Day 1

On 13 July 2022, Regulation Asia hosted the online day of Fraud & Financial Crime Asia 2022, to provide fraud and financial crime practitioners a comprehensive view of the regulatory landscape, the latest tactics used by illicit actors, and how the industry is addressing financial crime risk.

Regulatory Keynote: Innovative Ways of Working in AML/CFT

The keynote address “Innovative Ways of Working in AML/CFT: Collaboration Powered by Data, Technology and Analytics” was delivered by Carmen Chu, Executive Director (Enforcement and AML) at the HKMA (Hong Kong Monetary Authority).

Panel 1: Redefining Risk: Sanctions and the Global Battle Against State-Backed Bad Actors

Despite decades of heightened financial regulation and oversight, recent sanctions against Russian have put a spotlight on the world’s financial hubs and their problems with dirty money. This panel will discuss opportunities this presents to crack down on corruption and illicit financial flows, as the global tide turns against kleptocracy.

Jay Deans, Former Global Head of Sanctions, Natwest
Aubrey Belford, Editor (Pacific), The Organised Crime and Corruption Reporting Project (OCCRP)
Brian Hsu, Head of CEP and CO
David A. Wolber, Of Counsel, Gibson Dunn

Bradley Maclean, Co-Founder, Regulation Asia

Panel 2: Disrupted Trade: Supply Chains, Global Security, and Money Laundering

From the pandemic related disruptions to sanctions and trade restrictions, global supply chains have been put under unprecedented pressure. Clogged ports and other logistical strains not only slow the free flow of goods and services and increase pricing pressures; they also provide the perfect cover for bad actors to channel illicit funds through low friction trade channels.

Douglas Wolfson Senior Sales Director, Lexis Nexis Risk Solutions
Jeremy Moller Senior Advisor – Risk Advisory, Norton Rose Fullbright
Azeem Azmi, Managing Director, Regional Head Trade Finance, Group Transaction Banking, CIMB

Moderated by Manesh Samtani, Editor, Regulation Asia

Panel 3: Rising Expectations: KYC, Ongoing Monitoring, Name Screening

Regulators have been increasing focus on customer risk, placing increased pressure on financial institutions and crypto firms to gather richer KYC and contextual data, monitor customer behaviour, and intensify their screening sophistication and capabilities. This panel will delve into new guidance and regulatory expectations on managing customer risk.

Grace Then, Assistant Director, Financial Crime Practice Lead, ASEAN, Moody’s Analytics
Chon Yoong Lai, AML & Sanctions Expert
Ajit Singh, Director, Legal Compliance, Mastercard
Neha Bhargava, Head of KYC (Singapore), Deputy Head of KYC (APAC), Goldman Sachs

Moderated by Nick Wakefield, Co-Founder, Regulation Asia

Panel 4: Follow the Crypto: Overcoming SoW/SoF Challenges with Digital Assets

Nearly half of millennial millionaires having at least 25 percent of their wealth in crypto. This next generation of wealth is acutely aware of compliance “requirements”, but with little affinity for traditional KYC procedures. This panel will explore emerging technologies and techniques to achieve and maintain high standards for source of wealth and source of funds checks, while still meeting the needs of the digitally enabled consumers.

Tom Armstrong, Compliance Advisor, TRM Labs
Rosalind Lazar, Director, Licensing, Global Compliance, Binance
Shu Jian Choo, Director, Financial Crime Compliance, Bank of Singapore
Irene Lee, Private Wealth Management Compliance Lead, Huatai Financial Holdings (Hong Kong) Limited & Board of Directors, FTAHK

Moderated by Bradley Maclean, Co-Founder, Regulation Asia

Panel 5: Broken Promises: A Deep Dive into Crypto’s Fraud Problem

Despite efforts by regulators and market participants, the crypto sector continues to suffer frequent setbacks from frauds. From rug-pulls to NFT scams, this panel will explore how bad actors are exploiting new ecosystems, and how supervisors, law enforcement agencies, and the financial and crypto industries can combat these activities.

Tim Dalgleish, VP Global Advisory, BioCatch
Igor Sonkin, Head of Fraud, Banxa
Andy Meehan, Chief Compliance Officer (Asia), Gemini

Moderated by Jeremy Moller, Senior Advisor – Risk Advisory, Norton Rose Fullbright

Panel 6: New Payment Methods and Digitally Enabled Money Laundering

From crypto and stablecoins to emerging protocols and fintech gateways, new payment methods present opportunities for bad actors to transfer value across borders. This panel will discuss the different ways emerging payment mechanisms can be used for illicit purposes, how regulators and law enforcement agencies are targeting bad actors, and the technology tools and controls firms are putting in place to manage risk.

Tung Li Lim, Senior Policy Advisor, APAC, Elliptic
Ben Bowden, Head of Compliance and Regulatory, APAC, CurrencyCloud
Nathan Newman, Executive Intelligence and Risk Assessment, National Australia Bank

Moderated by Zennon Kapron, Managing Director, Kapronasia

Panel 7: Financial Crime and Due Diligence in the Era of Sustainability

Financial crime is a significant contributor to the lack of global success in achieving the UN’s sustainability goals. In response, regulators have increased focus on corruption, fraud and money laundering as part of efforts to meet their international commitments on sustainability. This panel will explore emerging approaches to detecting environmental crime through intensified scrutiny on financial flows, leveraging red flag detection, network analytics, behaviour analysis and transaction monitoring.

Daragh Tracey, Senior Strategy Manager, Fenergo
Naomi Doak, Regional Coordinator, Counter Wildlife Trafficking, Wildlife Conservation Society
John Dodsworth, Senior Program Advisor, WWF UK
Rashmi Dubier, Managing Director, APAC Head of AML, MUFG

Moderated by Prof Lapman Lee, Professor of Practice (ESG, FinTech, Governance), Hong Kong Polytechnic University

Panel 8: Know Your Third Party: Mitigating Corruption and Bribery Risk

The vast majority of anti-bribery related enforcement actions brought by authorities have been the result of the conduct of third parties. Such actions can pose significant costs to financial institutions, in the form of fines, investigation expenses and other remediation costs. This panel discusses the policies, third party due diligence procedures, and incentive structures banks should have in place to detect and prevent such risks.

Ivan Heard, Global Head of Fraud Solutions, Quantexa
Liliya Barchuk, Head, Anti-bribery and Corruption, Asia, Standard Chartered Bank
Ravin Kaur, Senior Policy Advisor, Companies Commission of Malaysia

Moderated by Manesh Samtani, Editor, Regulation Asia

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