European Banking Federation unites with SAS to offer free anti-money laundering classes

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The United Nations Office connected Drugs and Crime estimates that US$800 cardinal to $2 trillion is laundered done worldwide fiscal systems each year. That’s an astonishing 2-5% of planetary GDP. The European Banking Federation (EBF) – uniting 32 nationalist banking associations successful Europe, representing 5,981 banks with astir 2.6 cardinal employees – has partnered with SAS to assistance fiscal firms worldwide curb the deluge.

“Rapidly evolving concern and exertion render accepted methods for anti-money laundering (AML) inefficient and telephone for a much innovative attack for warring fiscal crime,” said EBF CEO Wim Mijs. “The aboriginal of AML is rooted successful the usage of innovative technologies and shared solutions that, successful practice, heighten experts’ judgement and uncover the afloat representation erstwhile dealing with analyzable transgression networks. We are assured that this collaboration with SAS volition assistance america hole our members, and the broader banking community, for this caller reality.”

In the European Union, contempt the ever-rising fig of suspicious enactment reports, information from Europol shows that nary much than 1.1% of criminally obtained assets were confiscated betwixt 2009 and 2014. To combat this worrying trend, the European Commission introduced a new AML package this July. Among different changes, for the archetypal time, banks and different obliged entities volition request to comply with a straight applicable regulation. A caller European AML Authority volition besides go operational successful the years to come.

AML Masterclasses, escaped of charge

In aboriginal 2022, the EBF and SAS volition motorboat a joint, virtual AML Masterclass series, led by AML experts versed successful utilizing precocious analytics for AML. Unlike accepted courses connected the subject, which absorption chiefly connected the regulatory and operational aspects of AML, this bid volition spotlight however artificial quality (AI) and instrumentality learning tin boost the effectiveness of banks’ efforts successful warring fiscal crime.

Pre-register contiguous for the complimentary, two-part AML Masterclass, which volition include:

  • Demystifying AI for Anti-Money Laundering. Debuting successful March 2022, the inaugural league volition analyse however AI and instrumentality learning exertion for AML truly works. It volition besides research shared transaction monitoring facilities arsenic an accidental for enhancing AML transaction monitoring and however it fits into the existent regulatory framework.
  • New Technologies for KYCIn April-May 2022, the 2nd league volition snapshot the existent legislative scenery and delve into caller ways precocious analytics tin facilitate banks’ cognize your lawsuit (KYC) and lawsuit owed diligence processes. Experts volition besides show however solutions similar integer recognition and web visualisation tin amended the transparency and ratio of lawsuit onboarding.

Following the online Masterclass sessions – and aligning with the ACAMS Europe Conference successful June 2022 – the EBF volition big an in-person societal lawsuit with SAS successful Brussels. There, a sheet of AML experts volition pb a treatment and unrecorded Q&A connected however banks tin embed precocious analytics into their AML frameworks.

More than conscionable “checking boxes”

In January, the Financial Action Task Force (FATF), the intergovernmental watchdog for fiscal crime, warned that the COVID-19 pandemic had enabled criminals to exploit integer individuality loopholes.

Around the aforesaid time, SAS, KPMG and the Association of Certified Anti-Money Laundering Specialists (ACAMS) surveyed much than 850 ACAMS members globally to gauge however compliance professionals were adjusting their AML strategies amid the pandemic. The resulting AML exertion study, published successful August, revealed that:

  • One-third of fiscal institutions reported accelerating their AI and instrumentality learning adoption for AML compliance successful effect to COVID-19.
  • Another 39% indicated their AI and instrumentality learning adoption plans continued unabated, contempt the pandemic’s disruption.

“Our probe shows the manufacture astatine a captious crossroad. Banks by and ample recognise AI arsenic an AML crippled changer, yet astir are inactive trying to wrapper their arms astir the exertion and however to optimally harness it,” said Stu Bradley, Senior Vice President of Fraud and Security Intelligence astatine SAS. “In collaboration with the EBF, we look guardant to illuminating banks’ paths guardant with applicable guidance that raises their reasoning beyond simply checking the compliance boxes. With the close approach, AML tin present bigger-picture translation crossed the breadth of banks’ fraud and hazard absorption functions.”

Today’s announcement was made astatine Sibos 2021, the world’s premier fiscal services conference, organised and facilitated by SWIFT. Register to articulation SAS astatine the free, digital-only event, done to October 14 and aboriginal connected demand. Attendees volition larn much astir the AML Masterclass bid and different ways the AI and analytics person is helping fiscal services organisations elevate people, the satellite and nett done analytic innovation.

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