08:30 – 09:00
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Registration & Coffee
Delegate’s arrival / registration and a chance to grab a pre-event coffee and some nibbles before settling into the day’s busy schedule! |
09:00 – 09:10
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CEO’s Introduction
A quick welcome to MLROs.com Conference Two 2018 from our CEO and an update on the latest forum news and developments. |
09:10 – 09:55
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An Inspector Calls; What to Do When the FCA Comes Knocking
FCA fines for regulatory misconduct are on the rise again and the FCA is promising more investigations into more firms and individuals in 2018. Against that background, a proper and considered response to a regulatory issue has never been more fundamental to a firm’s ongoing relationship with the FCA, to it hard own market reputation and to minimising the risk of litigation. Garon Anthony and Chris Webber, partners in Squire Patton Boggs’ finance disputes team, will help you get to grips with the FCA’s investigation and enforcement powers and offer up their top tips for managing a regulatory issue. |
09:55 – 10:40
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The changing face of AML / Financial crime management – Don’t Reinvent the wheel!
We have been dealing with the risk-based approach for the past 20 years, looking to achieve effective systems and controls. However, the repeated feedback from the Regulators continues to raise concerns over the failure to implement a sustainable, relevant systems and controls environment
The tech revolution and the disruptions that come with it are changing both regulatory and customer expectations. The market and industry landscape is being transformed now!
Increased regulatory scrutiny in this transformed landscape drives the need for a more proactive end to end solutions approach to manage AML & Financial Crime risk and processes.
As time is of the essence, machines and data become critical in helping across the overall governance framework – holistically, consistently and dynamically across all layers of risk activities, aligning the framework with growth strategy of the business as a whole.
Do we need to start from ground zero to build a new way of dealing with this, or can we learn more efficiently from other sectors that have had to change in order to cope with a similar challenges
Lana and Richard will explore various options and key success factors in light of various regulatory guidance and industry developments. |
10:40 – 11:00
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Morning Coffee
Selection of teas, coffees, cakes and fresh juice available. |
11:00 – 11:40
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Everything an MLRO Should Know About The Bank Deposit Protection Scheme
Following the Financial Crisis, all retail and some other bank depositors have their funds protected up to a maximum of £85,000 in the event of their bank defaulting.
Denis will highlight a little understood exception to this element of consumer protection which is set out in the EU Deposit Guarantee Directive, the PRA Rules and the Financial Services Compensation Scheme Technical Guide that all Financial Crime staff and (all personal bank account holders) should be aware of.
Denis will also consider the interplay with Risk Based Approach to Financial Crime and the Treating Customers Fairly principle and then suggest some measures to address the serious concern that has been identified. |
11:40 – 12:20
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How Explicit Metadata Management will Help to tackle Fin Crime and Rebuild Trust Online
KYC and identity proofing processes are on the front line of anti-money laundering efforts, and often already suffer both from high costs and reliance on data which can quickly go out of date. How to address these problems at the same time as handling the new risks and apparently contradictory requirements imposed by PSD2, Open Banking and GDPR?
Contrary to first impressions, implementing personal privacy rights, fostering greater agency (i.e. giving data subjects greater control over their own data) and permissioned data sharing can be harnessed to mutualise the costs of collecting and maintaining the data that MLROs need for their KYC processes. Beyond this, they also open up new markets for AML trust services and create powerful new ways to combat ‘bad actors’, giving MLROs a new toolkit to tackle financial crime.
Ben explores how an explicit metadata management is key to unlocking these opportunities, and to managing many of the new risks emerging in a connected, digital age |
12:20 – 13:00
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GDPR, an Update with less than 3 Months to go
The General Data Protection Regulation comes into force in the UK on 25 May 2018. It represents the most fundamental reform of data protection law and practice in 30 years and will affect every business in the UK that deals with personal data in whatever form.
Ann LaFrance coordinates Squire’s EMEA Communications Law Practice and co-chairs our global Data Privacy & Cybersecurity group. Drawing on more than 30 years of industry experience, Ann advises clients on telecommunications regulation and new media policy, competition law, dispute resolution and European Union (EU) data protection and e-privacy matters. |
13:00 – 14:00
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Lunch
Selection of sandwiches, drinks and snacks available. |
14:00 – 14:45
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Members of the Jury – an AML Trial!
You are hereby summonsed to jury service.
We will be trying a recent historic case in a realistic mock trial with you the delegates as the members of the jury.
The company director has been charged with fraud as a result of information passed to the police by a member of staff who works in the IT department.
It is alleged the director has been fraudulently applying for EU grants and then diverting the funds for personal use.
He is on trial and his employee is about to be cross-examined……
The case has some significant twists and turns and you will have to decide the outcome!
There will be pre-event learning materials and post-event materials supplied to delegates to ensure this session provides significant key learning opportunities. |
14:45 – 15:30
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ABC – What’s the real risk
The message we’re hearing from the FCA is that ABC models are typically not considered mature enough, especially in relation to third parties. Firms, in general, concern themselves too much with Gifts and Entertainment, but in reality, third party relationships is where financial institutions should be concentrating their time and effort.
Michael will explore the risks of such relationships, and what controls firms need to have in place to mitigate the bribery and corruption risks that they bring. |
15:30 – 15:50
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Afternoon Coffee
Selection of teas, coffees, cakes and fresh juice available. |
15:50 – 16:40
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Domhnall Cullinan
Head of Anti-Money Laundering Division, Central Bank of Ireland
Domhnall Cullinan, Head of the Anti-Money Laundering Division of the Central Bank of Ireland, will take a look at the changing face of AML / CFT regulation. As the competent authority in Ireland responsible for the monitoring and supervision of credit and financial institution’s AML / CFT obligations, Domhnall will provide an overview of Ireland’s AML / CFT regime and the expectations of the Central Bank of Ireland in the performance of its role as competent authority. Ireland is home to some of the world’s leading payment companies and Domhnall will outline the approach taken by the Central Bank of Ireland to the monitoring and supervision of e-money and payment institutions AML /CFT obligations. Ireland’s recent Mutual Evaluation Report (MER) published by the FATF in September 2017, the country’s overall performance and the subsequent follow up actions arising from the MER will also be discussed. Domhnall will also go on to talk about current AML / CFT considerations for regulated financial service providers including the recent legislative changes brought about by the EU’s Fourth Money Laundering Directive and the AML / CFT considerations for firms arising from the final text of the EU’s Fifth Money Laundering Directive agreed at the Trilogue meeting in December past. The hot topic of FinTech and RegTech will also be considered from the point of view of a supervisor, its expectations and how it sees firms utilising such tools and solutions to meet their AML / CFT regulatory obligations. |
16:40 – 17:30
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Panel Q&A
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17:30 – 19:30
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Evening Reception & Networking
A fantastic opportunity to decompress with a drink and some food; and network with your peers and the expert speakers of the day, hosted by Squire Patton Boggs. |
