AML/CFT: Implementing the Risk-based Framework

AML/CFT: Implementing the Risk-based Framework

AML/CFT: Implementing the Risk-based Framework

September 30 - October 01 

Against a backdrop of technological change driving opportunities monitoring risks as well as creating opportunities for financial crime more so than ever in a global pandemic, the FATF is conducting a strategic review of its standards. The consequences of these dynamics will be far-reaching: reshaping financial markets, financial supervision and the policies and practices of AML/CFT.

This course, “AML/CFT: Implementing the Risk-Based Framework” is designed to equip central bankers to meet these challenges and more.

Agenda

Participants will have access to pre-recorded presentations two weeks before the course

00:0000:00

The FATF Strategic Review: new standards and frameworks
Pre-recorded presentation

00:00 - 00:30

  • Overview of FATF standards and reviews
  • Key dynamics and factors motivating and shaping changes 
  • High-level findings and implications for AML/CFT in practice
  • Discussion: implementation of FATF standards in delegates’ jurisdictions
Identifying and prioritizing threats in payments: a banker’s view
Pre-recorded presentation

00:00 - 00:30

  • A bank’s framework for managing risks in payments
  • Impact of growing number of transactions, platforms and players on AML/CFT
  • Tips for how to stay ahead of the game: skills and technologies in focus
  • Discussion: disruptive innovation vs disruptive regulation?
Data analytics for AML/CFT: AI and Machine Learning in focus
Pre-recorded presentation

00:00 - 00:30

  • State of the art in AI and Machine Learning
  • Key opportunities for AML and CFT
  • Implications for data management, processing and analysis
  • Examples of Machine Learning based software solutions for the regulators and the regulated
Kimmo Soramäki

Founder and CEO

Financial Network Analytics

Kimmo Soamäki is the founder and CEO of Financial Network Analytics (FNA) and the founding editor-in-chief of The Journal of Network Theory in Finance. He started his career as an economist at the Bank of Finland where he developed in 1997 the first simulation model for interbank payment systems. In 2004 while at the research department of the Federal Reserve Bank of New York, Mr Soramäki was among the first to apply methods from network theory to improve our understanding of financial systems. During the financial crisis of 2007-2008 he advised several central banks, including the Bank of England and European Central Bank, in modelling interconnections and systemic risk. This work led him to found FNA in 2013 provide solutions to monitor the complex financial networks that play a continually larger role in the world around us. Mr Soramäki holds a Doctor of Science in Operations Research and a Master of Science in Economics (Finance), both from Aalto University in Helsinki.

Identifying and assessing financial crime risk
Pre-recorded presentation

00:00 - 00:30

  • Overview of key AML/CFT risks in jurisdiction
  • Impact of FATF framework and recommendations
  • Examples of cross-jurisdictional initiatives
  • Case study: InsureTech for AML/CFT

Timings are subject to change as we evaluate geographic limitations of participants

11:0012:00

Key lessons in building a National Risk Assessment
Presentation followed by Q&A

11:00 - 12:00

  • National risk assessments: development, uses and value add
  • Stakeholders: who to bring in, when and how?
  • The state of the art for risk assessments
  • Discussion points: learnings from implementation in delegates’ jurisdictions

12:0012:15

Break

12:00 - 12:15

12:1513:15

FinTech, RegTech and VASPS: reality, risks and regulation of Digital Assets
Presentation followed by Q&A

00:00 - 01:00

  • Overview of the types of innovative businesses that are regulated for AML purposes
  • Evolution of regulatory and supervisory frameworks for digital money/crypto assets
  • Overview of key RegTech and SupTech tools and techniques
  • Case Studies of key businesses

13:1513:30

Break

13:15 - 13:30

13:3014:30

Technology driven change in AML/CFT: risks and opportunities
Presentation followed by Q&A

13:30 - 14:30

  • Financial crime tackling: the benefits of an interdisciplinary approach
  • Data sharing: examples of effective application
  • Overcoming the challenges of enforcement
  • Discussion: what networks are available?
Daniel Khun

Counsel

Federal Reserve Bank of New York

Timings are subject to change as we evaluate geographic limitations of participants

11:0012:00

Risk appetite: a key factor in determining the technology toolkit
Presentation followed by Q&A

11:00 - 12:00

  • Role of risk appetite in FinTech uses and applications
  • Framework for weighing and prioritising risks
  • Balancing innovation with consumer protection
  • Case study: examples of risk profiling in action

12:0012:15

Break

12:00 - 12:15

12:1513:15

Combatting financial fraud – Argentina Case Study
Presentation followed by Q&A

12:15 - 13:15

  • Evolution of financial fraud techniques and their use in ML/TF
  • Location, resourcing and reporting of Financial Intelligence Units (FIU)
  • Examples of cross-sectoral initiatives and efforts
  • Case study: sanctions and fines in focus

13:1513:30

Break

13:15 - 13:30

13:3014:30

RegTech and SupTech in action: monitoring, detecting and tackling financial crime risk
Interactive workshop with delegate participation

08:00 - 09:00

  • Key features of RegTech and SupTech for AML and CFT
  • Examples of applications for monitoring, detecting and tackling financial crime risks
  • Opportunities for international and public-private cooperation and coordination
  • Hands-on exercise: automated vs. manual fraud and AML investigation
Kimmo Soramäki

Founder and CEO

Financial Network Analytics

Kimmo Soamäki is the founder and CEO of Financial Network Analytics (FNA) and the founding editor-in-chief of The Journal of Network Theory in Finance. He started his career as an economist at the Bank of Finland where he developed in 1997 the first simulation model for interbank payment systems. In 2004 while at the research department of the Federal Reserve Bank of New York, Mr Soramäki was among the first to apply methods from network theory to improve our understanding of financial systems. During the financial crisis of 2007-2008 he advised several central banks, including the Bank of England and European Central Bank, in modelling interconnections and systemic risk. This work led him to found FNA in 2013 provide solutions to monitor the complex financial networks that play a continually larger role in the world around us. Mr Soramäki holds a Doctor of Science in Operations Research and a Master of Science in Economics (Finance), both from Aalto University in Helsinki.

14:3014:45

Break

12:00 - 12:15

14:4515:15

Delegate action points and course conclusion
Course conclusion

14:45 - 15:15

  • Summary of the training course
  • Discussion of the observed trends and case studies
  • Application of learning points in the delegates’ home organisations
  • Preparation of action points

Participants will continue their learning post-event

00:0000:00

Post training survey and feedback

00:00 - 00:30

Course alumni group

00:00 - 00:30

CPE/CPD certificate

00:00 - 00:30

Giuseppe Lombardo
Giuseppe Lombardo

Strategic Advisor on Anti-Money Laundering, CFT and Financial Integrity

Learning outcomes

By the end of the training course, participants will have gained new knowledge and a more comprehensive understanding of:

  • The latest FATF developments and outlines
  • Hands on examples of best inter-regional corporation
  • AI: Data management and analysis
  • What role does RegTech play in supervision and engagement
  • Hands on practical techniques for risk assessing
  • Identifying threats in the payment system
  • How to reduce de-risking and mitigating the disruption to society
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What to do next?

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