Conference Day One – 22nd August 2018
8:30 am - 9:00 am Coffee & Registration
9:00 am - 9:10 am Conference Opening – Remarks from the Conference Chairperson
9:10 am - 9:50 am AUSTRAC: State of Affairs with the National RegulatorRichard Lee, Director of Compliance,AUSTRAC
In this session, a representative of AUSTRAC will give an overview of the regulator’s take on the state of the industry and trends in financial crime. From regulating cryptocurrency exchanges to the impacts of forthcoming legislation, this session will provide insight into AUSTRAC’s view of the current and future financial crime landscape.
- Directly interface with the National regulating body
- Gain insight into the most effective methods to ensure compliance
- Insight into Australia’s regulatory outlook
Richard LeeDirector of Compliance
9:50 am - 10:30 am How Australia and Singapore have Differed in Their Regulatory Approach to AML/CTFAurelie Ryan, Head of Compliance,OCBC Bank
In order to better understand regulatory changes within the Australian Financial Crime landscape, it is important to contextualise them within international trends. With Singapore being listed as one of the 25 most systematically important financial centres in the world, the Monetary Authority of Singapore has been pivotal in keeping the island-state free of financial crime. Ranking 5th in the world on the Corruption Perception index, and with a 95% conviction rate for corruption trials since 2007, Singapore has an international reputation for an iron-fisted approach to tackling financial crime. This session will examine the regulatory environment in Singapore, and look at the lessons to be learnt by the Australian AML/CTF community from our regional neighbours.
- Comparing and learning from varied regulatory environments
- Examining international approaches to AML/CTF regulation
- Better understanding the international impacts of financial crime
Aurelie RyanHead of Compliance
10:30 am - 11:00 am Speed Networking
11:00 am - 11:30 am Morning Tea
11:30 am - 12:10 pm Understanding Recent Australian Regulation to Mitigate Threats Posed by CryptocurrencyChris Berg, Senior Research Fellow,RMIT Blockchain Innovation Hub
The Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2017 was passed on December 13, requiring the same regulatory checks to be placed on cryptocurrency as on any other currency under Australian law. Digital currency exchanges must now register with the AUSTRAC CEO, and as such are subject to the full extent of AUSTRAC’s AML/CTF regulations. The legislation also bans digital currency services which are not provided by a registered exchange, with fines of up to $77,000 and gaol time of up to two years for individual breaches. This session will discuss the implications of the legislation in the fight against cryptocurrency-enabled fraud, and the threats and opportunities that these new technologies present for firms and governments.
- Will legislation make cryptocurrency a viable product offering?
- Regulating cryptocurrency to reduce avenues for ML/TF
- Making sense of legislation to better understand emerging tech trends
Chris BergSenior Research Fellow
RMIT Blockchain Innovation Hub
12:10 pm - 12:50 pm Optimising Financial Crime Detection Outcomes by Aligning Technology and PeopleAnne Heilman-Inglis, Program Manager- Regulatory Transformation,Rabobank
With the rapid and constant development of technology, it becomes increasingly attractive to invest heavily in technological systems to increase financial crime detection efficiency. Automated systems are not faultless, and in order to achieve efficient detection outcomes, it remains crucial to involve a human element in automated systems. This session will focus on building your human capacity and capability together with technology to enhance outcomes for your business.
• Using technology as a facilitator of people rather than a complete solution
• How to enhance your risk analysis capabilities with a combination approach
• Familiarising your workforce with technology as a tool not a threat
Anne Heilman-InglisProgram Manager- Regulatory Transformation
12:50 pm - 1:50 pm Lunch Break
1:50 pm - 2:30 pm Australian Trends in Financial Crime Enforcement: Understanding National Efforts to Better Perceive Major Risks to Security
The Australian Serious Financial Crimes Taskforce comprises numerous enforcement and regulatory agencies with the shared goal of investigating and prosecuting financial crime in Australia. As of August 2017, the Taskforce had recouped $391m in tax liabilities as well as a further $152m in other illicit funds. This session will discuss how the taskforce is going about curbing the developing threat of financial crime. Topics covered will include enforcement methods, trends in phishing and web-based financial crime, as well as the benefit of information volunteered by Financial Institutions in identifying potential crimes.
- Enforcement efforts to stay ahead of financial criminals
- Developments in criminal activities and their risk to Financial Institutions
- Examining the benefits of business to government information sharing
2:30 pm - 3:10 pm Implementing a Stronger Integrity Framework for Increased Operating Transparency and Brand IntegrityAndrew Lawrence, Senior Legal Officer- Fraud, Security and Integrity Reform Branch,Attorney- General’s Department
Fraud, bribery and corruption continue to exist within Australian Financial Institutions, though their impact and prevalence continue to be under-recognised. Research suggests that corruption adds 10% to a business’s operating costs, and has reduced Australia’s GDP by 4% since 2012, equating to around $72Bn. With single-instance fines of up to $17m for companies found to have engaged in corruption, vigilance in implementing and enforcing an integrity framework is vital.
- The real cost of Fraud, Bribery and Corruption to business
- Examining methods of Fraud, Bribery and Corruption
- Organisational and financial benefits of a strong integrity framework
Andrew LawrenceSenior Legal Officer- Fraud, Security and Integrity Reform Branch
Attorney- General’s Department
3:10 pm - 3:40 pm Afternoon Tea
3:40 pm - 4:20 pm Engaging the Customer to Improve Anti-Fraud EffectivenessNicole Biskop, Sydney Chapter Vice President,Association of Certified Fraud Examiners
Rapid detection of criminal threats is vitally important to combat the rising pace of financial crime. By educating customers in detecting fraud and giving them simple tools to report it, businesses can significantly broaden their detection network for a relatively low investment cost. One of the simplest ways to facilitate this is to create a dedicated webpage for consumer information on detecting and reporting scams, attempted fraud and other financial crimes. This will increase the rate of potential security breaches and scams reported to your organisation, as well as giving the customer a personal investment in your brand’s security profile.
- The customer as a low-cost fraud detection asset
- Making self-reporting procedures simple and intuitive
- Involving the customer in your brand through direct engagement
Nicole BiskopSydney Chapter Vice President
Association of Certified Fraud Examiners
4:20 pm - 5:00 pm Champagne Roundtable: Improving Brand Image to Consolidate Your Customer-Base
With high profile regulatory proceedings, comes increased criticism of Financial Institutions and their operations. In an era of public scepticism of Financial Institutions, closely managing brand identity is vital to keeping the business of your customers. This roundtable discussion will provide the opportunity to discuss these issues with experts in the field, in order to facilitate customer-focused thinking. The roundtables will focus on issues such as perception of practice, grassroots consumer engagement as well as media interfacing.
- Roundtable 1: Maintaining positive brand perception amidst increased public scrutiny
- Roundtable 2: The importance of media engagement for positive brand image
- Roundtable 3: The business costs of negative brand engagement
- Roundtable 4: The importance of consumer-facing interactions in maintaining brand image