investigations easier
The path to a Modern Data Architecture in Financial ServicesHortonworks
Delivering Data-Driven Applications at the Speed of Business: Global Banking AML use case.
Chief Data Officers in financial services have unique challenges: they need to establish an effective data ecosystem under strict governance and regulatory requirements. They need to build the data-driven applications that enable risk and compliance initiatives to run efficiently. In this webinar, we will discuss the case of a global banking leader and the anti-money laundering solution they built on the data lake. With a single platform to aggregate structured and unstructured information essential to determine and document AML case disposition, they reduced mean time for case resolution by 75%. They have a roadmap for building over 150 data-driven applications on the same search-based data discovery platform so they can mitigate risks and seize opportunities, at the speed of business.
TrustedAgent GRC supports several initiatives within the Public Sector including FISMA, FedRAMP, cyber incident management, NIST SP 800-37 Rev 1., DIACAP and CNSSI-1253, and DIACAP to NIST RMF Migration. Additional TrustedAgent also streamlines activities related to DFARS 252.204-7012 and NIST 800-171.
Living in an era of collusion, fraud, and money laundering has put most organizations on high alert and forced regulatory institutions to tighten their belts. This, in turn, has shifted the conversations that we are having with industry leaders who are looking to strengthen their anti-money laundering (AML) and counter financial terrorism (CFT) programs in order to maintain their critical international business relationships, as those intermediaries seek to de-risk.
We believe digitization and automation are the means for institutions to drastically improve their compliance return on investment. Technology solutions like Risk Assessments, customer on boarding, cross-channel risk analysis, monitoring and screening, etc… should be looked at as part of the overall business plan and growth in order to achieve Strategic Compliance Planning.
SAS was analytics sponsor at AML Summit by Fintelekt in Bangladesh and Mr. Rohan Langley, SAS Fraud & Security Expert AP presented on topic Effective AML Compliance.
SAS Anti-Money Laundering protects your assets by using advanced analytics to uncover illicit activity and comply with AML and CTF regulations.
How to Drive Value from Operational Risk Data - Part 2Perficient, Inc.
As complexities in the financial markets continue to increase, so too does the challenge of understanding and mitigating operational risks that can negatively affect the business. Many firms still struggle with risk identification and how data can be leveraged across the enterprise to prevent operational risk losses and gain operational efficiencies.
During this webinar, Perficient’s industry experts discussed the evolving role and challenges of operational risk management (ORM) in financial services, tips for a comprehensive approach to identify, assess and mitigate risks, and strategies to gain value from operational risk data to support the business.
Predictive Analytics to Discover Risk.
Organizations are seeking new ways to transform their rapidly growing data into insight that mitigates risks and unlocks new opportunities. However, using the traditional reporting tools to look for unusual patterns in large data sets is like finding a needle in a haystack.
The problem is not the resources, the personnel, or the data. It’s that many organizations simply don’t have the advanced analytics required to arrange the data, identify suspicious patterns and weaknesses; at least not fast enough. There’s too much data and not enough analytics!
We need a better way of knowing what the information means — of interpreting the data to discover an unknown business risk or opportunity as it happens or, even better, anticipate the next one. For most organizations, reducing transaction errors and misuse continues to be one of the largest untapped opportunities to manage costs, improve top-line revenue recognition, and ensure compliance with policies.
Join SafePaaS CEO Adil Khan as he discusses how to discover patterns in all types of structured and unstructured enterprise data, and use this insight to improve bottom line, significantly reduce cash leakage and post-audit recovery costs, improve revenue recognition timing, safeguard the integrity of financial statements, reduce the cost of internal and external audits, increase visibility into controls environment and mitigate exposure to fraud.
Implementing Anti-Money Laundering and Know Your Customer Managed Services So...accenture
The financial services industry is experiencing increased scrutiny, prompting institutions to rapidly evolve their AML and KYC programs. Many firms are struggling to expand their operations accordingly, and addressing these issues calls for new approaches, including adapting a managed services model for AML and KYC functions. This presentation also covers how robotic process automation (RPA) opportunities for AML/KYC functions. For more on a managed services approach on AML and KYC, visit: http://bit.ly/2czFJ1U
AI powered Decision Making in Banks - How Banks today are using Advanced analytics in credit Decisioning, enhancing customer life time value, lower operating costs and stronger customer acquisition
Similar to Webinar: Strategies to Enhance your Screening and Transaction Monitoring Processes (20)
How to make KYC for AML Compliance More EffectiveAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars-kyc-aml-compliance-more-effective/
In a recent FinCEN advisory the regulator pointed to bad actors using digital manipulation of identity documentation as a significant risk to financial institutions. So what identity verification tools are available to FIs that are fraud resistant and yet easy to use?
