Assumed vs. Actual Risk – Using Machine Intelligence for Behavior-Based Risk Modeling

Sep 23, 2019 10:30am ‐ Sep 23, 2019 11:45am

Identification: MON11

*This session was not recorded.

Presented by Ayasdi

• Delivering behavior-based, actual risk models using unsupervised learning-powered segmentation

• Addressing the inefficiencies and ineffectiveness of assumed risk approaches

• Using movement between segments as a new determinant of risk with the need to impact existing systems


The SARs Align: Strengthening Processes that Drive SAR Filing Decisions

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON15

• Building awareness of “appropriate and reasonable” standards across enterprise to hone detection of atypical transactions or risk profile changes indicating suspicious activities

• Formalizing escalation and investigative protocols utilizing tools such as data analytics to support review quality, quantify findings and aid consistent suspicious activity oversight

• Codifying standards to green light filing such as metrics-driven risk ratings and approval by an independent committee to ensure timely reporting and minimize unwarranted SAR filings


Fighting Fraud Schemes Targeting the Elderly and Other Vulnerable Populations

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON16

• Training staff on schemes commonly used to exploit the elderly and cognitively impaired such as grandparent scams to spot red flags and disrupt and report suspicious activities

• Performing due diligence on designated fiduciaries and caregivers and monitoring transactions to ensure proper handling of client resources and spot and resolve red flags

• Communicating regularly with law enforcement and interest groups on aging and law enforcement to keep current on exploitation trends and leverage fraud monitoring and investigative resources


Risk Preclusion and Financial Inclusion? Achieving the Right Balance

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON17

• Updating risk models to incorporate strengthened technological capacity for monitoring and beneficial ownership verification to mitigate risks including residual risks tied to inclusion

• Employing innovations such as fintech, mobile banking and focused services and accounts to foster inclusion and manage risks of underbanked populations

• Examining relevant guidance worldwide and reviewing case studies to gain insights into constructing inclusion models that meet regulatory expectations and mitigate institutional risks


No Small Feat: Assembling Top-Tier Talent at Community Banks and MSBs

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON18

  • Offering learning and development opportunities in emerging AML specialties such as analytics or regtech to boost retention rates and expand in-house expertise
  • Networking actively with peer groups and talent pools such as former law enforcement officers to create preferred candidates database and optimize recruiting opportunities
  • Optimizing external resources such as NGOs, public agencies and professional services providers to enhance expertise, strengthen risk management and attain operational efficiencies

Constructing Data Management Architecture to Strengthen AML

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON19

• Reviewing essential requirements of data stewardship to design internal controls for issues such as uniformity of data quality and conformity with institutional risk appetite

• Assembling human and IT resources to ensure data management issues such as training of downstream users and front-line staff is consistent, clear and comprehensive

• Conducting data needs reviews of operating units to leverage value of collected data enterprise-wide and strengthen monitoring of at-risk activities and entities


Playing Nice Together: Best Practices for an Effective FRAML Framework

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON20

• Outlining the individual strengths of fraud investigation and AML compliance protocols to gain insights into potential combined FRAML benefits such as 360-degree customer views

• Reviewing potential obstacles to successful integration such as divergences in cultures and investigative practices to develop mutually beneficial FRAML operations models

• Formalizing communication channels and conducting regular operations reviews to make warranted systemic adjustments, leverage operating synergies and affirm shared vision


Using Digital Identity for a Better Customer Experience

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON21

Presented by Refinitiv

  • Finding out how using digital identity enhances customer experience in the financial crime fight
  • Learning how digital identity tools help to optimize compliance and boost your organization’s performance in mitigating risk
  • Using digital identity to engage potential customers and current customers across any platform– cloud, social, mobile or the IoT

Light It Up: Hot Topics Related to Banking Marijuana-Related Businesses (MRBs)

Sep 23, 2019 1:00pm ‐ Sep 23, 2019 2:15pm

Identification: MON22

Presented by Thomson Reuters

  • Reviewing current viewpoints on banking marijuana-related businesses (MRBs) including an update on the U.S. Department of Justice and FinCEN guidance
  • Discussing the differences between hemp, cannabidiol (CBD) and marijuana and why it should matter to your financial institution
  • Exploring best practices and industry standards for financial institutions to effectively monitor MRBs

To Follow that SAR: Law Enforcement Weighs in on Suspicious Activity Reports

Sep 23, 2019 2:45pm ‐ Sep 23, 2019 4:00pm

Identification: MON26

  • Evaluating how Law Enforcement analyzes SARs to identify issues such as business contexts that makes activity suspicious and details that are missing or require clarification
  • Aggregating SAR filings to gain perspectives on potential broad or coordinated financial crime activity that may involve multiple institutions, affiliated players and common typologies
  • Contacting institutions to reconfirm SAR details, identify additional information that may aid law enforcement analysis and whether and how investigation should be broadened