KNOW YOUR CHAPTER
• March — Financial crime risk assessment : Re-thinking the approach
This event discussed financial crime risk assessments , looking at the challenges with the “ as-is ” approach and gathering opinions on where we can go from here . The panelists spoke about the challenges with static risk assessments and shared best practices on how to move to a more dynamic approach , to move the industry toward risk assessments with clear and actionable outcomes . An important point was noted that the key purpose of a money laundering risk assessment is to drive improvements in financial crime risk management by identifying the general and specific money laundering risks a financial institution ( FI ) is facing , determining how these risks are mitigated by a firm ’ s AML program controls and establishing the residual risk that remains for the FI . Discussions around emerging technology can support driving an intelligence-led approach to AFC to meet the shift in the requirements linked to risk assessments at the level of the obliged entities following the implementation of the EU AML Package .
• April — Intelligence-led financial crime risk management
The experts of this event outlined the core objectives of an intelligence-led approach ; examined the role of technology and innovation , especially the use of open-source intelligence and network analytics ; and provided perspectives from AFC / AML practitioners regarding the challenges and benefits of developing dedicated financial intelligence and investigations units . The speakers explained what “ intelligence-led ” means and why it can help us to improve our approach to AFC . The term was introduced some 20 years ago by LE agencies to more effectively counter serious and organized crime . Promising results in recent years have prompted LE authorities to expand the intelligence-led proactive methodology by focusing on the systematic gathering and evaluation of data and information through a defined analysis process , thereby turning intelligence into strategic and operational analysis , which then serves as the basis for improved , informed and evidence-based decision-making .
ACAMS Germany Chapter event attendees
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