Intelligence vs Compliance: Preventing financial crime while managing your key regulatory risks
Banks and other reporting entities are operating in a fraught regulatory environment, with agencies like AUSTRAC far more willing to take on enforcement cases against businesses of all sizes.
This in-depth session will explore the information you need to collect to ensure transactions are reported, financial crime threats are mitigated and regulatory enforcement risks are managed. Underlying Know Your Transaction (KYT) data is hard to find, often inaccurate and there is no single source of truth when facilitating cross-border transactions. Collecting and sharing this complex data also it adds another layer of regulatory risk.
Discussion topics will include:
• What is Know Your Transaction (KYT) compliance and how does it interact with KYC?
• Demystifying information across systems and message formats (e.g., MT202 COV) and the added complication of correspondent banking relationships.
• Will ISO 20022 make it any easier to report and satisfy regulators?
• How can reporting entities avoid attracting added unwanted scrutiny from regulators?
• KYT information sharing: are you moving on from email and fax?
• Can blockchain make AML/CTF reporting easier?