Connecting the Dots: How AI & Data Analytics Help Combat Financial Crime Compliance’s Toughest Challenges

Thursday, July 11, 2019
Connecting the Dots: How AI & Data Analytics Help Combat Financial Crime Compliance’s Toughest Challenges

Regulatory expectations on financial crime compliance continue to increase – along with the cost of compliance. In response, forward-thinking financial institutions are starting to integrate artificial intelligence (AI) and data analytics within their programmes to help combat their most complex financial crime challenges in a more effective, efficient and sustainable way.

So how do you break through the hype and leverage these new technologies to increase effectiveness and efficiency on the frontline? And how do regulators view these innovations?

Exiger is delighted to have hosted an insightful panel discussion on 11 July where industry practitioners discussed how AI and data analytics can help solve some of the toughest and most common financial crime compliance challenges in practice. The event was hosted in conjunction with ACAMS at London's iconic City Hall.

Topics included:

Definitions & Common Challenges

  • What are AI and data analytics? What are common adoption challenges?

Challenges AI & Data Analytics Solve in Practice

  • KYC – automating due diligence to find potential bad guys quicker, not bad hits
  • Sanctions screening – drawing better defined lines around the ‘sanctions nexus’
  • Transaction monitoring – auto-adjudicating low risk alerts
  • Investigations – deploying data analytics to join the dots in intelligence-led investigations
  • Proving the negative – in a ‘clean’ book of low risk customers or products

Horizon Scanning

  • How will the role of AI and data analytics evolve in uncovering financial crime? How are regulators reacting to tech-enabled approaches?

Moderator:

  • Samar Pratt – Managing Director, Exiger and ACAMS UK Board Member

Panellists:

  • Brandon Daniels – President, Global Technology Markets, Exiger
  • Paul Horlick, Director - Head of Financial Intelligence Unit, Barclays
  • Jurriaan van der Stijl – Program Director, Group Compliance Digital & Data Analytics, BNP Paribas SA
  • David Ng-Fat – Vice President, Anti-Financial Crime Data Mining and Analytics, Deutsche Bank
  • Chris Brannigan – CEO & Founder, Caspian
 
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Samar Pratt, Managing Director

Samar Pratt is a Managing Director based in Exiger’s London office, where she is a leader in the firm’s financial crime compliance advisory practice, specialising in audit and assurance.

Since joining Exiger, Samar has served as the Deputy Monitor on behalf of the U.S. Department of Justice, led independent examinations for the Financial Conduct Authority and New York Federal Reserve Board, and also helped clients to strengthen their financial crime compliance controls across the three lines of defence.

Brandon Daniels , President, Global Technology Markets

Brandon Daniels is the President of Global Technology Markets. A regulatory expert and technology practitioner, Brandon brings more than 15 years in senior management across the financial services, life sciences and energy sectors. He has a reputation for technological innovation in regulatory investigations and compliance management.