Compliance & Transparency Week

COMPLIANCE AND TRANSPARENCY WEEK 2019

Day 1.

Tax Evasion – A whole new world of AML

Mon,

23 Sept

9.00am – 5.00pm  | Regent Hotel Singapore

Opening address by British High Commissioner to Singapore, Kara Owen

A deep dive into the international aspects of tax transparency and what Governments and industry are doing to combat tax crime.

CRS and DAC 6 implications

• Your institution provided the first tranche of CRS data to governments in 2018. What happens now and what are the likely impacts on clients and financial industry professionals moving forwards?

The growing expectations on the financial sector to respond to tax evasion

• As tax evasion moves up the agenda of the OECD and other governmental bodies, what does this mean for the financial sector? Is this the new money laundering or something else?

The industry guidance on identifying and preventing tax evasion

• Unpacking the new guidance from the Wolfsberg group on tax evasion.

Closer working and a new approach to public/private partnership

• The JMLIT model is several years old now. How else can PPP be used and can it be utilised for other financial risks other than money laundering?

Tax evasion typologies

• What kind of hallmarks might be seen in a transaction which suggest tax evasion?

Day 2.

Illicit Finance – Global Regulatory Trends. 

Where are we now and where are we heading?

Tues,

24 Sept

9.00am - 5.00pm  | Regent Hotel Singapore

Opening address by SOCnet

The importance of taking a global approach to identifying and combatting illicit financial flows.

The Practicalities of AML

• Regulatory trends and horizon scanning. The impact of cross-jurisdiction controls. What are the latest threats? Are there new ways to approach AML regulation issues?

Is the race for tech solutions bypassing sectors of the AML community?

• Designated Non-Financial Businesses & Professions are highlighted by FATF as a risk area. This session looks at the difficulties faced by sectors outside the mainstream financial institutions in implementing appropriate controls without unacceptable logistical and cost burdens, and looks at potential solutions.

Crypto-Currencies – Flash in the pan, the future of Money, or a money launderers paradise

• Exploring where Crypto-Currencies go now in light of increasing regulatory scrutiny and developments like Libra.

The Moral Side of AML – Why we do what we do?

• Highlighting some of the major crime types having an impact both regionally and globally. We will emphasise the real world value of AML efforts put in by all sections of the community and look at ways of improving our responses. We will cover Modern Slavery Human Trafficking and International Wildlife Crime amongst others.

Public Private Partnerships – Beyond the Formal

• Looking at the use of partnerships to enhance our response to transnational crime and improve our AML regimes. It will explore the use of formal partnerships by examination of the UK JMLIT model, but also putting the case for informal sector-based sharing and pooling of trends and risks for the greater good.

6.30pm – 8.30pm  |  Hackathon, BHC Bar (separately ticketed event)

• Think like a Money Launderer Hackathon

Only 50 places are available for this innovative and highly interactive event aimed at making compliance specialists think about the methods that criminals will be taking to avoid detection. 

We will split attendees into teams of 5 and setting a task of hypothetically moving a large sum of dirty money into a global financial centre without being detected.  Each team will present their ideas in plenary giving other attendees the opportunity to point out what controls or technology could have spotted or prevented the laundering.   Prizes will be awarded for the most innovative ideas and the best controls suggested.

Only those working in the regulated sector or with a legitimate interest in the topic will be confirmed to attend.

Day 3.

REGTECH The Tech conundrum – is RegTech a game changer?

Wed,

25 Sept

9.00am - 5.00pm  | Regent Hotel Singapore

Opening by Francesca McKee, Economic Adviser, BHC

Regulatory Leadership

The $1 trillion Battleground: Using RegTech to tackle the future of financial crime

• Financial crime costs over $1.5 trillion a year. How can we stack the odds against those who are exploiting the system?  The FCA – a leader in regulatory innovation – shares how it aims to leverage RegTech and other solutions to solve this problem, and what more is needed. 

Next Gen Regulators – Leveraging SupTech

• To combat ever-innovating financial criminals, regulators need to become more agile in order to outsmart them.  This requires forward thinking regulators, equipped with the right supervisory tools and new demands on financial institutions to tackle this challenge. MAS – who have pioneered ‘SupTech’ – shares how it plans to stay ahead of the game, and what it needs from industry to achieve this.

