Innovations in Identity

ACAMS Berlin

Improving AML and Anti-Financial Crime Procedures through Collaborations

ACAMS Berlin

Keeping on top of financial compliance regulations and best practices is challenging. The number of regulations is increasing, the risk of fines is growing and the tactics of bad actors are becoming increasingly sophisticated as they constantly look for new vulnerabilities to launder illegally obtained money.

In an uncertain regulatory environment, compliance professionals are expected to exercise more caution and work longer hours, as even minor oversights can have far-fetching consequences, attract exorbitant penalties and impair an organization’s reputation. More working hours and more personnel, alone, is not a tenable option in the long run; instead of being bogged down with inefficient and time-consuming processes, compliance professionals must look at their functions from a more holistic perspective. Compliance isn’t limited to the nitty-gritty of compliance alone – it must see itself as an instrument to support a larger culture of compliance.

Adapting to regulatory change

With a culture of compliance, an organization is better able to adapt to any regulatory change, manage risk and uphold the brand in a competitive marketplace. However, creating a culture is a massive undertaking that requires dedicated resources, which many compliance departments simply lack.

One powerful strategy often overlooked by compliance is collaboration. Fraudsters and money launderers are increasingly working together in criminal syndicates, sharing techniques and resources; in that context, shouldn’t compliance embrace collaboration to better counter their actions?

Collaboration, therefore, is the theme of an upcoming conference by the Association of Certified Anti-Money Laundering Specialists (ACAMS), the world’s largest international AML and financial crime prevention community; the conference, which will be held in Berlin in June, will focus on collaboration within the context of anti-money laundering and financial crime.

The conference will deliver numerous actionable ways to:

  • Manage conflicting legal, regulatory and corporate structures
  • Create paths to information sharing
  • Build effective public-private partnerships

The conference will offer significant opportunities to meet industry insiders, thought leaders, and hear anti-financial crime experts from Europe and beyond. It will also give attendees a chance to  earn credits towards certification or recertification as a Certified Anti-Money Laundering Specialist.

Trulioo will be exhibiting at the event; for Trulioo, collaboration remains an important theme, as its own marketplace of identity data and services is built on working closely with reliable and independent data partners around the world. Trulioo continues to expand our data coverage, adding five countries in the last five months, as well as innovate our technology stack. Recently, at FinovateSpring 2019 we announced EmbedID, a way to start verifying identities through Trulioo’s API without the integration overhead. We invite all attendees to drop by our booth to discuss AML/KYC requirements, fraud prevention and risk-mitigation strategies.

acams-conferences-logoMeet us at ACAMS Berlin — Booth 38

 

ACAMS 15th Annual AML & Anti-Financial Crime Conference – Europe
June 11 – 13 2019
Berlin, Germany
Register

The information in this blog is intended for public discussion and educational purposes only. It does not constitute legal advice.

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