risk

Concluded: Upskilling the Financial Crime Risk and Compliance Function.

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So, that's done. The Financial Crime Forum for those thinking about joining financial crime risk and compliance and those at an early stage in their careers just wrapped up. Thanks to our speakers and to all those that attended.

BIScom Subsection:

Compliance

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25% discount on Financial Crime Risk and Compliance Training

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16 February: This offer has now expired.

BIScom Subsection:

Management

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MicroCourse Deutsche Bank ats NYDFS "the Epstein Case" 2020 Critical and Risk Analysis

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Our sister venture, Financial Crime Risk and Compliance Training, has released a micro-course about Deutsche Bank, the New York Department of Financial Services and Jeffery Epstein.

The case creates a new class of risk for all regulated businesses everywhere in the world. There is an early bird discount.

BIScom Subsection:

Compliance

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Financial adviser's AI back end is pants.

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A financial adviser has closed its "artificial intelligence" driven advisory system. The quality of advice and the supervision of the system were both causes for concern by the regulator in a landmark case about the deployment of computer-driven, what used to be called "expert", systems with implications across the entire spectrum of financial and other services including customer due diligence in relation to financial crime risk management. It's a potential game-changer for the rapid rise of lightly regulated fintechs.

BIScom Subsection:

Regulation

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Malindo Air: Further statement on data breach

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Following an earlier statement (here) Malindo Air has given more details of how its data breach came about.

FCRO Subsection:

Financial Crime News

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Using your IT department to identify future trends in financial crime

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Criminals and others who act against the interests of society at large are almost always ahead of financial crime and other risk managers when it comes to the the planning and execution of activity. Criminal and anti-social activity are magnified in relation to the effect on economies, even ultimately being an accelerant in the fires that led to the global financial crisis that only the most naive or self-centred deny is over. The fascinating thing is this: while they don't know it, the seeds of major, even pandemic, crime are easily visible. You just need to know where to look.

Free for seven days.

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Monetary Authority of Singapore issues consultation on "cyber resiliance of financial institutions"

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The Monetary Authority of Singapore (MAS) yesterday issued for consultation proposed requirements for financial institutions (FIs) in Singapore to implement essential cyber security measures to protect their IT systems. These requirements will help FIs strengthen their cyber resilience and guard against cyber attacks, says MAS.

BIScom Subsection:

Risk Management

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Artificial Intelligence and the detection and prevention of money laundering.

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There's much jargon flying around in the world of counter-money laundering. It starts with the mistaken name of "anti-money laundering," via the equally erroneous "red flags" to the current vogue terms of "artificial intelligence" and "machine learning." As FinTech and RegTech have passed their media bubble phases, the next wave is so-called "AI AML."

Think about this: when you install any form of AI, you are outsourcing to the software providers the function that the law requires that your staff perform.

Before you even meet the representatives of the start-ups that want to either bolt onto or supplant your existing technology provider, there are several questions you must ask. Here they are.

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1997 Article: Fraud and Money Laundering on the Internet (part 1)

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This paper, by Nigel Morris-Cotterill, was first presented in June 1997 in Milan and first published in the UK that same month.

It deals with internet banking, cyber-currencies, inter-bank regulatory risk and a host of other topics that are seen as trendy today.

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Fraud using technology is not a new occurrence Over the centuries, it has been called by many names - cheating, false accounting, confidence tricks, forgery, impersonation - all are examples of fraud in the widest sense.

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Bitcoin is old hat: these alternatives are a bigger risk but you don't know it yet.

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Every so often, Bitcoin hits the news because a criminal gang is using it for some nefarious purpose. We examined BitCoin in a special issue (see here) in 2013. It was not our first look at virtual currencies: that was way back in the mid 1990s, before we even launched World Money Laundering Report, and we've kept a watching brief ever since. Here's the current scary stuff.

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You are not my friend. You are a risk.

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For decades we have been told that we should address everyone by their Christian or first name, even if we have never met. In the past ten years or so, we have been subjected to the constant diminishing of the term "Friend." It's time to stop this and to return to a world where there are boundaries and where everyone knows where they are. And more, it's time to return to formality in business correspondence and, most importantly, to start to show respect for each other instead of a presumption of homogenisation. Why? Because we need healthy scepticism not blind acceptance of everyone and everything.

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Online fraud Insurance: a viable business model? Part 2

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To rescue the UK's economy from the 1973-75 crisis, one of the measures adopted was to increase consumer credit and to reduce the constraints on lending. One concept has been a contributory factor to almost every financial crisis, in the UK and elsewhere, since: the ability of the banks to lay off risk for bad lending decisions.

In Part two of his examination of the question of insurance against on-line crime, Nigel Morris-Cotterill says welcome to the world of insurance as an excuse for negligence.

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Online fraud Insurance: a viable business model? Part 1

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Insurance companies live or die by the risks they take and the premiums they charge. It is time that companies offer insurance to consumers against the risks of on-line crime?

Nigel Morris-Cotterill, Author, Cleaning up the 'Net examines what's involved starting with an explanation of how lack of moral hazard has been a major contributor to a succession of banking and economic crises over a period of some 40 years. And why that is relevant to questions of insurance against on-line crime.

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