Financial Crime 360: Preventing financial crime and pre-empting crises

From: The Asian Banker
Published: Tue Aug 18 2015

Financial Crime 360: Preventing financial crime and pre-empting crises with superior compliance capabilities

The Asian Banker is holding a regional anti-money laundering and compliance conference on 29th October in Singapore. This is following last year’s successful event with speakers from International Compliance Association, Interpol, Europol and 150 delegates from all over the APAC region.

The event is designed to bring together regulators, law enforcement officials and compliance practitioners from MNCs, SMEs as well as financial institutions in discussing the best practise examples, technology trends and criminal modus operandi. The topics will go far beyond compliance management and will provide a tangible picture of the situation in Asia, region-specific issues as well as best practises and solutions.

Regional trends and developments

The conference will kick off on the changing guidelines and regulatory landscape in Asia with regulators from different countries as panellist. There is significant need to understand the complexity and internationalisation of AML compliance framework, the FATCA and OECD CRS implementation in Asia and the consequent steps to undertake at intra organisational level and the partnerships that need to be forged. The forum will discuss best practices of sustainable corporate culture including the functioning of an ABC programme and the crucial role of incentive structures. Further topics include discussing the role of whistle blowing in exposing corruption, fraud, and mismanagement in both public and private organisations to get an overall idea of consequent actions to be undertaken.

Trade Based Money Laundering (TBML), Tax Crimes, Cyber Crime and Emerging Vulnerabilities

TBML is becoming a growing concern in consequence of increased trade finance activities, lack of qualified investigators and absence of systems capable of cross-referencing trade. The lack of reliable statistics and standardization with regard to the practice of collection and maintenance of data also facilitate TBML. There are many implications to be discussed in the process of counteracting tax evasion and laying the groundwork for a new level of cross border information sharing for international cooperation on audits and enforcement.

Furthermore, we will discuss questions the future of bank secrecy and if Singapore and Hong Kong keep their status as wealth management hubs. Coping with the complexity of the cyber threat landscape requires high-level technical expertise and large-scale cross-jurisdictional investigations. New technologies such as P2P payments, crowd funding and lending, mobile banking and crypto currencies, eventually have to be "crime proof" against money laundering and fraud risks.

Specific compliance focus

In line with understanding the wider picture on how are financial crimes cropping up, the second focus will be on real cases and actual happenings to fortify the line of defence. One of the responses from AML challenges is to strength inter-agency coordination and international cooperation and use advanced analytics in customer identification, verification and risk profiling.

The conference will examine how globally operating enterprises face unprecedented extra-territorial enforcement risks as sanctions against Russia, Syria, and other regimes continue to evolve. We will talk about the latest tools for advanced data analytics for monitoring, reporting, compliance, risk assessment and investigation purpose. To also know which OSINT tools are on the market and how can they exploit hidden data. The forum will engage in an insightful manner about the risks associated with money service businesses (MSBs) as well as Hawala and Other Similar Service Providers (HOSSPs).

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Hong Kong, Beijing and Dubai as well as representatives in London, New York and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is

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For more information please contact:

Ms. Gerlinde Gerber
Program Manager
Company: The Asian Banker
Contact Name: Gerlinde Gerber
Contact Email:
Contact Phone: +86 139 10040348

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