arrow-circle-full-right arrow-circle-full-up arrow-circle-up arrow-down arrow-right calendar calendar-done facebook flickr home linkedin login pin reload search share signin star twitter video video youtube nav star-plus info signout double-arrow arrow-up checked

Using the power of AI to prevent financial crime: Automating customer screening decisions

Webinar |
Speakers include:
Tom Neylan

Tom Neylan

Financial Action Task Force (FATF)

Natasha Meaney

Natasha Meaney

UBS

Jeff  Sidell

Jeff Sidell

RDC

Overview

Banks and other financial institutions are in a constant battle to prevent criminals exploiting their services and networks. Around $1.6 trillion a year – 2% to 5% of global GDP – of “dirty money” is laundered and legitimised through the global financial system, according to the United Nations.

Financial institutions face major costs in dealing with these threats and ensuring compliance with anti-money laundering regulations. Meanwhile, criminals continue to find ways to circumvent controls and exploit old defences.

Thankfully, the technology behind financial crime prevention is evolving rapidly and artificial intelligence (AI) techniques such as machine learning can result in dramatic improvements. In this webinar, you’ll learn how one such technique is capable of imitating human decisions for customer screening, resulting in significant efficiency gains while reducing the burden on resources. 

The deployment of AI in a highly regulated industry is not without its challenges. AI models must be designed and implemented responsibly and with transparency in mind to ensure the capabilities – and limitations – are clearly understood. 

This live webinar, hosted by the Financial Times in partnership with RDC, will bring together leading experts who will shed light on the latest crime threats facing the financial sector and how innovative know-your-customer (KYC) technology can manage those threats. 

fallback
fallback Add to my Calendar 06/10/2020 14:45:0006/10/2020 15:00:00falseUsing the power of AI to prevent financial crime: Automating customer screening decisionsBanks and other financial institutions are in a constant battle to prevent criminals exploiting their services and networks. Around $1.6 trillion a year – 2% to 5% of global GDP – of “dirty money” is laundered and legitimised through the global financial system, according to the United Nations.Financial institutions face major costs in dealing with these threats and ensuring compliance with anti-money laundering regulations. Meanwhile, criminals continue to find ways to circumvent controls and exploit old defences.Thankfully, the technology behind financial crime prevention is evolving rapidly and artificial intelligence (AI) techniques such as machine learning can result in dramatic improvements. In this webinar, you’ll learn how one such technique is capable of imitating human decisions for customer screening, resulting in significant efficiency gains while reducing the burden on resources. The deployment of AI in a highly regulated industry is not without its challenges. AI models must be designed and implemented responsibly and with transparency in mind to ensure the capabilities – and limitations – are clearly understood. This live webinar, hosted by the Financial Times in partnership with RDC, will bring together leading experts who will shed light on the latest crime threats facing the financial sector and how innovative know-your-customer (KYC) technology can manage those threats. Using-the-power-of-AI-to-prevent-financial-crime:-Automating-customer-screening-decisions8e9856eac6a32478e71df17254b96641MM/DD/YYYY

Speakers (3)

Tom Neylan

Tom Neylan

Senior Policy Analyst
Financial Action Task Force (FATF)

Tom Neylan heads Policy Development in the Financial Action Task Force’s (FATF) secretariat. He is responsible for setting and amending the FATF standards. Recent projects have included negotiating new global rules to regulate virtual assets, and to combat the financing of WMD (weapons of mass destruction) proliferation. Tom previously worked in the UK at HM Treasury, on topics including counter-terrorism finance and international monetary relations. He holds an MA from the University of St. Andrews and an M.Phil from King’s College, London.

