This exclusive briefing, hosted by the Financial Times in association with BAE Systems, will explore the threat landscape faced by financial services firms, and the role of technology in fuelling financial crime.
FT & BAE Systems Forum
On the Front Line of Financial Crime
Financial Conduct Authority
In association with
Cyber security and financial crime have reached a crucial intersection. Organised cyber attacks are now seen as the #1 business vulnerability – and financial gain is the key motivation behind many of them. The international cyber offensive in 2016, which saw hackers attempt to steal nearly $1 billion from Bangladesh’s central bank, would have been the largest bank heist in history. The National Crime Agency estimates that more than £90bn of fraudulent money passes through the UK’s digital financial system every year, transferred remotely through thousands of different bank accounts. Digital is the new frontier in the fight against financial crime – and digital is where the battle will be won.
Banks, insurers and other financial services firms must go further than straightforward cyber compliance if they are to defend themselves against digitally-enabled theft, money laundering and fraud. What kind of support is on offer from regulators and law enforcers to protect them against financial crime? In the era of digital banking, where longstanding financial institutions are competing with increasingly niche fintech service providers, how can incumbents and challengers alike protect their customers, data and reputations, as well as monetary assets? And what role should new technology play in this industry-wide security effort?
Agenda - 26th Sep
8:00amRegistration and Breakfast
9:00amChair's Opening Remarks
Caroline Binham, Regulation Correspondent, FT
9:05amThe Front Line of Financial Crime: an overview from BAE Systems
Rob Horton, Head of Financial Crime Solutions, BAE Systems
Saher Naumaan, Threat Intelligence Analyst, BAE Systems
9:20amThe Current Threat Landscape
- What do cyber threats look like today? Where are they coming from, how are they different, and how do they apply to financial services?
- Tactics, techniques and procedures: what are the latest TTPs used by cyber attackers for monetary gain, and how can the financial industry arm itself against them?
- What kind of fraudulent scenarios are enabled by the current threat landscape, and which are emerging as the biggest challenge for banks, insurers and other financial service firms?
- The geopolitical factor: how will developments like Brexit heighten the risk of financial crime in the UK? How might they impact cross-border attempts at detection and attribution?
John Cusack, Global Financial Crime Head, Standard Chartered Bank
Robert Hannigan, Special Advisor on Cyber Security, Hiscox and Executive Chairman Europe, BlueVoyant
Tom Keatinge, Director of Centre for Financial Crime and Security Studies, RUSI
Saher Naumaan, Threat Intelligence Analyst, BAE Systems
Moderated by: Caroline Binham, Regulation Correspondent, FT
10:05amFintech Snapshots: cutting-edge technology and its impact on financial crime
- What are the key disruptive technologies impacting the financial industry?
- How can banks and financial services firms ascertain which innovations are worth implementing alongside legacy systems? Once implemented, what are the risks of new technologies from a cyber security point of view?
- In what ways can cutting-edge technology help tackle financial and cyber crime? Which technologies have the most potential in terms of securing our digital future?
- Organised crime rings often consider insurance fraud to be a low-risk, high return enterprise. What is the potential of new technology in securing the insurance sector?
- What next for the use of AI, automation, predictive analytics, wearable technology, voice authentication, cryptocurrencies and DLT? How will they impact fraud and financial crime?
Matt Collinge, CTO, Curve
Zia Hayat, CEO and Founder, Callsign
Mike Kelly, CEO, Curl
Victoria van Lennep, Co-Founder, Lendable
Moderated by: Joy Macknight, Deputy Editor and Technology Editor, The Banker
10:50amNetworking Coffee Break
11:10amSpotlight on UX: balancing customer excellence with fraud and financial crime risk
- Customer experience is the ultimate competitive differentiator. Onboarding, loan approvals, payments, quotes: the financial sector is under increasing pressure to ensure that their customer-facing products and services are ever faster, more efficient and friction-free. Can banks and insurers balance UX innovation with an unerring focus on security?