In this presentation we take a hands-on approach and show how the integration of CLEAR ID Confirm with the Alessa solution will make digital onboarding and customer reviews so much easier and reliable. We walk-through specific scenarios so you can see what data is available to you and how results can be incorporated into your AML compliance process.
Specific scenarios that we dissect during the session include:
- Onboarding an individual including document verification and due diligence for Know Your Customer
- Onboarding a new business, including reviewing and screening beneficial ownership information, for Know Your Business
- Performing a customer review based on a transaction alert
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
Trade-Based Money Laundering: What Compliance Professionals Need to KnowAlessa
WATCH WEBINAR - https://www.caseware.com/alessa/webinars/trade-based-money-laundering/
Hundreds of billions of dollars are laundered every year through trade-based money laundering (TBML). Its sophisticated techniques allow criminals to use legitimate trade to disguise the source of illegal proceeds and transfer value across borders without the use of traditional money movement methods.
Laurie Kelly, CAMS shares her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $145 billion U.S. financial institution that provided extensive trade finance services for global exports of U.S. agricultural products. Attendees learn the fundamentals of foreign trade and trade finance, and why these long-established processes make it so vulnerable to TBML.
We break down the most common TBML techniques, including the Black Market Peso Exchange, over & under invoicing, and others, using real world case studies. Finally, we review the red flags for these activities and how to incorporate transaction monitoring, sanctioned/restricted party screening, and enhanced customer due diligence to mitigate TBML risks.
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
Understanding Money Laundering and Fraud Risks of Wire TransfersAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/fraud-risks-wire-transfers/
Wire transfers have long been the tool of choice for money launderers and fraudsters. To mitigate these risks to the financial institutions they serve, AML compliance and fraud professionals must understand how wire transfers work, both in the U.S. and globally, as well as be able to recognize the red flags in wire transfer transactions that may indicate money laundering or fraud is taking place through a customer’s account.
In this presentation, Laurie Kelly, CAMS shares her knowledge and experiences gained from 20 years in leading the AML, fraud, and sanctions compliance functions for a $130 billion U.S. financial institution that processed 12,000 to 15,000 wire transfers per day. Attendees will learn about the mechanics of wire transfers, both in the U.S. and globally, and how wire transfers differ from other types of money movement methods. She will then discuss the FinCEN “Travel Rule”, as well as sanctions screening best practices for wire transfers. Finally, Laurie will explore the money laundering and fraud risks and red flags associated with wire transfers and ways to mitigate them.
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
Novedades en alessa (antes conocido como case ware monitor)Alessa
VER WEBINAR: https://www.caseware.com/alessa/novedades-alessa/
En este webinar, Ronny Miranda y Benjamin Velazquez del Equipo de Soluciones de CaseWare RCM harán un recorrido por las novedades de la versión más reciente de Alessa, entre las cuales se incluyen mejoras en la seguridad, en los flujos de trabajo y en la gestión de casos, tableros de control y visualizaciones adicionales, soporte para Python y más.
Acompáñenos y conozca de estas nuevas y emocionantes mejoras que el Equipo de Soluciones presentará y que le permitirán obtener el máximo provecho de su solución.
¡No se olviden de seguir a Alessa!
WEBSITE: https://www.caseware.com/alessa/es/
LINKEDIN: https://www.linkedin.com/caseware-alessa
TWITTER: https://twitter.com/casewarealessa
SUBSCRIBE: http://tiny.cc/Alessa
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
Beneficial Ownership Rules: Global and Canada PerspectiveAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/beneficial-ownership-us-canada-eu-rules/
Legislation and regulations around beneficial ownership information is changing across various jurisdictions: Private registry? Public registry? Access? Information collected? Obligations? Privacy? - there are many issues and aspects to consider.
In this presentation, James Cohen, Executive Director at Transparency International (TI) Canada, provides an overview of current corporate transparency regulations across various jurisdictions and the status of their implementation. He will pay special attention to the progress that has been made in Canada – both at a provincial and federal level.
Finally, James will outline the framework that TI Canada has set forth for a made-in-Canada registry and the reasons for their position.
