FFECON23: The New Facets of FinCrime Review
John-Paul Eaton
Tech Recruitment ?? | Community Leader ?? | RegTech Advisor ?? | FinTech Ambassador ??
2023 marked the sixth edition of FFECON.? Under the title “The New Facets of FinCrime”, this year’s conference explored the evolving nature of financial crime in 2023, featuring a dynamic lineup of speakers.
Beating Scammers at Their Own Game
Jim Browning , scam baiter and YouTuber with over four million subscribers, walked the audience through major scam operations and how he tackles them, working as an IT professional by day and a cybercrime vigilante by night. Online scams are the most reported type of crime, causing losses of $55 billion, with scammers routinely targeting vulnerable people such as older people. Jim gave insight into the top three phone scams: bank charge warnings, refund scams, and phoney Amazon orders. Detailing how they work and the results of his anti-scam activities, Jim shared the outcomes of his efforts in combating fraud and outsmarting scammers.?
Navigating An Uncertain Future
In a context where unprecedented conditions sparked by economic crisis and geopolitical issues challenge anti-financial crime efforts, an engaging panel discussion led by Robert Evans , CEO of FINTRAIL , discussed four areas of the future of anti-financial crime: culture, people, technology, and process. Experts discussed the tone from the top and how to navigate the natural tension between business and compliance objectives. The panellists also looked at trends from the demand for compliance subject matter experts with a global view, the importance of adaptability and diversification of skills, a need for data scientists, and the continued development and future of regulatory technologies (RegTech).
Speakers:
Transaction Monitoring Vendor: What a Fintech Wants
In an insightful presentation, Kseniia Kutyreva , Head of Risk and Compliance at? Finom , discussed how FINOM set up its AML framework while taking into account significant trends including the convergence of fraud and AML, and the unification of customer due diligence and transaction monitoring. Kseniia discussed how using the latter model can benefit a firm, improving metrics such as time of account opening, conversion rates, and number of customers per analyst. Discussing common gaps in the transaction monitoring market, Kseniia identified deficiencies and pointed out critical opportunities for vendors to future-proof their services.?
Transforming Remediations: Preparing for Success
Moderated by Ciara Aitchison , Director of Insights and Research at FINTRAIL , expert panellists engaged in a thought-provoking discussion on the persistent challenge of remediations for financial services firms. The panel explored practical steps to effectively execute remediation efforts, emphasising the strategic utilisation of technology and training strategies. Panellists acknowledged the need to learn from others, put aside ego, and invest in horizon-scanning. As part of the session, they addressed inquiries relating to scope creep and budget considerations while highlighting the importance of taking a proactive approach to audit findings to break the cycle of ongoing remediation.?
Speakers:
The Power Of Data In Transforming Your Approach to Financial Crime
Why are UK businesses a popular choice for money launderers, and to what degree have they become compromised? Grant MacDonald , Director, FinCrime Market Engagement at Experian gave an engaging presentation exposing the deficiencies of Companies House and demonstrating how firms can harness the wealth of alternative official data sources in the UK for a more robust anti-financial crime approach. The presentation shared the power of multi-sourced data corroboration, industry collaboration, and industry aggregate transaction data sharing.
Evolving Demographics of FinCrime in a Recession
Eoin Collins , Senior Financial Crime Consultant at FINTRAIL , moderated a pertinent panel discussion that explored the evolving demographics of financial crime during a recession, emphasising relevant control measures, the importance of consumer education and empowering messaging, and considerations for social media platforms like TikTok. The panel provided valuable insights for adapting strategies and effectively combating financial crime in challenging economic times.?
Speakers:
领英推荐
Beyond the Game – What Can FinTechs Learn from the iGaming Industry to Navigate Global Compliance Challenges
Keith Ferguson , Senior Product Manager, Product and Platform at Flutter International , PokerStars and Riten Gohil (FICA) , Digital ID, Fraud and AML Orchestration Evangelist at Signicat discussed the power of orchestration to manage the needs of compliance challenges and multi-faceted product demands, including the value of ‘no-code’ orchestration to embrace technology innovation and reduce development roadmaps. The session provided valuable insight and best practices from the FinTech and gaming worlds to tackle financial crime and mitigate risk.
A Hopeful Look At Generative AI In Anti-Financial Crime
Joe Robinson , CEO and Co-Founder of Hummingbird , delivered an intriguing and forward-thinking presentation on the risks and opportunities of generative artificial intelligence. Joe delved into the potential downsides from an anti-financial crime perspective, including provenance issues, enhancing scams, and jailbreaking, while highlighting the positive aspects, such as the potential for financial education and literacy, reducing repetitive report generation, and navigating complex regulations. Joe discussed generative AI’s potential in anti-financial crime for writing narratives, such as SARs, and aggregating data from multiple sources in KYC and KYB, examining the exciting possibilities for generative AI in the compliance function.
Live FinCrime Book Club
In a special edition of the FinCrime Book Club John Christmas , co-author of “KGB Banker” and former banker and whistleblower, was interviewed by Maya Braine , Managing Director and Head of Insights at FINTRAIL . The discussion surrounded parallels between John’s real-life experiences and the novel’s story of exposing a Kremlin-backed money laundering scam at a Latvian bank and the role of whistleblowers. To join the FinCrime Book Club click here.
Debate: FinCrime Fad or the Future
Finally, James Nurse , Managing Director at FINTRAIL led a lively debate with a diverse set of industry experts to discuss popular buzzwords such as #FRAML, #PerpetualKYC, and #Effectiveness. Panellists debated whether these concepts are new and genuinely helpful or simply clickbait.
Speakers:
Kathryn Westmore , Senior Research Fellow, Centre for Finance and Security (CFS) at RUSI
This year’s conference highlighted:
2023’s conference was a massive success. Thank you to everyone that contributed to all the FinCrime fun!
In particular our wonderfully supportive partners:
Experian | Hummingbird | LSEG Data & Analytics | Resistant AI | Signicat | Lucinity | Acuminor | Alloy | FincSelect | Fraud.net | Hawk | Kodex | IDVerse - An OCR Labs Company | KYC360 | Centre for Finance and Security (CFS) at RUSI | Salv | Tommy Sardine | Sumsub | CipherCrime? | The Laundry? | The Paypers
See you in 2024!?
Jp
spy thriller novelist and whistleblower
1 年Fantastic event! Thanks for providing an open forum for discussion about my whistleblowing and book. Most players in media and conferences are afraid of the issues we discussed.