- What measures should be in place for banks and insurers to strike the right balance between watertight security, and delivering the simplicity and convenience that customers demand?
- What are financial services firms doing to manage the risks of financial crime and fraud? Is there an ideal risk management strategy – and if so, how does the customer fit into it?
- Given the buzz around data protection, how can we ensure that customers feel their personal information, money and identity are secure?
Andrew Lall, Head of Privacy, RBS
Natasha Vernier, Head of Financial Crime, Monzo Bank
Interviewed by: Joy Macknight, Deputy Editor and Technology Editor, The Banker
11:40amRegulation, Recruitment, Relationships: building resilience in financial services
- What is the role of financial regulators in protecting the system? Regulatory changes over the last decade have been designed to bolster and stabilise the banking sector – but how are these legislations impacting financial crime?
- How can collaboration between financial institutions, law enforcement agencies and their corporate customers be improved to combat fraud and financial crime? What do new regulations mean for information-sharing between these organisations?
- Have the challenges of compliance to existing complex regulatory requirements – AML and KYC as well as data protection – been met? How?
- What is the national strategy for protecting banks, insurers and other financial services firms from financial crime? How are areas of government working with businesses to ensure that the financial ecosystem has adequate legislative, technical and cultural support? Is it possible to develop one policy framework that can be applied across a range of threat vectors?
Alison Barker, Director of Specialist Supervision, Financial Conduct Authority
Jennifer Calvery, Global Head of Financial Crime Threat Mitigation, HSBC
Stephen Dalton, Head of Intelligence, IFB
Jonathan Fisher, QC, Red Lion Chambers
Rob Horton, Head of Financial Crime Solutions, BAE Systems
Moderated by: Barney Thompson, Legal Correspondent, Financial Times
12:25pmChair's Closing Remarks
Caroline Binham, Regulation Correspondent, FT
Alison Barker was appointed in 2016 as Director of Specialist Supervision, within the Supervision Division at the Financial Conduct Authority. She has responsibility for financial crime regulation, technology and cyber risk, client assets and the prudential supervision of 22,000 firms, and she leads on complex cases such as payment protection insurance (PPI) and interest rate hedging product reviews. Her division provides specialist expertise to the FCA, and engages with national and international stakeholders on related policy issues. Prior to her current role, Alison was Head of the Infrastructure & Trading Firms Department. She joined the Financial Services Authority in 2009 and was responsible for the Supervisory Oversight Function, assessing supervisory quality. She has also supervised the UK’s client money and assets regime and retail banking conduct regime. Prior to joining the FSA she spent 12 years as a consultant for KPMG in the London regulatory practice, working on a range of regulatory programmes for financial services organisations. Before joining KPMG, she worked for Lloyds Banking Group in senior compliance roles.
Jennifer Calvery joined HSBC in 2016 and was appointed as a Group General Manager (GGM) in 2017. She also serves as the Global Head of Financial Crime Threat Mitigation (FCTM). In this role, she leads the bank’s capability for harnessing intelligence, advanced analytics, technology, investigations and public-private partnerships to identify emergent financial crime risk. She previously served as the Director of the Financial Crime Enforcement Network at the U.S. Department of the Treasury, the financial intelligence unit and anti-money laundering regulatory agency for the US government. She also spent 15 years as a prosecutor at the U.S. Department of Justice combating money laundering, corruption, fraud and organized crime in a variety of staff and executive roles.
Matt Collinge has over 18 years' experience in applying technology for competitive advantage. He is Chief Technology Officer at Curve, a London-based fintech, where he is currently focused on driving company strategy and realising his technical vision alongside growing Curve's engineering team. Matt’s previous role was at ComparetheMarket.com where he led the Technology and Architecture team and was responsible for their successful implementation of microservices at scale. He sits on the MongoDB Customer Advisory Board and is a member of the Kubernetes User Council in the UK.
