FinCrime World Forum 2021 Agenda

Session times shown below in Greenwich Mean Time Zone (GMT).

Tuesday 23rd March

7:15 am
Welcome to FinCrime World Forum

In advance of an exceptionally packed  two days, Bron Ellis, Head of content for FinCrime World Forum and your host for the conference  will set the scene, explain the ethos of the event and share details on how to post questions and play back and sessions that you are able to watch in real-time.

Speakers
7:30 am
Keynote: Financial Crime: Tackling A Growing Threat. A conversation with Sir Rob Wainwright

Financial Crime is a trillion-dollar global industry that allows criminals and corrupt elites to protect their illegal gains. Academics estimate that every year, $4 trillion is laundered globally and only 1% of that is disrupted by authorities. Its existence poses one of the largest systemic risks to the credibility of the international financial system, and it has devastating impacts on people, businesses and some of the most vulnerable communities.Although financial crime is not new, governments, regulators, law enforcement and the compliance industry increasingly recognise that we are at potentially dangerous inflection point, with new technology enabling increasing criminal innovation. The anti-financial crime community needs to find new vigour in its response.

In our opening conversation, Sir Rob Wainwright will provide a strategic overview of these challenges. As a board member of Global Fund to End Modern Slavery, the long-serving former Director of Europol, the EU’s policing agency, and before that a senior UK civil servant, he knows only too well the devastation financial crime brings, in this session he will draw on his extensive experience to provide insights into where we might be going next, and what collectively we need to do to tackle this growing threat.

Speakers
8:30 am
A world in Crisis. How has COVID-19 transformed financial crime – and our response?

The COVID-19 pandemic has completely changed what we think of as ‘normal life’. We increasingly work from home, and we socialise via social media or audio-visual conferencing. We live life – for the time being at least – virtually. What also seems to be clear is that the crisis has been a spur to change for organised criminals too, who have had to revise their classic business models for selling illicit goods and laundering cash and have increasingly moved into cyber criminality as a way of sustaining themselves in the crisis. Law enforcement agencies, regulators and compliance departments have also had to scramble to find ways to respond to a completely unexpected environment and work together in new ways. The panel will look at how the pandemic has shaped the operating environment over the last year and ask how permanent the changes it has brought might be. Living in a fast changing and often disrupted environment may well be the ‘new normal’?

Moderator:
  • Helena Wood, Associate Fellow, Royal United Services Institute
Panellists:
Speakers
9:15 am
Reshaping the Future, Planning- Compliance Priorities in Uncertain Times

The recent public health crisis has focused compliance professionals’ attention on making financial crime frameworks responsive and resilient in the face of an uncertain operating environment. Conventional due diligence tasks such as customer onboarding and transaction monitoring have become difficult to conduct in the face of social restrictions and restricted economic activity. Some legacy institutions, often still partially dependent on paper and face-to-face interactions, have struggled. Other, firms – many in FinTech – have responded with relative agility and speed, aided by less bureaucracy and the use of configurable Cloud-based financial crime controls.

The panel will consider the compliance management challenges the pandemic has posed, and how different parts of the compliance industry has responded with organisational and technological innovation. It will also explore what lessons have been learned during the pandemic, and how these might be applied in the longer term. With other crises – political, economic, environmental – on the horizon, this session will help compliance professionals think through their practical options for the future.

Moderator:
  • Sujata Dasgupta, Global Head – Financial Crimes Compliance Advisory, Tata Consultancy Services Ltd.  
Panellists
  • Taavi Tamkivi, Founder & CEO, Salv Technologies.
  • Nitzan Solomon, VP, Head of Surveillance and Financial Crime Technology, EMEA, Nomura.
  • Robin de Jongh, Managing Director Detecting Financial Crime ABN AMRO, The Netherlands.
  • Rhodri James, CRO, NorthRow
  • Odette Gafa, Customer Advisory and Compliance Specialist – Customer Lifecycle Management, Bank of Valletta plc
Speakers
10:15 am
Brexit means… Will the UK and EU keep aligned on financial crime?

At the end of 2020, the transition period for the UK’s departure from the EU came to an end. Prior to Christmas, the UK and the EU had finalised a trade agreement that included clauses about both parties’ commitment to international financial crime standards. However, as many observers have pointed out, the trade deal has provided only the ‘bare-bones’ of a shared approach on AML/CTF standards. Neither side, moreover, has recognised the regulatory equivalence of the other’s existing laws and regulations, despite their past grounding in shared EU Anti-Money Laundering Directives (AMLDs). Despite the positive rhetoric around the deal, there is scope for future divergence between the UK and EU, especially if the UK seeks to gain a commercial advantage over the EU through regulatory reform.

The panel will explore the practical realities of what Brexit means now for compliance teams, both in the UK and EU jurisdictions, and how those teams have coped with uncertainties around due diligence requirements and regulator expectations. The panel will also look at the prospects for increasing – and decreasing – alignment between the two sides, and strategic approaches compliance teams can take in response.

Speakers include:

Moderator:
Panellists:
Speakers
11:30 am
Unlocking Crypto Crime – there is no such thing as Crypto currency crime. A presentation by Nick Furneaux

Regulators and financial crime compliance professionals have begun to grasp the concepts behind blockchain technology, cryptocurrencies and other virtual assets. But for many in both the public and private sector, confidence levels in how to investigate crimes with a crypto dimension remain low. As crypto increasingly appears as an integral part of serious organised criminal schemes, money laundering and terrorist financing cases, this perceived disadvantage is becoming a pressing issue. In this session, we will hear from Nick Furneaux, a globally recognised crypto forensics expert, with over 25 years of experience in cyber security and digital investigations consultancy for companies and law enforcement agencies. Nick is also the author of ‘Investigating Cryptocurrency’, the only book available for dealing with the practical challenges of investigating crypto-linked crimes, and a crypto-investigation trainer to major businesses and law enforcement.

