Conference Day Two: Wednesday, 21st August 2019
9:00 am - 9:30 am COFFEE AND REGISTRATION
9:30 am - 9:40 am Conference Opening – Remarks from the Conference Chairperson
9:40 am - 10:20 am How Standard Chartered Bank Resolved Legacy and Control Issues to Mitigate Financial Crime and Misconduct
In light of resolving their recent monitorship and paying over $1.1bil in penalties, Standard Chartered Bank has made far-reaching changes to its leadership, governance and oversight, and has substantially increased its investment in financial crime compliance. They are improving AML controls to ensure they are addressed on a global basis.
This session will focus on:
- Executing a controlled and credible program of work through strict controls and processes
- Effectively screening quality and uniqueness of data when it is so diverse in range of countries and systems
- Meeting regulatory expectations of different countries where there are substantial complications and nuances to overcome
Maria FirkinExecutive Director Financial Crime Compliance
Standard Chartered Bank Singapore
10:20 am - 11:00 am How Australia Post is Remodelling Their Service Offering to Become a Critical Player in Providing Infrastructure Across Banking, Retail and Government and Being the Landing Point for AML and Compliance
Australia Post is transforming and revitalising their network and distribution strategy. It is now offering banking on behalf of many tier 1 and 2 banks and effectively becoming their branches and they have to take into account the banks’ AML obligations as well as their own. They are focusing on creating trust and becoming a critical partner to execute this in the best way and partner with government and retail to provide the infrastructure.
This session will talk about:
- Strategically working and revitalising the distribution network to offer services on behalf banking, government and retail departments
- Harmonising and providing uniform processes and reporting obligations in the banking sector
- Becoming the point of preference for identification services and building the right platforms to support all departments
Jason HolandsjoGeneral Manager
Group Compliance at Australia Post
11:00 am - 11:30 am MORNING TEA
11:30 am - 12:10 pm Managing Financial Crime Risk in the Travel Industry
How does the Flight Centre Group respond to current and emerging financial crime risks in the travel sector as one of the world’s largest travel agency groups that spans more than 90 countries and employs more than 19,000 people globally and has a total of 2800 businesses.
- Challenges and risks in today's travel industry
- Complying with Sanctions, Bribery and Slavery laws which can be complicated in an increasingly interconnected world
- Financial crime links to orphanage tourism, voluntourism and human trafficking
- Breaking down silos and facilitating communication to ensure practical implementation of policies
Julian HunnFinancial Crime Compliance
12:10 pm - 12:50 pm Suspicious by Association
James Campbell CEO Detective Desk
James Campbell CEO Detective Desk
These are exciting times. Cross border transactions are up a million fold, with stay at home mothers running online storefronts, and millions of freelance workers taking home paychecks without ever actually meeting their bosses. The end consumer is now receiving mid-market rates on small value transactions from the middle of Manhattan to a tiny suburb near Kalgoorlie.
But with the noise of all this activity, it’s become a breeding ground for criminals to use patsies or willing accomplices to conduct their criminal activities. This is a talk about the use of proprietary datasets to find the hidden link between individuals in this new climate of economic activity.
12:50 pm - 1:50 pm LUNCH BREAK
1:50 pm - 2:30 pm How Unisuper is Working Proactively to Fight Financial Crime through a Dynamic and Adaptable Model for Member Experience and Protection
Unisuper is building and expanding their capabilities to fight financial crime as fraud is becoming more sophisticated and superannuation is now a huge target as they manage over $70billion in funds and the average member balance is $158,000. This heightened risk has led to Unisuper developing a more proactive response to financial crime and making sure there is a consistent member experience for those impacted.
In this session:
- Developing a dynamic model where the rules and monitoring measure risks in real time to capture the changing landscape
- Establishing an awareness and education program for staff and external stakeholders to align protection and controls
- Simplifying procedures and policies and having ongoing education to build the right skill sets and capabilities
- Utilising new and emerging technology to increase the speed of detection and verifying the quality of work
Marlene SadhaiManager – Financial Crime Response Risk & Assurance
2:30 pm - 3:10 pm Highlighting Fraud, Corruption and Misconduct in the Local Government for Reformation
The case of eight city councillors being charged with fraud is a stark reminder of the problems in local government which is common across the sector. This investigation has led to a reprisal with one count of fraud and causing a dishonest detriment to the former CEO to the value of $100,000. If proven, the charges carry a penalty of up to 20 years in jail. This case study underpins wider fraud and risk issues that challenge the local government.
This session will discuss:
- Strengthening internal controls to assure local governments efficiently and effectively mitigate their fraud risks
- Closer monitoring and better protection for CEOS to reduce incidence and gain greater assurance of compliance with key fraud prevention strategies
- Encouraging employees to raise concerns and protection of whistleblowers as part of an integrated fraud management approach
- Upholding a good culture based on sound ethics and integrity which is reinforced by senior management for an effective fraud control framework
Alan MacSporranQC Chairperson
Crime and Corruption Commission
3:10 pm - 3:50 pm Auditing Financial Crime Compliance Controls – What Regulators Consider Best Practice
Concerns over money laundering and sanctions have never been higher on board agendas. Globally the levying of multimillion dollar fines, restrictions being placed on business activities and actions taken against individuals now the norm, 90% of boards now consider controls over anti-money laundering (AML) to be a high risk area for their business. Antimoney laundering (AML) audits and reviews are one of the best ways to measure whether your AML systems and control program are working. The Financial Crime Assurance Function and Internal Audit play an important role in providing independent assurance on the effectiveness of the governance, risk management and control processes implemented to manage Financial Crime Riskfor of the organization.
In this session:
- discussion on challenges faced by FIs in managing Internal Audit and External regulatory reviews
- Common pitfalls in AML programs in FIs and how to ensure that the FIs internal controls are robust enough to avoid these pitfalls
- Interpreting the results to improve your compliance regime
- Assembling the right technology and expertise
Jawad LatifAssociate Director Financial Crime Risk Assurance
National Australia Bank