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
Tackling Hidden Risks in AML Sanctions Screening ProgramsAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/tackling-hidden-risks-in-aml-screening-programs/
Over the past decade, a number of institutions have been fined for failing to screen all client records or screening them in a timely manner. Properly configured screening applications and efficient data flows can be more critical to an effective AML implementation than the AML policies themselves. With changes in organizational structure, AML policies, and M&A activities, understanding these systems can be difficult and complex.
In this presentation we reveal how to avoid some of the common pitfalls in the configuration of screening programs, including software configurations, risk scoring attributes and weights,and both client and reference data flows.
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
Writing Effective Suspicious Activity Reports (SARs): Start with WHYAlessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/effective-sar-suspicious-activity-report-writing/
This presentation addresses effective Suspicious Activity Report (SAR) writing in the context of the SAR’s ultimate purpose: to assist law enforcement in investigation and subsequent prosecution of criminal activity.
After an introduction on how submitted SAR data is reviewed and stored, the presentation provides recommendations for constructing an effective SAR narrative. It also reviews the appropriate use of SAR form checkboxes, the SAR attachment feature, and the distinction between “new” and “continuing activity” SARs.
Finally, it will introduce the concept of SAR case reports as an effective tool in case management as well as providing valuable detailed information to law enforcement upon request.
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
A Regulatory Understanding of Virtual Assets (Cryptocurrency) Types and their...Alessa
WATCH WEBINAR: https://www.caseware.com/alessa/webinars/regulatory-understanding-virtual-assets-types/
In early 2019, FATF released their guidance for a risk-based approach to Virtual Assets and Virtual Asset Service Providers. While the guidance, provided general information on how to understand and mitigate money laundering and trade financing risks, it did not provide specific information about how to address specific risks associated with the various types of virtual assets.
This presentation details each type of virtual asset in the market, their relative traffic volume, and regulatory issues related to each one. It also reviews key features of different virtual asset types and understand how to properly risk profile each virtual asset type for their institution.
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
Status of Beneficial Ownership Transparency in CanadaAlessa
CaseWare RCM hosted an event with Transparency International Canada to discuss the state of beneficial ownership regulations in Canada. Here is what they had to say.
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
WEBINAR: What Financial Institutions need to know about CryptocurrenciesAlessa
https://www.caseware.com/alessa/webinars/what-fis-need-know-cryptos/
Facebook’s Libra announcement once again sparked a fury of discussions around the role of digital currencies in the banking system. The reality is, cryptocurrencies are here to stay and financial institutions need to apply the same risk management activities as with any other product. So what does this entail?
In this presentation, Dan Peak, Board Advisor at CaseWare RCM and former CEO for World-Check and Greg Pinn, Head of Product Strategy at iComply Investor Services will walk the audience through a systematic process that every financial institution should go through when evaluating the risks associated with cryptocurrencies and effective mitigation strategies.
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
An Executive Guide on How to Use Machine Learning and AI for AML ComplianceAlessa
Increasing use of machine learning (ML) and artificial intelligence (AI) in the detection and prevention of financial crimes is providing financial institutions the opportunity to perform massive computations and detect patterns that were previously undetectable with rules-based analytics.
In this webinar you will learn:
How data science uses models and patterns to detect anomalies
How the responses to these can be used to prevent future suspicious transactions or false-positives
This webinar is designed for senior compliance executives who are required to have sufficient knowledge of data science to enable a more data and analytic-driven approach to fighting money laundering and other financial crimes.
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
Strengthen Your AML Compliance Program with Data Mining Alessa
Data mining is a critical component of any compliance program. By helping identify hidden patterns, discover unknown relationships in your data, and predict behaviours and trends, data mining can be a strategic part of your business. In this webinar, we will examine data mining techniques that can be used to identify risk factors in your compliance program, monitor customer activity and provide insights into your overall business.
KEY TAKEAWAYS:
Examine the impact of data mining as a means of fraud detection
Understand how to combine technology and human behaviour to identify fraud and other financial crimes
Learn data mining strategies you can incorporate into your continuous controls monitoring and compliance programs
Explore real-world case studies that illustrate how to apply data mining techniques
A recording of this event can be found here: https://www.casewareanalytics.com/webinars/sanctions-risk-whats-problem
Sanctions risk screening and compliance is complicated and can be open to interpretation, leading financial institutions to unwittingly--or even unknowingly--put their AML compliance programs at risk by completing transactions that regulators may deem illicit or illegitimate.