In this session, he will share his insights on the criminal potential of cryptocurrencies, but more importantly, focus on the investigative strategies needed to track, trace – and retrieve – them.

Presented by Nick Furneaux, MD at CSITech and CTO at Asset Reality

Speakers
12:30 pm
Block…Change? Blockchain and the transformation of compliance

The financial services industry has spent the last decade warily eying Blockchain technology as a challenger to conventional ways of ‘doing money’ and as a potential risk to pre-existing regulatory norms. But as many of its advocates note, blockchain also theoretically offers the potential to improve radically the way in which regulators and compliance professionals undertake their roles, especially in situations where multiple parties need swift access to a credible ’single source of truth.’

Blockchain thus has the potential to change the way financial institutions submit standardised regulatory reporting, bringing opportunities for non-paper-based oversight, and lighter analysis and examination by regulators. Blockchain also has the potential to be applied to common AML/CFT controls such as transaction monitoring at a systemic level, making it harder than ever for suspicious patterns of activity to go undetected.

Nonetheless, even with the significant promise that the technology brings, it is freighted with concerns about the dangers that a Blockchain driven system, as a single source of information, could become a prime and unrelenting target for tech-savvy criminals and hackers. This panel will look at the regulatory and compliance impact that Blockchain has had so far, and its potential risks and opportunities for the future.

Moderator:
  • David Rowe-Francis, Praxis.
Panellists:
Speakers
1:30 pm
Cryptocurrencies: Dispelling the Myths 

The world of cryptocurrencies can be a disorienting place. Now, we are seeing one of the periodic booms in the value of Bitcoin and its sister currencies, with businesses and some governments exploring the possibility of launching their own versions, while others warn of the financial crime risks that crypto brings. But who to trust, and where to strike the balance? In this session, crypto compliance expert Malcolm Wright will challenge the conventional wisdom about cryptocurrencies and the sector’s attitude toward regulation and explore regulator and compliance best practices that can help build a crypto compliance ‘ecosystem.’

Malcolm will also investigate the development and future of central bank digital currencies and their relationship to crypto, as well as the role crypto tools can play in.

Presented by Malcolm Wright, CCO, 100x Group and Advisory Council Chair, Global Digital Finance


Speakers
2:30 pm
DeFi Technologies will change banking forever - Decentralised Finance and New Frontiers for Blockchain

In the minds of many, blockchain technology – the use of encrypted blocks of data to create a shared ledger of activity – is synonymous with cryptocurrencies such as Bitcoin. But cryptocurrencies are but one application of blockchain, and many of its strongest proponents believe it offers a wider range of opportunities to do finance differently. Private and government-backed variations on cryptocurrencies called ‘stablecoins’ are under discussion, while new models of ‘Decentralised Finance’ or ‘DeFi’, using ‘smart contracts’ to cut out intermediaries such as banks and brokerages, are also emerging.

The panel will look at these developments and the future of blockchain technology in finance, exploring new and potentially exotic ways in which it could be applied. Advocates stress blockchain’s value to expand financial inclusion, but what are the risks of fraud and other forms of criminal abuse? And how can governments regulate the sector without undermining its growth?

Moderator:
Panellists:
  • Ben Whitby, Risk, Compliance and Regulatory Affairs, Qredo
  • Lars Hodel, Head Legal and Compliance, Bitcoin Suisse
  • Melissa Wisner, Director of Operations for Legal and Compliance, BlockFi Inc
  • Delphine Forma, Chief Compliance Officer, TAAL
  • Dan Held, Kraken Digital Asset Exchange
Speakers
4:30 pm
The drive for Corporate transparency: transparency in company ownership is more than a technical solution to a problem. It is a matter of social justice.

For decades scandal after scandal has demonstrated that anonymous shell companies have been used to divert public funds, channel bribes and ill-gotten gains as part of cross border corruption and money laundering schemes. Companies that exist on paper are tools for the diversion of critical resources needed to advance sustainable development and collective security.

The international agenda on corporate transparency shifted dramatically when the Panama Papers shone a spotlight on something that was previously described as a technical issue.   Recent years have seen concerns about the misuse of UK corporate entities, the filing of false information at Companies House and the use of innocent people’s information on the companies register to commit fraud and other acts of harm.

In January 2021, US congress passed the Corporate Transparency Act, which is seen as a ground-breaking law to crack down on shell companies. But further east businesses are still struggling to adapt to transparency. Despite the recent regulatory changes and constant insightful investigative journalism, we still need more decisive global reforms to ensure that the resources needed to pay for critical public services are simply not hidden away in tax havens or property markets abroad. The panel will discuss what more should be done to move the dial on this global issue.

Moderator:
Panellists:
Speakers
5:15 pm
Striking the balance between Fin Crime, Privacy Law, and Encryption - What needs to change? 

Efforts to tackle financial crime and requirements to protect privacy can seem conflicted and, in some cases, drive opposite regulatory expectations for the private sector. Increasingly, entities regulated for anti-money laundering (AML) are drawing large amounts of information from third parties to understand customer FinCrime risks. Public-private partnerships have also risen to prominence as a leading tool for detecting financial crime; relying on intensive information-sharing between law enforcement agencies and larger financial institutions. In the 2020s, collaborative analytics and utilities, operating across multiple financial institutions in close to real-time, are emerging as a key area of innovation to support the identification and disruption of Financial Crime.

  • How can these information-sharing trends square with the increasing strength of privacy and data sovereignty laws around the world?
  • Are we reaching a breaking point for policy tensions between AML and privacy?  
  • How can greater coherence between the two policy spheres be achieved?
  • What role can advances in encryption and 'privacy enhancing technologies' play to resolve these tensions?

Nick Maxwell, Head of the Royal United Services Institute (RUSI) 'Future of Financial Intelligence Sharing' research programme, will shed light on these questions and update us on the very latest research in this area.

