ACAMS Las Vegas is just a few weeks away and we are looking forward to our fifth straight year of attending. This conference does a great job of bringing together financial institutions large and small and individuals with a shared passion for Anti-Money Laundering (AML) and financial crime prevention.
Conference sessions cover many aspects of AML and risk, including correspondent banking relationships, the casino industry and most excitingly for us, the implications of developments in the virtual currency industry.
Here are a few sessions that caught our eye.
Synthetic Identity and Genuine Fraud: A Growing Financial Crime Risk
Date: Wednesday October 3rd, 11:30 a.m. – 12:45 p.m.
Moderator: Mitchell Lincoln, USAA
Panel: David Griesbach, Google | Carl W. Suplee, SAS | Filip Verley, Airbnb
This session will discuss what synthetic identities are, how they’re created, how they’re used and why they make fraud possible. In addition, they will review case studies and discuss best practices for addressing synthetic identity schemes.
Synthetic identities combine both real and fabricated attributes and can sometimes take longer to detect because they are nurtured over a longer period of time in an effort to build a “clean” record. They are becoming a larger and larger problem.
When it comes to preventing fraud that is done by creating false or synthetic identities, IdentityMind’s IdentityLink API offers superior detection through the evaluation and analysis of large quantities of transaction data at one time to see where the risks of synthetic identities lie. With IdentityMind, you know your customer (KYC) and you can better predict risk and avoid fraud through KYC that keeps you compliant and safe.
Sovereign Cryptocurrencies: Assessing Trends and AML Implications
Date: Wednesday October 3rd, 2:00 p.m. – 3:15 p.m.
Moderator: John Roth, Bittrex
Panel: Christine Duhaime, Duhaime Law | Juan Llanos, ConsenSys | Hon. Sharif Nesheiwat, Gartner, Inc.
The panelists are all extremely knowledgeable in cryptocurrency, which should make for an informative and intriguing session for those who want a deep dive into the space. This session will review developments in sovereign virtual currencies and assess risks like potential sanctions violations and tax evasion that can become an issue when cryptocurrencies are used in one country as a new currency, such as the Petro in Venezuela.
IdentityMind is on the frontlines of AML and virtual currency, working with 10% of all compliant initial coin offerings (ICOs) and more than 50 virtual exchanges, IdentityMind provides a risk based approach to AML in the cryptocurrency space.
Positive Actions: How to Reduce False Positives and Enhance AML Efficiency
Date: Thursday October 4th, 11:35 a.m. – 12:50 p.m.
Moderator: Chuck Taylor, City National Bank
Panel: Jason Chorlins, Kaufman Rossin | Brian Ferro, BAE Systems Applied Intelligence | Tim Lutz, US Bank | Joe Soniat, Union Bank and Trust
IdentityMind friend Chuck Taylor will cover one of the most important topics for FI’s today: false positives related to transaction monitoring and the use of legacy systems and static risk assessment models that are not risk based. To get away from the risks we take because of regulatory expectation concerns and legacy systems, staff expertise should be supplemented with predictive models and advanced analytics that will help them hone risk detection while also making alert signaling processes more robust and reliable. Staff should work with oversight bodies to make sure that all regulatory requirements are met and that potential risks—like false positives—can be mitigated. They offer a comprehensive overview of false positives in AML and how to identify them and deal with them effectively.
False positives in any review for anti-money laundering (AML) can slow down operations—they take up time and resources and can lead to a variety of mistakes. What’s more, as companies scale, false positives can become even more detrimental and can slow the progress of an entire organization.
IdentityMind 2.0 can help to combat this issue, it uses advanced analytics and machine learning to reduce the number of false positives, and case management to expedite alert review. You can see more about IdentityMind 2.0 and it’s transparent and contextual use by reviewing this video all about its various advantages.
MSB AML Best Practices: From Fintech Startups to Multinational Organizations
Date: Thursday October 4th, 11:35 a.m. – 12:50 p.m.
Moderator: Clay Roberts, Western Union
Panel: Scott Apodaca, Western Union | David Griesbach, Google | Anthony Rodriguez, AFEX
Money Service Businesses (MSBs) face unique challenges, and as an industry driven by regulation and banking replationship, any shifts or changes worldwide can impact the corridors that they serve.
This session about AML best practices in MSBs will help the audience better understand the challenges unique to MSBs and Fintech operations, including know your customer (KYC) and customer due diligence (CDD) and most importantly, how MSBs have developed effective responses, including enhanced monitoring models and risk management protocols. During this session, the speakers will discuss how technology and training can be utilized to meet regulatory expectations and to enhance risk management during activities like onboarding and alert resolution. The speakers will also discuss how to document ongoing AML/BSA compliance best practices and policies to bolster and enhance relationships with banking partners.
IdentityMind provides over 70 MSBs with various functionalities including sanctions screening, KYC, transaction monitoring, and fraud prevention.
Analyzing RegTech’s Risks and Rewards
Date: Thursday October 4th, 2:00 p.m. – 3:15 p.m.
Moderator: Hue Dang, ACAMS
Panel: Aaron Blankenstein, WebBank | Alex Christian, eBay | Markus Schulz, Standard Chartered Bank | Alex Zuck, RDC
This session aims to contrast rules-based monitoring and supervised learning to make the most of RegTech potential when it comes to mitigating regulatory risks in sanctions screening and know your customer (KYC). The speakers will detail the best practices for risk-based systemic inputs to RegTech systems that will help users achieve optimal accuracy while helping to resolve challenges to RegTech implementation, including recruiting talent, overall cost, and the difficulties associated with harmonizing data across business lines.
When it comes to the risks associated with RegTech, the status quo just isn’t sustainable, and IdentityMind can help you automate compliance operations that would otherwise have to be done manually. When you automate too much around a model that rejects too many good customers, or you automate around a lax model that lets in too many untrusted customers, you’re going to put your firm at much higher risk—or you’ll turn away many good customers. The IdentityMind platform leverages machine learning, transaction monitoring, case management and more to reduce time spent on manual review from an industry average of 22% to between 3–7%.
The five sessions covered here are well worth your time and attention, and represent some of the best of what ACAMS has to offer. From knowing how to mitigate fraud and being able to ferret out synthetic identities to learning how automated RegTech can help your firm grow stronger, faster, there’s a lot to take in over the course of just a few afternoon sessions. ACAMS in Las Vegas this year promises to offer a lot to those who come prepared to learn more about MSBs, Fintech, and virtual currencies, among many other topics. Let us hear from you: which sessions will you be attending this year at ACAMS and why?
Will you be at the show? Come meet us at booth 111.
We’ll be back in Las Vegas for Money20/20 US later this month and you can find us at Miami Beach, Florida for IMTC World in November, so let us know if you’ll be at either of those shows. You can see where else we’ll be and book meetings with us on the IdentityMind website.