The future of AI: Smart & Ethical

• For AI and machine learning to be effective in enforcing regulations, it needs to get smarter.  How are these tools developing to help capture illicit traffic more efficiently (e.g. in capital markets)?  As issues around AI ethics increase, how can RegTech solutions be more transparent, explainable and accountable?  How can financial institutions be viewed as having conducted sufficient testing of AI and minimise bias?

Practical RegTech Application

Navigating the data minefield – privacy vs transparency

• With new data protection agreements coming into force globally, it’s becoming more difficult to utilise and analyse big data (e.g. training smarter algorithms).  How can financial institutions leverage these solutions without compromising privacy?  What should regulators do to balance data protection with progress, such as through privacy enabled KYC data sharing?  How can RegTechs adapt and offer the right governance-focused solutions to support progress?  

Implementing RegTech – build or buy?

• When financial institutions look to adopt new RegTech solutions, do they go for in-house development or buying a solution?  How do they ensure the product is robust and avoid ‘Frankenstein’ open-source solutions that can create new risks?  Banks and FinTechs discuss which approach is best. 

Now Trending

Data analytics & AI – unlocking complex AML issues

• How can Data Analytics and AI help detect complex, cross border money laundering typologies, such as Capital Markets.  We deep dive into the 7 Typologies provided in the FCA Understanding the Money Laundering Risks in the Capital Markets Thematic Review, including examples of how data analytics can detect them.  How can banks meet evolving regulatory expectations in Capital Markets given the increased focus on risks in this area?

Digital banking licences & RegTech implications

• With digital banking licences being proposed and implemented across the region, increasingly digital banks need increasingly digital RegTech solutions.  How are FIs and RegTechs preparing for this shift and where are the new opportunities, such as through non-face to face onboarding? 

Crypto & Blockchain: Enter TechFin

• With Facebook’s ‘Libra’ poised to enter the market, and other TechFins making strides in this direction, what does this mean for crypto, blockchain and regulation?  How will RegTech adapt to these developments?  How should the system be made more transparent and compliant when it is used in place of regulated currencies?

Day 4.

Anti-Bribery and Anti-Corruption – navigating the latest developments in transparency

Thurs,

26 Sept

9.00am - 5.00pm  | Regent Hotel Singapore

Developments in Anti-Bribery and Anti-Corruption

• A day of perspectives from Government and industry on the latest developments in anti-bribery and anti-corruption, why they matter to your organisation and how to navigate the latest transparency requirements

Panel Discussions with industry leaders

• Ethics – should ethics play a role in compliance and, if it should, how does that work on a global scale?
• The tone of leadership – why the tone at the top of an organisation is important

Presentations from Government and Industry Experts

• How Bribery went from business expense to criminal offence through the OECD’s tax measures for combating bribery of foreign public officials.
• Internal Investigations – what are the hallmarks of internal fraud and corruption, how to spot them and what to do about when you do.
• Working together to tackle Bribery and Corruption – what do Government and industry responses to B&C look like and how can they work together to have a greater impact.

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Sanctions and Terrorist Financing – An evolving picture

Fri,

27 Sept

9.00am - 5.00pm  | Regent Hotel Singapore

Sanctions

Opener: ‘The ever more complicated sanctions environment’

• This opening session will outline the current trends in sanctions evasion and challenges to enforcement for governments and the private sector with a particular focus on DPRK.

Minimising exposure to sanctionable activity

• This session will feature recently published guidance from Lloyd’s of London to increase sanctions compliance in the maritime insurance industry and will provide an opportunity for industry representatives to share views on implementation.

Expanding the aperture on UN sanctions enforcement

• This session will move beyond the focus on import oil and export coal and the banking industry for sanctions implementation and consider what is needed from other sectors and governments in order to properly implement the entire range of sanctions measures against North Korea.

Applying data analytics to sanctions enforcement

• This session will feature projects which use big data, new techniques in analytics and artificial intelligence to improve the financial sectors approach to assessing risk when making financing decisions. 

Counter terrorism finance

Opener: The current state of terrorism financing

• An update on the current trends in terrorism finance, emerging threats and possible new approaches to combatting them.

Terrorism finance and financial centres

• This session will look at the role of the financial sector and governments in financial centres in combatting terrorism finance.

New developments  in countering terrorism finance

• This session will look at the latest developments/techniques in combatting terrorism finance

5.15pm – 6.45pm  |  Regent Hotel Singapore (Separately ticketed event)

Drinks Reception and Networking