Moderator:
Presenter:
  • Nick J Maxwell, Head of the Future of Financial Intelligence Sharing (FFIS) research programme, FFIS Research
Speakers
6:30 pm
The Biden Presidency - Key financial crime challenges in a new political landscape

Following the federal elections of 2020, both the US executive branch and both chambers of Congress are under the effective control of the Democrats. There is significant expectation in the financial crime compliance world that this is going to lead to changes in the US regulatory approach; some expect a return to the tougher approach of the Obama presidency on AML/CFT, and an impact on Sanctions that will rely on Allies working in concert, while others expect to see significant continuity with the Trump years, as President Biden seeks to govern ‘from the center’, after a tumultuous election.

There can be little doubt, however, that whichever direction the Biden/Harris administration seeks to go, there will be many significant financial crime issues for them to address over the coming four years, from the next steps in corporate transparency, SAR reform and the Iran nuclear deal, to ensuring that ‘main street’ Financial Institutions keep up with AML/CFT change. The administration will almost certainly also help frame the country’s long-term approach - and arguably also a global tone - to still evolving areas such as cryptocurrencies and Financial and Regulatory Technology. In this session, Jim Richards and Michelle Neufeld will explore the new administration’s likely direction of travel, and what this will mean in practical terms for compliance professionals.

Presented by:


Speakers

Wednesday 24th March

7:00 am
The Risks in Asia’s Fintech Paradise. Can the region grow and fight financial crime?

The Asia-Pacific region is undoubtedly home to some of the fastest growing and most innovative Fintech markets, with rapidly advancing customer adoption rates in developing and developed economies alike. The market continues to be dominated by several well-known Chinese ecommerce ‘super apps’, but firms in Hong Kong, Singapore, South Korea and the countries of South East Asia are also making rapid advances. Several local regulators have become world-leaders in agile Fintech regulation, keen to shape environments where innovation can flourish.

But wherever there is an opportunity for profit, there is also an opportunity for crime, as growing rates of cyber fraud during the pandemic have attested. There is thus a growing awareness amongst law enforcement officials, regulators and compliance professionals in the region that the financial crime risks that come with growth need to be addressed.

In this panel, our experts will look at the underlying factors that have made the Asia Pacific region such a welcoming place for Fintech innovation, but also explore how serious organized crime, fraudsters and money launderers have found ways to abuse its advantages. The panel will also consider the compliance challenges that come from operating in a region of multiple jurisdictions and regulatory frameworks, and look at practical ways to manage the risks of regulatory divergence.

Speakers
8:00 am
Brave New Worlds - is Artificial Intelligence the ultimate weapon against Financial Crime ?

The financial crime compliance world has had high hopes for ‘Artificial Intelligence’ (AI) – the specific role that supervised machine learning might play in improving the performance of legacy controls in screening and monitoring. There has been much discussion – not least amongst vendors – about how much better machine learning systems are at identifying known patterns of suspicious activity, improving the effectiveness of identifying real rather than false risks, providing better leads for law enforcement, and reducing costs for Financial Institutions themselves Advocates have also talked about the potential for unsupervised machine learning models to be ‘let loose’ on data to find the patterns that humans never could, though regulators have expressed concerns about the difficulties of regulating systems that operate as ‘black boxes.’

The panel will clarify what we mean when we talk about ‘artificial intelligence’ and ‘machine learning’, and where the techniques are being applied in the financial crime compliance world to best effect. The panel will also investigate the challenges that come with this new approach – data-related, technological, and regulatory – and how best to tackle them to harness the technology’s potential.

Moderator:
  • Patrick Craig, EMEIA Financial Crime Technology Lead, EY            
Panellists:
Speakers
8:45 am
Alternative Frontiers in Reg Tech: Going Beyond AI

There is a persistent buzz in the sector about the financial crime potential of 'new technologies', but often, the discussion ends with AI and machine learning. Such innovations can improve the efficiency of regulated processes such as sanctions screening and transactions monitoring, but the potential for what new technologies can do to make AML/CFT and other financial crime processes more efficient - and crucially more effective - goes much further.

For example, open-source financial intelligence collection through advancing Natural Language Processing is having a significant impact on financial crime investigation, while Social Network Analysis (SNA) tools are being used to find hidden links in complex areas of potential risk such as sanctions evasion and Trade-Based Money Laundering (TBML). The creation of synthetic data to ‘mirror’ criminal patterns is also being used as a new way of testing the effectiveness of pre-existing platforms and controls. The panel will discuss these and other developments, taking us to alternative frontiers for financial crime RegTech.

Moderator:
Panellists:
  • Charles Brown, Head of Community, Blackdot Solutions
  • Matt Lowe, Technical Specialist, RegTech Team, Financial Conduct Authority
  • Uri Rivner, Chief Cyber Officer | Co-Founder, BioCatch
  • Harriet Shaw, Venture Lead, BAE Systems
Speakers
9:30 am
The Cyber-Fincrime Nexus. The Impact of COVID-19 and the Next Steps

Even before 2020, law enforcement agencies had been warning of a growing nexus between cyber and financial crime, and an expanding role from international serious organised crime groups. The COVID-19 pandemic of the last year has reportedly accelerated the growth of these interconnections, with small-time cyber criminals becoming more integrated into the activities of larger criminal enterprises.

The panel will explore the evolving nature of the cyber-financial crime nexus, looking at recent trends in Authorised Push Payment (APP) fraud, ransomware, malware, and other criminal techniques. It will also look forward to whether we are seeing a permanent shift in criminals’ focus towards the virtual world and ask how businesses can challenge them by taking a more integrated approach to AML/CFT, fraud and cyber security risks.

Moderator:
Panellists:
Speakers
10:15 am
Case Study: The Role of Digital Behavior in Identifying Mule Accounts

Money mules have become a modern day gold rush for cybercriminals. According to Europol, more than 90% of money mule transactions are linked to cybercrime. The explosive growth of digital transactions and payments during the pandemic combined with global economic relief programs, such as unemployment benefits and government stimulus checks, have enticed cybercriminals to step up their game and capitalize on an environment ripe for fraud. While technology has made it easier than ever for cybercriminals to open new accounts using digital banking channels and bypass KYC barriers, the good news is that behavioral biometrics is giving financial institutions the tools to fight back.