In this webinar, our experts will discuss why sanctions are imposed, breaking the topic down granularly to help financial institutions and other organizations understand their areas of risk while also having a firm grasp on relevant international legal requirements and established conventions.
Reducing your AML compliance workload is easy with a single platform does KYC, transactions monitoring, sanctions screening and regulatory reporting. Find out more.
Using Advanced Data Analytics and Technology to Combat Financial Crime Alessa
The rewards and risks for MSBs are big. The only way to maintain compliance, manage volume of work at a reasonable cost, and mitigate risks is to have the right culture and an analytics-driven compliance program. The right data analytics program which combines anomaly detection, network linking and predictive analytics can identify many money-laundering scenarios quickly and easily.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
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2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
2. https://www.alessa.caseware.com/
About Presenters
Joel Freckleton, CAMS
Regional Sales Manager,
CaseWare RCM
Eric Hansen,
Senior Risk Specialist,
CaseWare RCM
Daniel Buckingham,
Director of Compliance Strategy,
Governance and Technology,
Transfast
Mandar Vaidya,
Assistant Vice President, Compliance,
ICICI Bank Canada
3. https://www.alessa.caseware.com/
Housekeeping
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5. https://www.alessa.caseware.com/ 5
Risk-Based Approach
Challenge:
Theoretically sound premise, but practical realities make this difficult to achieve and
reliably demonstrate
Intent:
More efficient use of resources to mitigate the ML/TF risks identified. It enables a firm to
focus their resources and take enhanced measures in situations where the risks are
higher, apply simplified measures where the risks are lower and exempt low risk activities.
6. https://www.alessa.caseware.com/ 6
FATF: Risk-Based Approach
“Competent authorities and financial institutions, are expected to
identify, assess and understand the ML/TF risks to which they are
exposed and take AML/CFT measures commensurate to those
risks in order to mitigate them effectively.”
The Financial Action Task Force (FATF) Guidance for a Risk-based approach - 2014
7. https://www.alessa.caseware.com/ 7
Understanding Risk: Monitoring & Detection Perspectives
Challenge:
Identifying the balance:
• Coverage vs. targeted approaches to risk identification and mitigation.
• Manual vs. automated mechanisms
• Interim vs. Strategic solutions
Intent:
• More comprehensive view of risks, to most importantly understand the realities of risk
(likelihood, impact and repercussions) to make an informed decision around your risk
focus lenses.
• Enables early insight into challenges and/or realities that may impact and even limit the
ability to efficiently and effectively monitor and detect risk.
8. https://www.alessa.caseware.com/ 8
Understanding Risk: Monitoring & Detection Perspectives
• Enterprise & Localized assessments are critical
• Inherent Risk
• Customers, Product/Services, Transactions Type, Geography, etc.
• Risk mapping e.g. to specific regulations/country typologies (manage risk nuances)
• Perceived vs. Real
• Likelihood, impact and repercussions
• Upstream and Downstream realities
• Transaction flows and data capture rules
• Product and service parameters (limits, restrictions etc.)
• KYC processes
• Knowledgeable & skilled staff
• Manual vs. automated
10. https://www.alessa.caseware.com/ 10
From Targeted Risks to Monitoring/Detection Realities
Challenge:
• Data quality and availability to support true targeting of risk.
Intent:
• To understand the type and combination of monitoring controls needed and how
effective these controls will be, based upon the data availability, completeness and
accuracy.
11. https://www.alessa.caseware.com/ 11
From Targeted Risks to Monitoring/Detection Realities
• Risk Factors Elements
• What are the specific attributes that when present (combined) would identify the risk?
• When (risk tolerance) does the risk become real?
• What areas within the organization (customers, products, services etc.) are affected by this
risk, and are they all equal (risk tolerance)?
• Map data element to the constituent parts
• Where is the data? Is it electronic or physical? Can the acquisition be automated?
• Data completeness and accuracy
• Define monitoring & detection capabilities
• Is there sufficient electronic, systematic data to support automation?
• Does the data require manual acquisition and transformation before it can be used?
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Tuning Monitoring & Detection Capabilities
Challenge:
• To not build in such a bias that risks (even if lower) are not being monitored and
detected.
• Finding the balance between targeted and coverage risk mitigation and human
resources to manage.
