AML Strategy – are we winning or are we failing?

AML Strategy – are we winning or are we failing?

📅 Date: 29th of January 2025

🕙 10:00 AM London Time

AML efforts have achieved some significant wins. Financial institutions are under more scrutiny, and the tools for detecting and preventing money laundering have improved. Penalties for non-compliance have become more severe, which is creating a deterrent effect. International collaboration has also strengthened.

That said, there are still serious challenges. Money laundering remains widespread and complex, and global efforts have not eradicated it. New technologies, such as cryptocurrencies and privacy-enhancing tools, continue to present significant challenges for law enforcement. Additionally, the financial sector sometimes still finds ways to circumvent regulations (e.g., using shell companies or obscure financial instruments).

Are we winning? In some ways, yes — there have been significant advancements in regulation, technology, and international cooperation. Progress is being made, but the sheer scale of illicit financial flows, along with the constant evolution of techniques used by criminals, means that AML efforts are always playing catch-up.

Are we failing? In many respects, no — but it’s an ongoing battle, and the full effectiveness of AML strategies will require continuous adaptation to emerging threats. It’s a complex and long-term challenge, and we are far from eradicating money laundering entirely.

We're making progress, but we’re not there yet. The fight is ongoing, and we must remain vigilant and innovative to stay ahead of evolving risks.

Our esteemed guest speakers, industry experts, will share their insights on:

Understanding the Legal and Regulatory Framework of AML

• Overview of national and international AML regulatory bodies.
• Key AML obligations for financial institutions, businesses, and other regulated sectors.
• Recent updates or changes in global AML regulations.

Risk-Based Approach to AML Compliance

• Understanding the concept of a risk-based approach in managing AML risks.
• How to assess and categorise clients based on risk factors (e.g., geography, business type, PEP status, transaction patterns).
• Developing risk-based procedures for customer onboarding, monitoring, and reporting.

Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)

• The difference between CDD, EDD, and simplified due diligence (SDD).
• Best practices for identifying and verifying the identity of clients.
• Techniques for gathering and validating customer information and conducting EDD on high-risk clients.

Transaction Monitoring and Red Flags

• How to set up and refine transaction monitoring systems.
• Common red flags of money laundering (e.g., unusual transaction patterns, structuring, layering).
• Best practices for investigating and reporting suspicious activity.

Suspicious Activity Reporting (SAR) and Internal Controls

• When and how to file SARs within the AML framework.
• Understanding the tipping-off and confidentiality requirements.
• Developing internal procedures to ensure timely and effective SAR submission.
• Importance of record-keeping and maintaining audit trails for compliance.

Training and Awareness Programs

• How to design and implement AML training programs for staff at all levels.
• The role of staff awareness in identifying suspicious activity and complying with regulations.
• The significance of testing and assessing employees’ knowledge of AML policies.

Technological Tools and Innovations in AML Compliance

• How advanced technologies can enhance AML efforts (e.g., in transaction monitoring, KYC, and risk assessment).
• Challenges and benefits of adopting technology for AML compliance.
• Future trends in AML technology.

AML Auditing and Governance

• How to audit AML processes and controls.
• Key areas of AML governance, including oversight by senior management and the role of the compliance officer.
• Ensuring continuous improvement and testing of AML controls.

AML in Specific Sectors: Tailoring the Approach

• Tailoring the AML strategy to specific risks within industries such as cryptocurrency, gaming, real estate, etc.
• Case studies of sector-specific AML failures and lessons learned.

Penalties and Enforcement: Learning from Real-Life Cases

• Understanding the potential penalties and fines for non-compliance (e.g., hefty fines, reputational damage).
• Reviewing high-profile case studies where AML failures led to significant consequences.
• How to avoid common pitfalls and ensure organizational adherence to AML protocols.

This is an excellent opportunity for professionals at all levels to deepen their knowledge and stay ahead of the latest trends in AML. Whether you're part of a multinational corporation or a small business, this session will provide valuable insights tailored to your needs. You'll gain practical, actionable strategies to navigate the evolving landscape of compliance and financial crime prevention, ensuring your organization stays compliant and resilient in a rapidly changing world.

Join us for the first GCI webinar session for 2025 with GCI Chair and financial crime expert Martin Woods chat with founder of The Laundry, Dev Odedra around AML strategy and their views on where things are headed in the fight against financial crime.

🔗 Reserve your spot today!