In this session, we will explore how the practice of money muling has evolved, the role of digital behaviour in identifying mule accounts during the account opening process and at the point of payment, and how leading financial institutions used behavioral biometrics as part of their proactive risk mitigation strategies to stop cybercriminals at the source.

Presenter:

Ayelet Biger-Levin, CISSP, VP Market Strategy, BioCatch

BioCatch, the market leader in behavioral biometrics, analyzes physical and cognitive digital behavior to distinguish between genuine users and criminals to detect fraud and identity theft and to improve customer experience.


Speakers
10:45 am
Technological Promises, Criminal Realities. A conversation between Julian Dixon and Oliver Bullough

In the past decade, the ‘Regulatory Technology’ sector, or ‘RegTech’, has developed quickly in response to the need to manage existing financial crime risks better, enabled by the growing capacity and capability of evolving technologies themselves.  Many entrepreneurs have emerged from the technological and financial services sectors, looking for distinct ways in which to apply data analytic techniques, ‘AI’ and other advances to the classic issues of criminal detection and disruption.

At the same time, we have also witnessed a expansion in public awareness of the realities and consequences of financial crime. Driven by a new generation of investigative journalists in both in the developed and developing world, the public is increasingly aware that, after thirty years of an avowed international mission to fight financial crime, things appear now to be as bad as they have ever.

Julian Dixon, CEO of Napier, has been one of those who has sought to use innovation to fight financial crime, and Oliver Bullough, journalist and author of the best-selling ‘Moneyland’, has worked relentlessly to bring its ongoing impact to public attention. In this conversation, the speakers will reflect on the challenges and realities of financial crime from their own unique perspectives, and ask fundamental questions about the deep-rooted nature of financial crime, and how far technology and innovation can take us in the fight against it.

Speakers
11:15 am
Keynote: The transparency illusion-UK companies and the Beirut Explosion. A case study in how transparency may not be all it seems but can still assist in Global Investigations.

The explosion in Beirut was allegedly the largest non-nuclear explosion in history. But it has since emerged that the cause of the explosion was Ammonium Nitrate owned by a dormant UK company. What is more, this company has strong ties to other UK companies which are themselves linked to sanctioned individuals operating in former ISIS controlled territories in Syria. One of whom was sanctioned for attempting to buy Ammonium Nitrate.

This and more will be revealed as Graham Barrow, from The Dark Money Files, takes you through this extraordinary and revealing story. And, even though the story is jaw dropping on its own merits, the learning flowing from it is equally applicable to a variety of situations which any financial institution might find itself in today. And which carry equally significant jeopardy for those institutions and the wider community.

Presented by Graham Barrow, Director, Dark Money Files

Speakers
12:15 pm
Transforming Compliance into Risk Management. A presentation by Michael Rasmussen

Regulators consistently talk about the need for a ‘risk-based approach’ to financial crime, and many organisations have created ‘risk management’ functions to complement, and in some cases replace, legacy compliance functions. This shift is based on a recognition that it is not just what you do, it is how you do it that matters. Financial criminals are agile and reflexive, and those that seek to stop them need to be so in response.

But the transformation from ‘compliance-led’ to ‘risk-focused’ is often easier to talk about than implement. An organisation can completely understand risks and regulatory requirements, it can have the most beautifully written and well-crafted policies, but all this will come to very little if its underlying culture is not aligned with its rhetoric. Culture is the foundation upon which success – or failure – is built.

Michael Rasmussen, aka ‘The GRC Pundit’, is an internationally recognised commentator and consultant on Governance, Risk and Compliance (GRC), a term he coined in 2002 while at Forrester Research, Inc. In this presentation, Michael will apply three decades of experience to the challenges of employee engagement and training, building collaboration between front and back offices, and improving structures for oversight and accountability, and ask what needs to change for financial crime functions to transform themselves into true risk management cultures.

Presented by Michael Rasmussen, GRC Analyst & Pundit, GRC 20/20 Research

Speakers
1:00 pm
The fraud pandemic - predicting trends for 2021. A presentation by Onfido.

In the last twelve months, the world has faced two pandemics. In the wake of Covid-19 has come a significant increase in digital fraud. Although much of that fraud has continued via what we now see as ‘traditional’ routes - such as phone, text and email - it has spread into the wider digital spaces of the internet, encouraged by social restrictions that force so many of us to live our lives largely online. But, is this change here to stay? Or will the landscape return to normal as vaccines roll out worldwide.

In this presentation, a panel of experts from Onfido, a leading global identity verification and authentication provider, will discuss their fraud predictions for 2021, including the likely evolution of criminal techniques and impact of forthcoming regulatory changes.

A presentation by:
Speakers
1:45 pm
Effective Financial Crime Risk Management. How do we evidence what we are doing in AFC is effective?

We have started to see a shift in the AFC community, as the pressure from regulators for firms to achieve good outcomes in financial crime prevention increases. There is likely to be greater focus on how outcomes are measured and how confident firms are that their controls are effective at tackling financial crime. But understanding outcomes and measuring effectiveness are challenging, and to date have often been done in unsystematic ways. How effective are the current AML/CFT technologies? How good are we at measuring their effectiveness? Are there new technologies or ways of working that would better evidence the effectiveness of financial crime controls? What are the real reasons we are not doing as well as we would expect from this significant investment? And what alternative approaches can we collectively take?

Moderator:
Panellists:
Speakers
3:15 pm
Due Diligence in the Age of Digital ID - A Revolution in Anti-Financial Crime?

