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Deconstruction of a Financial Crime: The FinCEN Leak

This webinar explores the impact of the FinCEN files leak and how they could be used in our combat against financial crime. It examines whether the leak indicated that financial institutions are not doing enough to deter financial crime, as well as if the leak gave confidence that our Anti-Money Laundering (AML) controls are working and so much more!
Format

Online
Course

Starting date

On Demand

Duration

80 Minutes

Price

FREE

What you are going to learn

A few more words about this course

What is going to be the impact of the FinCEN Leak? How could they be used in our combat against Financial Crime? Does the leak indicate that financial institutions are not doing enough to deter financial crime? Does the leak give confidence that our Anti-Money Laundering (AML) controls are working?

For decades, criminal conduct has been facilitated through financial institutions because of an inability to identify the risks. However where they do, in many instances, by the time the information translates to the filing of a Suspicious Activity Reports (SAR), it can be so long "post-event" that the criminals and their network have evolved and moved on to new ways of laundering the monies.

We have also learnt through various cases that Financial Intelligent Units (FIU) struggle not only to tell the "wood from the tress" due to the sheer volume of SARs filed, but also they can be inadequately resourced both in technology and manpower to effectively use the information filed to identify illicit activities. So is there value in our current SAR filing process or do we need to innovatively rethink in our combat against financial crime at how the information is being identified, filed and used?




It is not the first time we have seen a leak in which the truth exposed was critical to assisting us fight large-scale systemic crime and corruption (Panama Papers, Paradise Papers, etc.) but there is a notable difference with the FinCEN leak - whilst we acknowledge the leak could impact and compromise investigations, and threaten the safety of institutions and individuals who file the reports, it could potentially have been needed to improve our efforts to fight money laundering.

Key Learning and Discussion Points: 
  • Understanding what the the FinCEN Files leak means for bank and regulatory interactions
  • Whether confidence in the anonymity of the current Suspicious Activity Reporting (SAR) process has been damaged and what is required to rebuild trust 
  • What can we do to enhance information sharing through Public Private partnerships
  • Is existing technology for both private and public body use in suspicious activity detection adequate
  • How do we integrate and streamline our risk systems to remove silo data issues for better connectivity and oversight of risk patterns to better identify criminal networks

Speakers

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Robin Lee

VP APAC for Napier AI
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Nathan Lynch

Lead in identifying emerging threats, typologies, solutions and commercial opportunities in the Financial Crime & Risk field for Thomson Reuters
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Julian Dixon

CEO and Founder of Napier AI
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Oonagh van den Berg

CEO & Founder of RAW Compliance and Virtual Risk Solutions