ACAMS UK Chapter: Using Data to Support New and Existing Monitoring Financial Crime Programmes

The statement of facts for the recent Financial Conduct Authority (FCA) prosecution highlights the dependence financial services organisations have on automated tools to be able to monitor billions of pounds of transactions a day.

However, these tools are dependent on good quality customer and transaction data feeds and in many institutions with large and complex legacy technology infrastructures this remains a challenge.

The FCA also highlighted several failings that all financial crime
professionals should be thinking about. These include; cash transactions being incorrectly monitored as cheques, blanket and bespoke rule sets which weren’t suitable for the type of products on offer and incomplete customer and transactions data.

We will hear from financial crime and data professionals across the first and second lines of defence on how they use data in their Financial Crime programmes. We will explore the challenges faced by traditional financial institutions and those in the new payments space and how our panelists have overcome these challenges on issues such as collation and transmission of transaction and customer data and how this data is used to support financial crime investigations - including the tuning and calibration of a financial institutions’ monitoring tools - across an organization’s multinational footprint.

The objective of the session is to provoke curiosity amongst attendees on how data and transaction monitoring tools are being used in their own organisations, and provide lessons learned by our fellow professionals.