Natasha Meaney

Natasha Meaney

Global Head of Financial Crime Prevention and Conduct Risk
UBS

Natasha Meaney is Global Head of Financial Crime Prevention and Conduct Risk for the Swiss banking group UBS. She has had a distinguished 20-year career building, strengthening and leading global compliance organisations for multinational banking and financial services firms. She joined UBS in 2017 as Chief Administrative Officer for Compliance & Operational Risk Control before being appointed Head of Financial Crime Prevention in 2018. Prior to joining UBS, Natasha spent 10 years at Barclays where she held a number of leadership roles in Compliance most notably as Head of Compliance for the Investment Bank, Treasury and Non-Core business lines. She has also held leadership positions at Nomura and Merrill Lynch Global Compliance Departments. A native of Cork, Ireland, she studied Psychology at University College Dublin, holds a postgraduate certificate in Forensic Psychology from Leicester University and is a trained executive coach.

Jeff  Sidell

Jeff Sidell

Chief Technology Officer
RDC

Jeff has most recently been with the Federal Reserve Bank of New York leading the Fed’s data science division and responsible for numerous artificial intelligence initiatives across the Fed. His start-up experience includes Strevus, Inc. where Jeff was Founder and CTO and Siperian, Inc where Jeff served as Chief Scientist. Jeff has a Ph.D. in Computer Science from UC Berkeley, a Masters in Computer Science from the University of Illinois, and an undergraduate in Computer Science from Dartmouth College.

Moderated by (1)

Matthew Vincent

Matthew Vincent

Regulation Correspondent
Financial Times

Matthew Vincent is the FT’s regulation correspondent. He was previously Lombard Columnist, Deputy Companies Editor, UK Companies Editor, and editor of the FT Money section. His ‘Equities’ and ‘Rich’ columns appear in FT Wealth magazine, and he edits the weekly City Insider column. Matthew was named National Journalist of the Year by the Investment Management Association in 2011, a year after winning the Best Newspaper Journalist award from the Association of Investment Companies. He began his career with the FT Group on Investors Chronicle, which he edited for five years.

Agenda - 10th Jun

  • 2:45pm
    Access to webinar opens
  • 3:00pm
    Discussion begins
  • 3:40pm
    Q&A
  • 3:50pm
    Discussion closes

Key talking points

• Which financial crime threats are causing the most concern for financial institutions? What steps are they taking to mitigate those threats, and how effective are they? 

• How are international policymakers and standard setters like the Financial Action Task Force (FATF) and the Basel Committee on Banking Supervision addressing the problem? What actions are national regulators, like the Financial Conduct Authority, taking and how much of a compliance burden do they impose on regulated firms? 

• What role does technology have to play in deterring, detecting, preventing and investigating crime?

• AI-based customer screening: how does it work? What are its benefits and how effective is it? Are there any drawbacks? What are the regulatory implications? Could regulatory concerns about the use of AI by financial institutions – issues such as accountability, ethics, “explainability”, interpretability and traceability –  lead to constraints on screening? 

 • Coronavirus risks: the FATF in May warned there had been an increase in coronavirus-related money laundering, terrorist financing and other financial crimes. To what extent has this thrown technology, automation and AI under the spotlight as potential capabilities to help with the problem? 

• Criminals are intelligent and adaptive, so how will AI-based crime prevention keep pace with evolving threats?

fallback

Presented by (2)

Digital Dialogues - the Financial Times’ virtual events offering - creates quality digital experiences for an international business community using authoritative and trusted FT content, delivered through high-level global platforms, data-rich webinars and other exclusive online event formats.

RDC, the Smarter Screening™ company, prevents criminal infiltration of the world’s financial systems by delivering intelligent, automated customer screening and decision-ready intelligence. RDC serves more than 1,000 global banks and financial institutions and 35,000 compliance professionals across more than 100 countries in strengthening their KYC/AML, fraud and politically exposed persons (PEPs) protection, ensuring sanctions and watchlist compliance, protecting their brand and reputation and managing supply chain and vendor risks. Founded by 20 of the world’s leading financial institutions in 2002, today RDC is a Moody’s Analytics company.

Contacts

Lianne Agnew
Project & Marketing Manager
Financial Times Live | Global Conferences & Events
Michael Imeson
Senior Content Editor
Financial Times Live | Global Conferences & Events
Mark Buller
Head of Commercial - Global Industries
Financial Times