Pre-registration for the AML Knowledge Partners Masterclass Series Exploring Advanced Analytics for AML Compliance Now Open
CARY, North Carolina, October 13, 2021 / PRNewswire / – The United Nations Office on Drugs and Crime believes that 800 billion dollars To 2,000 billion dollars is laundered every year by financial systems around the world. That’s an astonishing 2-5% of global GDP. The European Banking Federation (EBF) – bringing together 32 national banking associations in Europe, representing 5,981 banks with around 2.6 million employees – a in partnership with SAS to help financial companies around the world stop the flood.
The AML Masterclass will explore how AI and machine learning technology can help boost banks’ AML compliance efforts.
“Rapidly changing business and technology make conventional methods of fight against money laundering (AML) ineffective and call for a more innovative approach to tackling financial crime, ”said EBF CEO Wim mijs. “The future of AML rests on the use of innovative technologies and shared solutions which, in practice, improve expert judgment and reveal the full picture when dealing with complex criminal networks. We are convinced that this collaboration with SAS will help us prepare our members and the banking community at large for this new reality. “
In the European Union, despite the ever-increasing number of reports of suspicious activity, Europol data shows that no more than 1.1% of assets obtained by crime were confiscated between 2009 and 2014. To combat this worrying trend, the European Commission has introduced a new AML package this july. Among other changes, for the first time, banks and other obliged entities will have to comply with directly applicable regulations. A new European AML Authority will also become operational in the coming years.
AML masterclasses, free
In early 2022, EBF and SAS will launch a joint virtual AML masterclass series, led by AML experts familiar with using advanced analytics for AML. Unlike conventional courses on the subject, which primarily focus on the regulatory and operational aspects of AML, this series will highlight how artificial intelligence (AI) and machine learning can enhance the effectiveness of banks’ efforts in the fight against financial crime.
Pre-register for the free two-part offer today AML Masterclass, which will include:
Demystifying AI to Fight Money Laundering. Debut in March 2022, the inaugural session will examine how AI and machine learning technology actually works for AML. It will also explore shared transaction monitoring facilities as an opportunity to improve AML transaction monitoring and how it fits into the current regulatory framework.
New technologies for KYC. In April-May 2022, the second session will provide an overview of the current legislative landscape and explore new ways in which advanced analytics can facilitate bank know-your-customer (KYC) and due diligence processes. Experts will also demonstrate how solutions such as digital identification and network visualization can improve the transparency and efficiency of customer onboarding.
Following the online Masterclass sessions – and alignment with the ACAMS Europe conference at June 2022 – the EBF will organize a social event in person with SAS at Brussels. There, a panel of AML experts will host a live discussion and Q&A on how banks can integrate advanced analytics into their AML frameworks.
More than just “checkboxes”
In January, the Financial Action Task Force (FATF), the intergovernmental financial crime watchdog, warned that the COVID-19 pandemic had allowed criminals to exploit digital identity loopholes.
Around the same time, SAS, KPMG, and the Association of Certified Anti-Money Laundering Specialists (ACAMS) surveyed more than 850 ACAMS members around the world to assess how compliance professionals were adjusting their compliance strategies. combating money laundering amid the pandemic. The resultant AML Technology Study, published in August, revealed that:
A third of financial institutions said they have accelerated their adoption of AI and machine learning for AML compliance in response to COVID-19.
39% said their plans to adopt AI and machine learning continue unabated, despite the disruption caused by the pandemic.
“Our research shows that the industry is at a critical crossroads. Banks generally recognize AI as an AML game changer, but most are still trying to master the technology and know how to make the most of it. “, said Stu bradley, Senior Vice President of Fraud and Security Intelligence at SAS. “Together with EBF, we are eager to light the way forward for banks with practical advice that elevates their thinking beyond just checking compliance boxes. With the right approach, AML can bring about a more holistic transformation across the breadth of bank fraud and risk management functions.
Today’s announcement was made at Sibos 2021, the premier global conference on financial services, hosted and facilitated by SWIFT. Register now join SAS during the free and exclusively digital event, via October 14 and later on demand. Attendees will learn about the AML Masterclass Series and other ways the leader in AI and analytics helps financial services organizations elevate people, planet, and profits through analytic innovation.
About the European Banking Federation
The European Banking Federation is the voice of the European banking industry, bringing together the national banking associations of Europe. EBF is committed to a thriving European economy based on a stable, secure and inclusive financial ecosystem, and a thriving society where funding is available to fund the dreams of citizens, businesses and innovators across the world. whole world.
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SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the United States and other countries. ® indicates United States registration. Other brand and product names are trademarks of their respective companies. Copyright © 2021 SAS Institute Inc. All rights reserved.
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