Agenda Themes at FinCrime Global:
Turbo-Charging the Regulators?
Regulators across the world are gaining new powers and resources to fight financial crime. Developments such as the U.S. Anti-Money Laundering Act (AMLA) of 2020, the EU’s anti-money laundering/combating the financing of terrorism (AML/CFT) plan, and the new EU-wide AML agency are all evidence of this.
But how effective are these moves likely to be? Are we on the verge of a new “push” to tackle financial crime, similar to that which led to the Financial Action Task Force (FATF) in the late 1980s—or do these changes lack real teeth?
FinCrime Global will explore:
- The recent and ongoing regulatory changes across the U.S., Europe, and Asia-Pacific region
- How firms can position themselves as supportive partners in change
- The problem of 'left behind' jurisdictions where regulators have fewer resources
The Hidden Risks of 'Tech-Fin'
Several well-established sectors have developed out of the rise of FinTech, including virtual assets, challenger banks, and payment services providers (PSPs).
But outside of these finance-specific applications of technology, the tech industry is re-purposing pre-existing tools with embedded financial services (“Tech-Fin”).
Social media companies, instant messaging services, e-commerce companies, online game developers—players in all these sectors are keen to implement financialization. But they sometimes do so without assessing the financial crime risks.
FinCrime global will explore:
- How actors from across sectors are repurposing FinTech in non-financial services contexts
- The financial crime risks arising from “financialised technology”
- How such risks impact FinTech and the wider financial services sector
From RegTech to EffectTech
Regulatory technologies (RegTech) are an established tool to help finance firms deliver on their anti-money laundering (AML) obligations.
But an important field is developing alongside RegTech, known as “EffectTech”—tech designed to help finance firms test and audit their systems to an external benchmark.
FinCrime Global will consider the core meaning of “effectiveness” and consider the role of tech, with sessions exploring:
- The use of automated penetration testing against financial crime controls
- Using synthetic datasets to test platform settings
- The development of commercial “typology libraries” for use in platforms
Sanctions: Weapon of Choice?
Sanctions are an increasingly important tool in the fight against financial crime and corruption.
Major democratic powers, such as the U.S., EU, and the U.K., are actively developing their human rights and corruption-focused sanctions systems. But states like China and Russia are developing measures designed to block Western sanctions.
FinCrime Global will help delegates understand:
- How sanctions can be used as a weapon against financial crime
- How broad“democratic” and “authoritarian” blocs are using economic and financial statecraft against each other—and how financial services providers can get caught in the middle
- How firms should approach compliance challenges in a world where sanctions regimes compete rather than complement one another
Systemic Solutions to a Systemic Problem
How can we improve effectiveness in the fight against financial crime?
One thing is clear: sticking plasters and short-term solutions are not the answer. Financial crime is a systemic problem requiring systemic solutions.
FinCrime Global will get to the heart of the problems of financial crime by exploring:
- Whether ongoing know-your-customer (KYC) utilities and private sector joint-monitoring experiments can contribute to effective systemic financial crime solutions
- How cooperation between the public and private sectors has developed to fight COVID-19 scams
- The role that service architectures, central bank digital currencies, crypto, and blockchain could play in providing a connected view of financial crime risks
Transparency Vs. Kleptocracy
Democracy depends on transparency and honest government. But societies trust in public officials—and the system of government itself—can falter when dirty money flows from autocratic regimes to democracies. The transfer of kleptocratic funds is increasingly seen as the major global financial crime threat.
FinCrime Global will explore:
- The root causes behind corrupt flows of klepto graphic funds
- How the global financial regime enables and nurtures kleptocracy
- How states are seeking to deal with kleptocracy through corporate transparency
- The role of financial services providers, data, and tech in tackling the problem