A Prudent Navigation into the Sanctions Universe
DATE: 14 – 16 December 2020 | From 12:00 – 15:00 LEBANON TIME / GMT+2
Across the globe, financial institutions (FIs) are faced with an evolving and threatening landscape. Complex challenges, especially in higher-risk operations such as increased digitalization of services, a surge in regulatory pressure and growing amounts of data are accentuating the pressure on FIs to implement effective AML compliance systems. Great strides have been made around the world to clamp down on financial crime. However, FIs continue to struggle with ineffective AML systems and manual processes, requiring huge compliance teams and unsustainable costs.
Many enforcement actions cite AML control deficiencies including:
• Ineffective risk-based frameworks and monitoring systems
• High rates of false positives
• Lack of internal sanctions controls
• Insufficient resources devoted to alert investigations
• Incomplete or missing customer and transaction data
• Inadequate reviews and reporting of suspicious activity
And a number of challenges have been obstructing effective AML compliance:
– Digitalization of products and more complex payment streams
– Increasingly sophisticated criminals and their networks
– Global regulations increasing pressure on AML compliance expectations
– Expanding volumes of data
– Challenges to working from home
– Increase in compliance risk
– More criminal activity
The traditional approach to focus resources and attention on the initial placement of cash into the financial system is no longer fit for purpose. Due to the multifaceted nature of FIs, they are more vulnerable to illicit activity and other financial crimes. By investing in new AML compliance technology, FIs can:
• Automate lengthy manual processes,
• Better detect suspicious activity by reducing false positives
• Improve the overall analysis of risk.
These organizations need to do so not only from a pure compliance perspective but also from the perspective of operational efficiencies, effectiveness and solutions – how to operate smarter and more agilely as the current marketplace demands.
All the above mentioned issues urge the FIS and other entities around the world to take additional measures in order to avoid any kind of sanctions could be imposed by various international bodies.
– AML/CFT officers
– Internal audit officers
– Operations department (transfers, branch managers, trade finance)
– Risk officers
– Compliance (legal & AML)
The Union of Arab Banks invites you to participate in this unique virtual gathering with real learning and practical insights. The event brings together a number of leading
experts in the field of AML compliance from different jurisdictions to give participants an exposure to the ever-changing and demanding regulatory atmosphere, financial institutions are expected to adapt themselves and their systems to.
The key concept of our time for AML compliance is:
• The investment in the collaboration of the right technology
• Credible data
• human intelligence
For many, what was achieved so far was only the tip of the iceberg and the years ahead will be fruitful time to witness further enhancements in this field.
For More details, kindly download the brochure of this webinar.