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This session will include a discussion on the dramatic rise in scams exploiting customers during the COVID-19 crisis, the latest fraud trends and typologies, and related industry warnings.

Financial institutions and customers are facing growing threats from fraudsters and evolving scam scenarios, including check schemes, card compromise, online account takeover and Business Email Compromise. In this session, industry and technology experts will outline new approaches to prevent losses and improve efficiencies in fraud management programs, including big data and machine learning.

Former top banking executive and industry expert Jim Richards will provide a candid look into today’s regulatory and anti-financial crime industry, including his insights on the potential impact of the COVID-19 pandemic on the AML landscape. Richards will reflect on key defining moments from the 50-year journey that has led to the current BSA framework, examine lessons learned from the crisis and what to expect in a post-pandemic world, and discuss the need to provide more actionable intelligence to law enforcement.

This session will include an examination of the new normal for financial institutions during the COVID-19 crisis as resources are strained and changing customer behavior leads to AML and compliance challenges.

Big data is key to the future of AML and financial crime detection. In this special session, industry and technology experts will discuss the limitations of current approaches to detecting financial crime and provide insights into a way forward for AML by leveraging technology-enabled solutions, including data lakes and consortium data.

This session will discuss how the COVID-19 crisis is impacting CDD/EDD processes and areas of focus for institutions in their AML risk management and due diligence programs.

Institutions are under increased regulatory pressure to meet requirements for CDD/EDD, particularly regarding the identification, segmentation, stratification, and surveillance of high-risk customer types. In this session, industry and product experts will discuss the benefits of a segmented, stratified approach to high-risk customer management, outline best practices for developing risk models for customers in higher-risk categories, and demonstrate how technology can improve the effectiveness and efficiency of your CDD/EDD processes.