Knowing and trusting who customers are is the primary responsibility of due diligence. Financial Institutions invest huge amounts of money in platforms, data, and compliance professionals to achieve the goal, and yet many criminals continue to slip through the nets.

According to some, comprehensive Digital ID schemes, using blockchain or biometric data, offer a radical alternative: the chance to create unique digital identifiers that will provide greater certainty than any institutional paper-based system.

The panel will explore the origins and growth of Digital ID, alternative public and private schemes for its deployment, and growing regulatory interest during the COVID-19 pandemic. The panel will also consider the advantages, disadvantages, and practical feasibility of different types of Digital ID and ask whether the risks of hacking and identify theft that face such schemes can be mitigated effectively.

Moderator:
Panellists:
Speakers
4:00 pm
Case Study - NorthRow
Presenter:

Adam Holden, Chief Executive Officer, NorthRow


More info coming soon. Register for updates!

Speakers
4:45 pm
Spotlight: Modern Slavery. A Conversation with Andrew Wallis OBE, CEO of Unseen

Many of us living in developed economies have liked to believe that slavery is a thing of the past. But we are coming to understand that it remains a very modern reality; one that blights the lives of 40 million men, women and children across the globe and creates criminal profits only rivalled by counterfeit goods and illegal narcotics. Shockingly, human misery is once again one of the biggest of global businesses.

‘Unseen’ has been one of the leading advocacy groups in the campaign against modern slavery, and in this interview, its CEO, Andrew Wallis, will explore the emergence, growth, and evolution of modern slavery, and help take participants beyond the headline figures to an understanding of what labour, sexual and other forms of human exploitation mean for those affected. Andrew will also consider some of the ways in which societies can fight back, and practical tools compliance professionals can use to play their part.

A conversation with Andrew Wallis OBE, CEO, Unseen UK

Speakers
5:30 pm
KEYNOTE: Hacking the Criminals. A conversation with Chris Hadnagy.

Evolving technology is often described as a key vulnerability in the fight against financial criminality, an argument made eloquently by the boom in cyber fraud during the pandemic. But the problem is not just technology - but the way we, as human beings, use it. In frauds, the criminals depend on people being ‘the weakest link’, unwittingly providing them with entry into supposedly secure systems. The ways in which criminals accomplish this is commonly described as ‘social engineering’, the malicious side being a kitbag of psychological tools criminals use to ‘hack’ a person, rather than a system.

In this session, we will be exploring the world of ‘human hacking’ with Chris Hadnagy, the President and CEO of Social-Engineer, LLC. and founder of the Innocent Lives Foundation, an organisation that helps track and identify child predators. Chris is the author of multiple books on human security, and is widely recognised as one of the leading experts in the field. In this discussion, Chris will provide us with an understanding of the evolution of ‘social engineering,’ and help compliance professionals and the public to prepare to fight back. If hackers want to get into our minds, then we will need to get into theirs' to stop them.

Chris Hadnagy, Founder and CEO of Social-Engineer, LLC and founder of the Innocent Lives Foundation

Speakers

Tuesday 23rd March

8:30 am
A world in Crisis. How has COVID-19 transformed financial crime – and our response?

The COVID-19 pandemic has completely changed what we think of as ‘normal life’. We increasingly work from home, and we socialise via social media or audio-visual conferencing. We live life – for the time being at least – virtually. What also seems to be clear is that the crisis has been a spur to change for organised criminals too, who have had to revise their classic business models for selling illicit goods and laundering cash and have increasingly moved into cyber criminality as a way of sustaining themselves in the crisis. Law enforcement agencies, regulators and compliance departments have also had to scramble to find ways to respond to a completely unexpected environment and work together in new ways. The panel will look at how the pandemic has shaped the operating environment over the last year and ask how permanent the changes it has brought might be. Living in a fast changing and often disrupted environment may well be the ‘new normal’?

Moderator:
  • Helena Wood, Associate Fellow, Royal United Services Institute
Panellists:
Speakers
9:15 am
Reshaping the Future, Planning- Compliance Priorities in Uncertain Times

The recent public health crisis has focused compliance professionals’ attention on making financial crime frameworks responsive and resilient in the face of an uncertain operating environment. Conventional due diligence tasks such as customer onboarding and transaction monitoring have become difficult to conduct in the face of social restrictions and restricted economic activity. Some legacy institutions, often still partially dependent on paper and face-to-face interactions, have struggled. Other, firms – many in FinTech – have responded with relative agility and speed, aided by less bureaucracy and the use of configurable Cloud-based financial crime controls.

The panel will consider the compliance management challenges the pandemic has posed, and how different parts of the compliance industry has responded with organisational and technological innovation. It will also explore what lessons have been learned during the pandemic, and how these might be applied in the longer term. With other crises – political, economic, environmental – on the horizon, this session will help compliance professionals think through their practical options for the future.

Moderator:
  • Sujata Dasgupta, Global Head – Financial Crimes Compliance Advisory, Tata Consultancy Services Ltd.  
Panellists
  • Taavi Tamkivi, Founder & CEO, Salv Technologies.
  • Nitzan Solomon, VP, Head of Surveillance and Financial Crime Technology, EMEA, Nomura.
  • Robin de Jongh, Managing Director Detecting Financial Crime ABN AMRO, The Netherlands.
  • Rhodri James, CRO, NorthRow
  • Odette Gafa, Customer Advisory and Compliance Specialist – Customer Lifecycle Management, Bank of Valletta plc
Speakers
10:15 am
Brexit means… Will the UK and EU keep aligned on financial crime?

At the end of 2020, the transition period for the UK’s departure from the EU came to an end. Prior to Christmas, the UK and the EU had finalised a trade agreement that included clauses about both parties’ commitment to international financial crime standards. However, as many observers have pointed out, the trade deal has provided only the ‘bare-bones’ of a shared approach on AML/CTF standards. Neither side, moreover, has recognised the regulatory equivalence of the other’s existing laws and regulations, despite their past grounding in shared EU Anti-Money Laundering Directives (AMLDs). Despite the positive rhetoric around the deal, there is scope for future divergence between the UK and EU, especially if the UK seeks to gain a commercial advantage over the EU through regulatory reform.