John Cusack was appointed as Global Head, Financial Crime Compliance (FCC) and Group Money Laundering Reporting Officer (MLRO) in 2014. Prior to joining SCB, he was Group Managing Director and Deputy Global Head of Compliance at UBS. John is one of the world’s longest serving Money Laundering Prevention Heads, and a leading practitioner in compliance and financial crime risk management. He is a member and former Chair of the Wolfsberg Group, a global association of banks that aims to develop financial services industry standards, and related products, for know-your-customer, anti-money laundering and counter-terrorist financing policies.
Stephen Dalton joined the Insurance Fraud Bureau (IFB) in 2010. The IFB is the insurance industry’s central data hub for detecting and disrupting organised fraud, and combines data analysis of 130 million insurance records with intelligence obtained through partnerships with law enforcement, government and public sector organisations. Stephen's role as Head of Intelligence is to manage the IFB's proactive and reactive intelligence products and services, the insurance industry’s national fraud reporting service, ‘Cheatline’, and the IFB’s intelligence sharing arrangements.
Stephen has also led the development and implementation of the new industry suspect intelligence management system, the IFiHUB, launched in July 2018. He is a member of the National Roads Police Intelligence Forum and a board member for the Cabinet Office Counter Fraud Data Alliance project. Stephen has more than 20 years of experience developing solutions to financial crime across a variety of private sectors including credit card and insurance fraud. Before joining the IFB, he co-founded VFM Services Limited in 2000 which delivered conversation management techniques to investigative interviews of those suspected of first party claims fraud.
Jonathan Fisher QC (Bright Line Law and Red Lion Chambers, London) is ranked by Chambers & Partners UK as a leading barrister in Band 1 for Financial Crime and Proceeds of Crime cases. He is also ranked in the legal directories as a leading barrister for financial services, fraud, and tax cases. In addition, he is a Visiting Professor at the London School of Economics and General Editor of Lloyds Law Reports: Financial Crime.
Robert Hannigan is Special Advisor on Cyber Security at Hiscox UK & Ireland. He also serves as Executive Chairman for Europe of BlueVoyant, a global cyber security services company. He was Director of GCHQ, the UK’s largest intelligence and security agency, from 2014 to 17 and recently retired from Government after 20 years in national security roles.
Robert established the UK National Cyber Security Centre as part of GCHQ in 2016, having been responsible for the UK’s first cyber strategy in 2009, the first of any Western country. He is a leading authority on cyber security, cyber conflict and the application of technology in national security and writes regularly on cyber issues.
Zia Hayat is the CEO and Founder of Callsign, an identification platform which uses biometrics and deep learning technology to power adaptive access control for enterprises and consumers — enabling identification from a swipe on a touchscreen and allowing users to carry on with their digital lives uninterrupted. Zia oversees the overall direction and strategy of the company, whilst contributing to the innovation and design of the service. Before founding Callsign, Zia designed and delivered secure information systems in a career spanning BAE Systems, Accenture Consulting and Lloyds Banking Group. He holds a BSc in Electronics Engineering & Computing from the University of Manchester, and a PhD for his thesis on Information Security in Ubiquitous Computing from the University of Southampton.
Rob Horton is Head of Financial Crime Solutions at BAE Systems Applied Intelligence. Rob and his team work with clients in banking, insurance and across government, advising and shaping solutions to detect fraud, manage risk and ensure regulatory compliance. Rob holds degrees from Cambridge University and the Judge Business School, and has over a decade of experience helping clients to fight money laundering, terror financing and fraud.
Tom Keatinge is the Director of the Centre for Financial Crime & Security Studies at the Royal United Services Institute where his research focuses on the intersection of finance and security covering such issues as terrorist financing, human trafficking, counter-proliferation financing, sanctions and the illegal wildlife trade. He is a member of the UK's Joint Money Laundering Intelligence Taskforce's expert groups on terrorist financing and international corruption and is an extensive contributor to print and broadcast media on a range of issues related to illicit finance. He has a Masters' Degree in Intelligence and International Security from King's College London. Prior to joining RUSI in 2014 he was an investment banker at J.P. Morgan for 20 years.
