How to Implement Technology to Effectively Manage Money
Laundering Risk – A Practical Perspective
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How to Implement Technology to
Effectively Manage Money Laundering Risk
– A Practical Perspective
SPEAKERS
Andrew Davies
VP, Global Market Strategy, Financial Crime Risk Management
Fiserv
Todd Raque
Deloitte Advisory Senior Manager | Anti-Money Laundering Consulting
Deloitte Transactions and Business Analytics LLP
Dipesh Patel
Deloitte Advisory Senior Manager | Anti-Money Laundering Consulting
Deloitte Transactions and Business Analytics LLP
In this session we will discuss …
Practical steps in implementing technology that will help you manage
money laundering and sanctions risk :
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Money moves faster than ever
Money laundering typologies morph quicker than ever
Predicate crimes for money laundering continue to garner regulatory attention
Money laundering is front of mind for institutions and consumers
Technology is transforming and needs to be leveraged appropriately
Data lineage, veracity, integrity and currency need to be well managed to drive effective risk
management
Expenses need to be closely managed
Operational efficiency and customer experience are paramount - we need to avoid a negative
impact on the customer
Key deliverables from this session – key considerations when implementing AML technology
The World Is Changing – Pace Is Accelerating
Transactions
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Days, weeks
Customer service
Transactions
Multistep
Physical location
Integration
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Next day
Self-service
Pay online, mobile
Contactless
Regulation
Cyber security
Social media
Simple digital experience
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Instant, real time
Customer experience
One-click
Biometrics
Tokenization
Card-free
AI
IoT / IoE
Real-World Challenges Financial Institutions Are Facing
High Overhead Costs
Too Many Demands
for Attention
Rapidly Changing
Environment
Better Bad Guys with Better
Financing
Mandatory Compliance
and Reporting
Requirements
Inability to Provide Timely and
Appropriate Responses to
Breaches
Industry / Regulator(y) Driven Trends
The digitization
of financial services
UBO & tax evasion
global issue
Fls want to improve
operations with intelligent
analytics
Instant payments,
financial services
Tax compliance,
cybercrime, corruption
under AML regime
Security as a key
differentiator
Blockchain
Biometrics
Virtual Currency
Regulators expect
intelligent analytics
Artificial intelligence and
machine learning
Anti Financial Crime Strategies: Collaboration
The FATF made it a priority to work closely with FinTech and RegTech companies
… to understand how technology base innovations can be leveraged to fight ML and TF.
AML Technology Strategies
AML Technology Readiness and Regulatory Focus
2020 Trends: Financial Crime Risk Mitigation
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Strategies to consider
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Why is the use of technology important in the fight against financial crime?
Regulators are promoting the need for innovation…
• FATF:
FinTech and RegTech are new and quickly growing industries…
Financial innovation can be very useful to society, but can also be exploited by terrorists.
We have therefore started a constructive dialogue with representatives from the FinTech
and RegTech sectors, to better understand and see what recommendations we can provide…
….so that they develop new technologies and products that are resilient to money
laundering and terrorist financing.
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FDIC, FinCEN, NCUA, OCC, FCA, MAS: Responsibly implement innovative approaches.
• Information Security
• Third Party Risk Management
• Customer Privacy
• Innovation Initiative
Why is the use of technology important in the fight against financial crime?
Regulators promoting the need for innovation
• FCA: New Technologies in AML Report
• FINRA and SEC: RegTech Report
• MAS: International developments of new technologies to provide financial
services are fast-changing and growing at an accelerated pace. A bank shall
keep abreast of such new developments and the ML/TF risks associated with
them.
Notice 626 on Prevention of Money Laundering and Countering the Financing of Terrorism
Enterprise Financial Crime Risk Management
Risk Assessment –
Product Profile and Risk
Data is Critical –
Map to Technology
Capabilities
Use Technology That
Supports Omni Channel
Monitoring
Integration and Speed –
Monitoring with
Appropriate Frequency
and Speed
Utilize Appropriate
Analytics and Inference
Techniques
Ensure Flexibility
and Transparency
in the Inference
Leverage
Intelligent Automation
Use
Empowering Technology
Test, Test, Test
Collaboration & Training
Business Intelligence
and
Regulatory Reporting
Ongoing Fine Tuning –
Risk Assessment
Key Takeaways
Remember risk
continues to evolve,
as does
the sophistication of
financial crime detection
technology
Use Effective Technology
• Good data drives good detection
• Financial crime is an ever-evolving landscape
• Take advantage of technology to optimize your
operations and results
• Look to proven technology
Maximize Data for the Best Decisions
• Leverage your data assets to drive insights so you
can make the right decision at the right time
Help the Good Guys
• Do not focus only on detection rates … also
manage your false positives and create
frictionless customer experience points
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MEASURE,
UNDERSTAND
AND EXPLAIN
YOUR MONEY
LAUNDERING
RISK.
For more information visit
www.acamsriskassessment.com