The panel will explore the practical realities of what Brexit means now for compliance teams, both in the UK and EU jurisdictions, and how those teams have coped with uncertainties around due diligence requirements and regulator expectations. The panel will also look at the prospects for increasing – and decreasing – alignment between the two sides, and strategic approaches compliance teams can take in response.

Speakers include:

Moderator:
Panellists:
Speakers

Tuesday 23rd March

11:30 am
Unlocking Crypto Crime – there is no such thing as Crypto currency crime. A presentation by Nick Furneaux

Regulators and financial crime compliance professionals have begun to grasp the concepts behind blockchain technology, cryptocurrencies and other virtual assets. But for many in both the public and private sector, confidence levels in how to investigate crimes with a crypto dimension remain low. As crypto increasingly appears as an integral part of serious organised criminal schemes, money laundering and terrorist financing cases, this perceived disadvantage is becoming a pressing issue. In this session, we will hear from Nick Furneaux, a globally recognised crypto forensics expert, with over 25 years of experience in cyber security and digital investigations consultancy for companies and law enforcement agencies. Nick is also the author of ‘Investigating Cryptocurrency’, the only book available for dealing with the practical challenges of investigating crypto-linked crimes, and a crypto-investigation trainer to major businesses and law enforcement.

In this session, he will share his insights on the criminal potential of cryptocurrencies, but more importantly, focus on the investigative strategies needed to track, trace – and retrieve – them.

Presented by Nick Furneaux, MD at CSITech and CTO at Asset Reality

Speakers
12:30 pm
Block…Change? Blockchain and the transformation of compliance

The financial services industry has spent the last decade warily eying Blockchain technology as a challenger to conventional ways of ‘doing money’ and as a potential risk to pre-existing regulatory norms. But as many of its advocates note, blockchain also theoretically offers the potential to improve radically the way in which regulators and compliance professionals undertake their roles, especially in situations where multiple parties need swift access to a credible ’single source of truth.’

Blockchain thus has the potential to change the way financial institutions submit standardised regulatory reporting, bringing opportunities for non-paper-based oversight, and lighter analysis and examination by regulators. Blockchain also has the potential to be applied to common AML/CFT controls such as transaction monitoring at a systemic level, making it harder than ever for suspicious patterns of activity to go undetected.

Nonetheless, even with the significant promise that the technology brings, it is freighted with concerns about the dangers that a Blockchain driven system, as a single source of information, could become a prime and unrelenting target for tech-savvy criminals and hackers. This panel will look at the regulatory and compliance impact that Blockchain has had so far, and its potential risks and opportunities for the future.

Moderator:
  • David Rowe-Francis, Praxis.
Panellists:
Speakers
1:30 pm
Cryptocurrencies: Dispelling the Myths 

The world of cryptocurrencies can be a disorienting place. Now, we are seeing one of the periodic booms in the value of Bitcoin and its sister currencies, with businesses and some governments exploring the possibility of launching their own versions, while others warn of the financial crime risks that crypto brings. But who to trust, and where to strike the balance? In this session, crypto compliance expert Malcolm Wright will challenge the conventional wisdom about cryptocurrencies and the sector’s attitude toward regulation and explore regulator and compliance best practices that can help build a crypto compliance ‘ecosystem.’

Malcolm will also investigate the development and future of central bank digital currencies and their relationship to crypto, as well as the role crypto tools can play in.

Presented by Malcolm Wright, CCO, 100x Group and Advisory Council Chair, Global Digital Finance


Speakers
2:30 pm
DeFi Technologies will change banking forever - Decentralised Finance and New Frontiers for Blockchain

In the minds of many, blockchain technology – the use of encrypted blocks of data to create a shared ledger of activity – is synonymous with cryptocurrencies such as Bitcoin. But cryptocurrencies are but one application of blockchain, and many of its strongest proponents believe it offers a wider range of opportunities to do finance differently. Private and government-backed variations on cryptocurrencies called ‘stablecoins’ are under discussion, while new models of ‘Decentralised Finance’ or ‘DeFi’, using ‘smart contracts’ to cut out intermediaries such as banks and brokerages, are also emerging.

The panel will look at these developments and the future of blockchain technology in finance, exploring new and potentially exotic ways in which it could be applied. Advocates stress blockchain’s value to expand financial inclusion, but what are the risks of fraud and other forms of criminal abuse? And how can governments regulate the sector without undermining its growth?

Moderator:
Panellists:
  • Ben Whitby, Risk, Compliance and Regulatory Affairs, Qredo
  • Lars Hodel, Head Legal and Compliance, Bitcoin Suisse
  • Melissa Wisner, Director of Operations for Legal and Compliance, BlockFi Inc
  • Delphine Forma, Chief Compliance Officer, TAAL
  • Dan Held, Kraken Digital Asset Exchange
Speakers

Tuesday 23rd March

4:30 pm
The drive for Corporate transparency: transparency in company ownership is more than a technical solution to a problem. It is a matter of social justice.

For decades scandal after scandal has demonstrated that anonymous shell companies have been used to divert public funds, channel bribes and ill-gotten gains as part of cross border corruption and money laundering schemes. Companies that exist on paper are tools for the diversion of critical resources needed to advance sustainable development and collective security.

The international agenda on corporate transparency shifted dramatically when the Panama Papers shone a spotlight on something that was previously described as a technical issue.   Recent years have seen concerns about the misuse of UK corporate entities, the filing of false information at Companies House and the use of innocent people’s information on the companies register to commit fraud and other acts of harm.

In January 2021, US congress passed the Corporate Transparency Act, which is seen as a ground-breaking law to crack down on shell companies. But further east businesses are still struggling to adapt to transparency. Despite the recent regulatory changes and constant insightful investigative journalism, we still need more decisive global reforms to ensure that the resources needed to pay for critical public services are simply not hidden away in tax havens or property markets abroad. The panel will discuss what more should be done to move the dial on this global issue.