Mike is founder and CEO of Curl - a new payment network designed from scratch for retailers and consumers that works by @usernames, open banking, and instant bank transfers. Mike has worked on award-winning startups, and invented API technology that is deployed at scale around the world.
Andrew Lall is Head of Privacy for RBS, working on a range of issues including open banking, the balance between user friction and security, and necessary and proportionate information sharing in the financial industry. Since joining in 2013, he has worked on a number of projects including innovation and financial crime initiatives, and the technology solutions behind them. Andrew has more than a decade's experience as a privacy lawyer, and has worked across a number of sectors including transport, insurance and banking. He has also held roles in the public sector for the UK's National Health Service and Metropolitan Police.
Saher Naumaan is a Threat Intelligence Analyst at BAE Systems Applied Intelligence. Her current research is on state-sponsored cyber espionage with a focus on threat groups and activity in the Middle East. Saher specialises in analysis covering the intersection of geopolitics and cybersecurity. Earlier this year, she also organised RESET, Europe’s first cybersecurity conference with an all-female speaker line-up. Saher graduated from King’s College London with a Masters' in Intelligence and Security, where she received the Barrie Paskins Award for Best MA dissertation in War Studies.
Victoria van Lennep
Victoria van Lennep is Co-Founder of Lendable, an online consumer lending platform in the UK established in 2014. Prior to Lendable Victoria worked for the Economist Intelligence Unit. She holds a BA and MA in Applied Economics from the Université Libre de Bruxelles and an MSc in Environmental Policy from the University of Oxford, where she was a Wiener Anspach scholar.
Natasha Vernier is Head of Financial Crime at Monzo Bank. Monzo provides current accounts in the UK and is on a mission to make money work for everyone. The Financial Crime team aim to use technology to reduce the customer impact of their initiatives, and to make identifying, preventing and deterring financial crime more efficient. Natasha joined Monzo when the company was 15 people and there was no Financial Crime team. Now, the cross-functional team of engineers and operational staff is made up of 25 people and serves Monzo's nearly 1 million customers. Prior to joining Monzo Natasha briefly spent time in San Francisco learning to code, and prior to that worked in Mergers & Acquisitions.
Caroline Binham covers the gamut of financial regulation for the FT, from benchmark-rigging scandals to ringfencing. She was previously the FT's award-winning legal correspondent, with a particular focus on white-collar crime. Prior to joining the FT six years ago, Ms Binham covered financial regulation during the crisis at Bloomberg News. In a previous journalistic life, she worked at Conde Nast for titles including Tatler and Traveler. She has lived and worked in Paris, Rome and New York.
Joy Macknight is Managing Editor at The Banker, having previously been Deputy Editor and Technology Editor, covering transaction banking, fintechs and technology. Previously, she was Features Editor at Profit & Loss, a foreign exchange and derivatives magazine and conference producer. Before that, she was Editorial Director at Treasury Today and Editor at gtnews, which cover corporate treasury. She also worked as a staff writer on Banking Technology and IBM Computer Today, as well as a freelancer on Computer Weekly. She has a BSc from the University of Victoria, Canada.
Barney Thompson has been the FT’s Legal Correspondent since 2017, covering white collar crime, fraud and political scandal. He was previously Deputy Editor of UK News, and prior to that was News Editor on the World Desk. He joined the FT in 2012 from The Times, where he was Foreign News Editor. He holds a BA in Modern Languages from the University of Cambridge.
Who will I meet?
This event will gather senior executives from across financial services firms.
Complimentary places are available to:
- C-Level executives including CEOs/CFOs/CROs/CCO/CIO
- Directors and Heads of data, financial crime/fraud/anti-fraud, GDPR, intelligence, governance, infrastucture, security
- Senior regulators and policymakers
If this fits your profile, please apply now for your complimentary place.
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