ACAMS Delaware Sanctions Panel Discussion at Wilmington University

This is the full video from the ACAMS Delaware Sanctions Panel Discussion at Wilmington University on February 26, 2018.

The discussion was moderated by the Executive Director of Global Client Reference Data, Jay Como from JP Morgan Chase, and the expert panelists included: Global Sanctions Leader, Daniel Tannebaum from PwC, Financial Services Regulatory Attorney, Shaswat Das from Hunton & Williams LLP, Global Head of Threat Finance, Jesse Spiro from Thomson Reuters, and Financial Crimes Technology Consultant, Keith Furst from Data Derivatives.

Some key points from the key discussion were:

• For the most part, sanctions don't work.
• The threat of sanctions can be just as devastating as the sanctions themselves.
• Current trends of sanctions on North Korea, and red flags for North Korean shell companies.
• Emerging technologies influence on the sanctions landscape.
• Sectoral sanctions created a lot of false positives in the ecosystem and are prompting some banks to push back against regulators.
• Trade finance is still mainly conducted in non-digital formats which raises the costs of compliance.  Distributed ledger technology (DLT) could help increase transparency and potentially reduce trade-based money laundering (TBML).
• Do more sanctions related questions need to be asked during the customer due diligence (CDD) and enhanced due diligence (EDD) process?

This were just some quick bullet points, but there were many other good points made.  Watch the video below.

How to conduct an anti-money laundering (AML) system assessment

The founder of Data Derivatives, Keith Furst, presents "How to conduct an anti-money laundering (AML) system assessment" at the money laundering in Canada 2016 conference.  The presentation was given on Tuesday October 4th 2016 at the Toronto Downtown Easton Centre Marriott in Toronto, Ontario, Canada.

Keith discusses the fundamental components of conducting an AML system assessment which is geared towards a non-technical audience. The main topics covered in the presentation are an implementation assessment, on-going data quality and model performance.