Moderator:
Panellists:
Speakers
5:15 pm
Striking the balance between Fin Crime, Privacy Law, and Encryption - What needs to change? 

Efforts to tackle financial crime and requirements to protect privacy can seem conflicted and, in some cases, drive opposite regulatory expectations for the private sector. Increasingly, entities regulated for anti-money laundering (AML) are drawing large amounts of information from third parties to understand customer FinCrime risks. Public-private partnerships have also risen to prominence as a leading tool for detecting financial crime; relying on intensive information-sharing between law enforcement agencies and larger financial institutions. In the 2020s, collaborative analytics and utilities, operating across multiple financial institutions in close to real-time, are emerging as a key area of innovation to support the identification and disruption of Financial Crime.

  • How can these information-sharing trends square with the increasing strength of privacy and data sovereignty laws around the world?
  • Are we reaching a breaking point for policy tensions between AML and privacy?  
  • How can greater coherence between the two policy spheres be achieved?
  • What role can advances in encryption and 'privacy enhancing technologies' play to resolve these tensions?

Nick Maxwell, Head of the Royal United Services Institute (RUSI) 'Future of Financial Intelligence Sharing' research programme, will shed light on these questions and update us on the very latest research in this area.

Moderator:
Presenter:
  • Nick J Maxwell, Head of the Future of Financial Intelligence Sharing (FFIS) research programme, FFIS Research
Speakers
6:30 pm
The Biden Presidency - Key financial crime challenges in a new political landscape

Following the federal elections of 2020, both the US executive branch and both chambers of Congress are under the effective control of the Democrats. There is significant expectation in the financial crime compliance world that this is going to lead to changes in the US regulatory approach; some expect a return to the tougher approach of the Obama presidency on AML/CFT, and an impact on Sanctions that will rely on Allies working in concert, while others expect to see significant continuity with the Trump years, as President Biden seeks to govern ‘from the center’, after a tumultuous election.

There can be little doubt, however, that whichever direction the Biden/Harris administration seeks to go, there will be many significant financial crime issues for them to address over the coming four years, from the next steps in corporate transparency, SAR reform and the Iran nuclear deal, to ensuring that ‘main street’ Financial Institutions keep up with AML/CFT change. The administration will almost certainly also help frame the country’s long-term approach - and arguably also a global tone - to still evolving areas such as cryptocurrencies and Financial and Regulatory Technology. In this session, Jim Richards and Michelle Neufeld will explore the new administration’s likely direction of travel, and what this will mean in practical terms for compliance professionals.

Presented by:


Speakers

Wednesday 24th March

8:00 am
Brave New Worlds - is Artificial Intelligence the ultimate weapon against Financial Crime ?

The financial crime compliance world has had high hopes for ‘Artificial Intelligence’ (AI) – the specific role that supervised machine learning might play in improving the performance of legacy controls in screening and monitoring. There has been much discussion – not least amongst vendors – about how much better machine learning systems are at identifying known patterns of suspicious activity, improving the effectiveness of identifying real rather than false risks, providing better leads for law enforcement, and reducing costs for Financial Institutions themselves Advocates have also talked about the potential for unsupervised machine learning models to be ‘let loose’ on data to find the patterns that humans never could, though regulators have expressed concerns about the difficulties of regulating systems that operate as ‘black boxes.’

The panel will clarify what we mean when we talk about ‘artificial intelligence’ and ‘machine learning’, and where the techniques are being applied in the financial crime compliance world to best effect. The panel will also investigate the challenges that come with this new approach – data-related, technological, and regulatory – and how best to tackle them to harness the technology’s potential.

Moderator:
  • Patrick Craig, EMEIA Financial Crime Technology Lead, EY            
Panellists:
8:45 am
Alternative Frontiers in Reg Tech: Going Beyond AI

There is a persistent buzz in the sector about the financial crime potential of 'new technologies', but often, the discussion ends with AI and machine learning. Such innovations can improve the efficiency of regulated processes such as sanctions screening and transactions monitoring, but the potential for what new technologies can do to make AML/CFT and other financial crime processes more efficient - and crucially more effective - goes much further.

For example, open-source financial intelligence collection through advancing Natural Language Processing is having a significant impact on financial crime investigation, while Social Network Analysis (SNA) tools are being used to find hidden links in complex areas of potential risk such as sanctions evasion and Trade-Based Money Laundering (TBML). The creation of synthetic data to ‘mirror’ criminal patterns is also being used as a new way of testing the effectiveness of pre-existing platforms and controls. The panel will discuss these and other developments, taking us to alternative frontiers for financial crime RegTech.

Moderator:
Panellists:
  • Charles Brown, Head of Community, Blackdot Solutions
  • Matt Lowe, Technical Specialist, RegTech Team, Financial Conduct Authority
  • Uri Rivner, Chief Cyber Officer | Co-Founder, BioCatch
  • Harriet Shaw, Venture Lead, BAE Systems
9:30 am
The Cyber-Fincrime Nexus. The Impact of COVID-19 and the Next Steps

Even before 2020, law enforcement agencies had been warning of a growing nexus between cyber and financial crime, and an expanding role from international serious organised crime groups. The COVID-19 pandemic of the last year has reportedly accelerated the growth of these interconnections, with small-time cyber criminals becoming more integrated into the activities of larger criminal enterprises.

The panel will explore the evolving nature of the cyber-financial crime nexus, looking at recent trends in Authorised Push Payment (APP) fraud, ransomware, malware, and other criminal techniques. It will also look forward to whether we are seeing a permanent shift in criminals’ focus towards the virtual world and ask how businesses can challenge them by taking a more integrated approach to AML/CFT, fraud and cyber security risks.

