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Integrating Technology into the Future of Financial Crime Compliance
The article shows how banks and financial institutions should integrate technology into the future of financial crime compliance. This article provides insight into:
- The four key benefits offered by RegTech
- 3 RegTech Case studies -
United Bankshares, CitiGroup, SilverFinch
Malaysias 1MDB Scandal Prompts Banks to Re-examine PEP and AML Processes
The investigation into 1MDB is on-going, with no concrete answers yet, but does this incident suggest that Malaysia's AML and PEP processes need changing? To answer this question we look at the latest assessment by the Financial Action Task Force and compare the views of industry experts:
- How did the Paris-based Financial Action Task Force (FATF) rate Malaysia’s anti-money-laundering efforts before the allegations against 1MDB?
- Are Malaysia’s anti-money-laundering efforts adequate given the current scandal?
- What can financial institutions around the world learn from this incident and how should they respond?
Rebittance and Regulation The Future of Bitcoin in Southeast Asia
In January 2015 the USA became the first country to regulate a Bitcoin Exchange. Despite this, countries in Southeast Asia are lagging behind, with many choosing to rule cryptocurrencies illegal rather than take steps to mitigate the risks and embrace the benefits they have to offer. To understand why, we take a look at the state of cryptocurrencies in Southeast Asia and look ahead at how the regulators, banks and cryptocurrency companies need to adapt to support the future of Bitcoin in the region, including:
- How popular are Bitcoin transactions currently for remittance compared to fiat?
- What is the current legal status of Bitcoin transactions in Southeast Asia?
- How do Bitcoin Exchanges need to adapt to mitigate the risks of virtual currencies and get regulated?
Insider Perspective on dealing with one of the biggest Cyber Crimes in Financial Services - The Great Bangladesh Heist
With speculation regarding the overall security of the banks involved and the possibility of insider cooperation with the hackers, we delved further into the details of cyber crime incident in The Great Bangladesh Heist by interviewing Vencent L. Salido, the Deputy Director of the Philippine Compliance and Investigation Group, Anti-Money Laundering Council Secretariat.
Asia Most Wanted Top Ten AML Cases
- Politically Exposed Persons (PEPs)
Ex- President Chen Shui-bian – Taiwan
Ex- President Ferdinand Marcos – Philippines
Ex- President Suharto – Indonesia
- Organised Crime
Ruan Zhizhong – China
Project Eligo – Australia
The Yakuza – Japan
- High Profile Businessmen and Fraudsters
Wirapol Sukphol a.k.a
“The Jet-Setting Monk” – Thailand
Carson Yeung – Hong Kong
- Financial Institutions
Establishing business resilience for cyber crime and fraud prevention
The threat of cyber crime and fraud is one of the most contentious issues facing financial institutions to date. As technology advances, so do the methods for criminals to cause potentially irreparable damage. Paul Hurrell, Australasian Zone Manager, Anti-Fraud and Investigations – Global Investigative Services Group at AIG, discusses how financial institutions can establish an effective cyber crime and fraud prevention plan to target cyber threats and fraud at the source, and still maintain the balance between customer and business needs.
Attacking the Criminal Economy - A law Enforcement Perspective
In this presentation, Detective Superintendent Nicholas McTaggart, Australian Federal Police, discusses the crime phenomenon in financial sector from a law enforcement perspective.
- Contemporary issues relating to money laundering
- The International activity
- The rise in 3rd Party Money laundering activities
- Identifying economic crime threats law enforcement and regulators are most concerned about for the future