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Powering Next-Generation Compliance Through Advanced Analytics and AI

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Powering Next-Generation Compliance Through Advanced Analytics and AI

Harnessing cutting edge technologies for real-time screening, reducing risks and false positives, safeguarding reputations and strengthening compliance
Tuesday, 8th September 2020
Malaysian Standard Time 08.45 am – 10.00 am
In today’s global economy, financial institutions face an ever-changing and increasingly complex regulatory environment. The current pandemic is highly likely to compound the situation, bringing yet-another consumer credit crisis and several high-profile compliance breakdowns after that.
With increased emphasis on consumer protection, the regulatory agencies are focused on institutions’ customer practices and regulatory compliance performance like never before.
Over the past few years, the volume of regulations has risen dramatically. Larger multinational banks have to comply with enormous complex national and international regulations that in some cases get even more complicated due to individual regulator’s discretion and judgment. Even local and smaller banks face the same dilemma.
Many regulations are broad and still evolving and yet, have stringent implementation guidelines mandated.
Moreover, compliance failure can result in litigation, financial penalties, regulatory constraints, and reputational damage that can strategically affect an organisation.
This points to four basic questions:
To meet increasing compliance expectations, financial institutions need to focus on building a well-structured compliance management model that can deal with evolving regulations, identify unknown risks, harness the benefits of technology and reduce the cost of compliance.

Enhancing AML Monitoring and Driving Operational Efficiency

Digital transformation and artificial intelligence are undeniably changing the Anti-Money Laundering landscape. The need to modernise AML processes, coupled with a regulatory push towards innovation, is driving financial institutions to enhance AML monitoring & drive operational efficiency.
The manual and semi-automated nature of current AML compliance efforts slow down processing timelines and impact business productivity.
The immense volume of data that financial institutions are expected to comb through to meet regulatory requirements to detect and report suspicious activity becomes a daunting challenge.
The data is usually diverse and subpar. It’s common for systems to use only a subset of available data when generating alerts. Traditional transaction monitoring systems are unwieldy to maintain and rely on rules and thresholds that are easy for criminals to test and circumvent.
Investigation processes tend to be highly manual, from gathering the supporting data for a case to submitting a complete SAR (suspicious activity report). Meanwhile, the money launderers are working night and day to remain hidden, constantly engineering new ways to conceal the flow of funds.
Traditional anti-money laundering (AML) and combating the financing of terrorism (CFT) tools and tactics take longer and cost more than they should.
To fortify the defence, financial institutions need ways to:

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Who Should Attend

OpenGov is pleased to invite you to our exclusive OpenGovLive! Virtual Insight aimed at imparting knowledge on how financial institutions can apply real-world AI & analytics applications to ensure a world-class integrated banking system that contributes to improve customer experiences, enterprise profitability, manage risks, strengthen regulatory compliance, decrease the cost of compliance and create value from data.
This session serves as a great peer-to-peer learning platform to gain insights and practical solutions to understand the value of cutting-edge technologies available to automate tasks, monitor suspicious activity, customer due diligence, watch-list filtering, investigations case management, detect anomalies to thrive in a rigorous regulatory environment.
We will be discussing:

Meet Our Distinguished Speakers

Ahmed Drissi
Anti-Money Laundering Lead – APAC SAS

Everbridge

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Remco den Heijer
Vice President SAS, ASEAN

Everbridge

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Mohit Sagar
Group Managing Director and Editor-in-Chief OpenGov Asia

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