Intent:
• To build a more effective approach to monitoring and detection of risk that is
proportional to the risks of the firm. The efforts are proportionally higher where the
risks are higher.
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Tuning Monitoring & Detection Capabilities
• Tuning
• Using a combination of system parameters and data for optimization
o Targeting of specific risks
o Reduction of unproductive detection
o Timeliness of detection
o Coverage of detection (spectrum of risk monitoring)
• Risk Based Bias
• Monitoring and detection skewed towards risk
o More specific detection approaches
o Higher propensity to alert
• More efforts are made using the compliments of parts to monitor and detect.
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Strategies to optimize Transaction Monitoring processes
• Use a risk-based approach to enable a comprehensive view of risks, to better understand the
realities of risk (likelihood, impact and repercussions)
• Understand the type, frequency and combination of monitoring controls needed and how
effective these controls will be, based upon the data availability, completeness and accuracy.
• Ensure approach balances between targeted and coverage risk mitigation
• Utilize periodic tuning for sustainability
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Summary
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Customer Risk - Onboarding
• Customer characteristics (name, address, date of birth, profession etc.)
• Corporate entities characteristics (industry, revenue, no of employees, geographies, etc.)
• Anticipated utilization and activity of account
• Presence on any sanctions or watch lists including politically-exposed persons (PEP) lists
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Customer Risk – Onboarding
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Triggers for Screening
• Daily Screening against list deltas
• Screening at time of transaction
(against A and B parties)
• Ongoing monitoring of high-risk
clients.
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Customer Risk – Ongoing Risk Score
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• Is part of effective financial crime compliance program
• Includes
• Watchlist screening
• Sanctions screening, and
• Screening for identifying PEPs, HIOs, and family members
• Screening is typically done at time of
• Establishing business relationship
• Processing of transactions
• Screening systems should find right balance between meeting regulatory expectation and
customer experience.
• In summary, should be effective and efficient
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Screening
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POLL 3:
How would you describe the state of your current
screening program?
1. Very good - other FIs could learn from us!
2. Adequate - at least it keeps the regulators happy
3. Needs improvement - could probably use some fine-tuning
4. Under construction - we are working on it!
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• It is important to design and develop a robust screening environment
• Each FI should assess its own risks
• Taking a Risk-Based Approach by considering parameters such as
• Product offering
• Customer base
• Geographic risk
• For example a retail credit product where real time approvals are required – the inherent
sanctions risk is low where customers are local customers with credit history, value of
transaction is low then using an automated system may be considered
• For Trade Finance customers, the inherent sanctions risk is high so enhanced due
diligence is required, for such products a mix of automated – manual processes may be
required
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How to Meet the Challenge
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• Screening environment is most often a complex set of processes
• Customer data maybe from multiple systems
• Screening lists from a reliable service provider
• Requires a good matching algorithm, and
• Flexibility to make quick changes
• FIs should have a strong governance over the screening process
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Good Screening Environment
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• Use the updated version of lists
• Use reliable sources
• Assess the accuracy of the list
• Look at geographic scope of list
application
• Be aware of common prefixes,
secondary names, suffixes
• Names in non-Latin characters
• Duplicate values
• 50 percent rule for entity ownership
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Best Practices for a Good Screening Environment
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• Not for Profit Organizations (NPO)
• Designated Non-Financial Businesses and Professions
• Shell Corporations
• Cash Intensive Businesses
• Pre-paid Card Issuers
• Marijuana Related Businesses
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Screening High-Risk Professions and Businesses
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• Periodic Quality Assurance checks are required
• Independent team within Compliance to do the checks
• Check for alert generation process – completeness and accuracy
• Flow of data into the screening system – data integrity
• Check the number of false positives generated – metrics and reporting
• Are all types of transactions integrated with the screening system
• Is there a need for recalibration?
• Are there misconfigured watch lists?
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Recalibration of Screening Environment
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Use Case – ICICI Bank of Canada
• Name Screening Process
• Risk-Based Approach
• In-house name screening matching algorithm using fuzzy logic, phonetic algorithm,
deletes “noise”
• Common global lists and geography specific lists ( where clients do most of the
transactions)
• Emphasis on regular trainings to AMLO within business functions
• Use of robotics /automation for clearing certain types of alerts
• Quarterly QA testing
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Strategies to enhance screening processes
• Use a Risk-Based Approach
• Design an effective screening environment
• Use new technologies, and
• Periodically re-calibrate the eco-system
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Summary