Moderator:
Panellists:
11:15 am
Keynote: The transparency illusion-UK companies and the Beirut Explosion. A case study in how transparency may not be all it seems but can still assist in Global Investigations.

The explosion in Beirut was allegedly the largest non-nuclear explosion in history. But it has since emerged that the cause of the explosion was Ammonium Nitrate owned by a dormant UK company. What is more, this company has strong ties to other UK companies which are themselves linked to sanctioned individuals operating in former ISIS controlled territories in Syria. One of whom was sanctioned for attempting to buy Ammonium Nitrate.

This and more will be revealed as Graham Barrow, from The Dark Money Files, takes you through this extraordinary and revealing story. And, even though the story is jaw dropping on its own merits, the learning flowing from it is equally applicable to a variety of situations which any financial institution might find itself in today. And which carry equally significant jeopardy for those institutions and the wider community.

Presented by Graham Barrow, Director, Dark Money Files

12:15 pm
Transforming Compliance into Risk Management. A presentation by Michael Rasmussen

Regulators consistently talk about the need for a ‘risk-based approach’ to financial crime, and many organisations have created ‘risk management’ functions to complement, and in some cases replace, legacy compliance functions. This shift is based on a recognition that it is not just what you do, it is how you do it that matters. Financial criminals are agile and reflexive, and those that seek to stop them need to be so in response.

But the transformation from ‘compliance-led’ to ‘risk-focused’ is often easier to talk about than implement. An organisation can completely understand risks and regulatory requirements, it can have the most beautifully written and well-crafted policies, but all this will come to very little if its underlying culture is not aligned with its rhetoric. Culture is the foundation upon which success – or failure – is built.

Michael Rasmussen, aka ‘The GRC Pundit’, is an internationally recognised commentator and consultant on Governance, Risk and Compliance (GRC), a term he coined in 2002 while at Forrester Research, Inc. In this presentation, Michael will apply three decades of experience to the challenges of employee engagement and training, building collaboration between front and back offices, and improving structures for oversight and accountability, and ask what needs to change for financial crime functions to transform themselves into true risk management cultures.

Presented by Michael Rasmussen, GRC Analyst & Pundit, GRC 20/20 Research

Wednesday 24th March

1:45 pm
Effective Financial Crime Risk Management. How do we evidence what we are doing in AFC is effective?

We have started to see a shift in the AFC community, as the pressure from regulators for firms to achieve good outcomes in financial crime prevention increases. There is likely to be greater focus on how outcomes are measured and how confident firms are that their controls are effective at tackling financial crime. But understanding outcomes and measuring effectiveness are challenging, and to date have often been done in unsystematic ways. How effective are the current AML/CFT technologies? How good are we at measuring their effectiveness? Are there new technologies or ways of working that would better evidence the effectiveness of financial crime controls? What are the real reasons we are not doing as well as we would expect from this significant investment? And what alternative approaches can we collectively take?

Moderator:
Panellists:
Speakers
3:15 pm
Due Diligence in the Age of Digital ID - A Revolution in Anti-Financial Crime?

Knowing and trusting who customers are is the primary responsibility of due diligence. Financial Institutions invest huge amounts of money in platforms, data, and compliance professionals to achieve the goal, and yet many criminals continue to slip through the nets.

According to some, comprehensive Digital ID schemes, using blockchain or biometric data, offer a radical alternative: the chance to create unique digital identifiers that will provide greater certainty than any institutional paper-based system.

The panel will explore the origins and growth of Digital ID, alternative public and private schemes for its deployment, and growing regulatory interest during the COVID-19 pandemic. The panel will also consider the advantages, disadvantages, and practical feasibility of different types of Digital ID and ask whether the risks of hacking and identify theft that face such schemes can be mitigated effectively.

Moderator:
Panellists:
Speakers
4:45 pm
Spotlight: Modern Slavery. A Conversation with Andrew Wallis OBE, CEO of Unseen

Many of us living in developed economies have liked to believe that slavery is a thing of the past. But we are coming to understand that it remains a very modern reality; one that blights the lives of 40 million men, women and children across the globe and creates criminal profits only rivalled by counterfeit goods and illegal narcotics. Shockingly, human misery is once again one of the biggest of global businesses.

‘Unseen’ has been one of the leading advocacy groups in the campaign against modern slavery, and in this interview, its CEO, Andrew Wallis, will explore the emergence, growth, and evolution of modern slavery, and help take participants beyond the headline figures to an understanding of what labour, sexual and other forms of human exploitation mean for those affected. Andrew will also consider some of the ways in which societies can fight back, and practical tools compliance professionals can use to play their part.

A conversation with Andrew Wallis OBE, CEO, Unseen UK

Speakers
5:30 pm
KEYNOTE: Hacking the Criminals. A conversation with Chris Hadnagy.

Evolving technology is often described as a key vulnerability in the fight against financial criminality, an argument made eloquently by the boom in cyber fraud during the pandemic. But the problem is not just technology - but the way we, as human beings, use it. In frauds, the criminals depend on people being ‘the weakest link’, unwittingly providing them with entry into supposedly secure systems. The ways in which criminals accomplish this is commonly described as ‘social engineering’, the malicious side being a kitbag of psychological tools criminals use to ‘hack’ a person, rather than a system.

In this session, we will be exploring the world of ‘human hacking’ with Chris Hadnagy, the President and CEO of Social-Engineer, LLC. and founder of the Innocent Lives Foundation, an organisation that helps track and identify child predators. Chris is the author of multiple books on human security, and is widely recognised as one of the leading experts in the field. In this discussion, Chris will provide us with an understanding of the evolution of ‘social engineering,’ and help compliance professionals and the public to prepare to fight back. If hackers want to get into our minds, then we will need to get into theirs' to stop them.

Chris Hadnagy, Founder and CEO of Social-Engineer, LLC and founder of the Innocent Lives Foundation

Speakers


2021 Speakers | 23 - 24 March 2021

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