Thursday 29 April 2021 | 10:00 - 13:00 BST
Each session will last for 30 minutes
Evolution of CDD: How to practically apply new technology innovations to the CDD process.
Overview: Customer Due Diligence has been a fundamental component of compliance processes for a long time, but the last 1-2 years have seen an acceleration of innovation in this area. Regulatory expectations have evolved to impact policies, and new technological capabilities have arrived that that support the verification process.
During this session, Dun & Bradstreet’s Compliance Subject Matter Expert, Neil Isherwood will cover the practicalities to meeting regulatory changes, and some of the technology foundations you can put in place now to accelerate your CDD processes.
Perpetual KYC – recent regulations have placed emphasis on monitoring third parties for changes beyond the onboarding period. Periodic reviews have functioned as a proxy for this, but often lead to unnecessary effort where there has been no change and may miss modifications where change happens regularly. Through automated data collection and monitoring with rules, technology can help relieve some of the burden.
Adding context to networks - global business and people networks are becoming increasingly complex and interconnected. Nowadays, a third party may simultaneously be a customer, supplier, alliance partner, and even competitor. By focusing and expanding the knowledge we have on people and the connections they have to entities, it is possible to build clusters to add more context during the CDD process and more accurately understand interest, risk and relationships.
Neil Isherwood, Risk and Compliance Specialist, Dunn & Bradstreet
Making outsourcing work: an SME perspective
Amidst mounting regulatory requirements and ongoing budgetary pressures, many small and medium sized enterprises have become increasingly reliant on outsourcing compliance-related activities. Nevertheless, outsourcing creates its own risks, not least that the responsibility for compliance cannot itself be outsourced but must reside with a suitable senior individual within the firm. This means that selecting the right third-party provider to partner with, and ensuring that they meet the ongoing needs of your organisation, is essential. Using a best-practice case study, this session will highlight the potential pitfalls of outsourcing, offering practical advice on how to select, monitor and maintain positive working relationships with third parties.
Zsombor Brommer, FICA, Compliance Officer, Al Hilal Bank
Alok Gupta, FICA, Regional Head of Risk Analytics, FCR HSBC
Yanica Grech, MICA, Head of Regulatory Compliance
Siân Dalrymple, FICA, former Group Head of Compliance, The Bank of N.T. Butterfield & Son Limited
In recent years, the sanctions landscape has become increasingly unsettled, with the growing complexity of sanctions and the constant evolution of sanctions lists heightening the challenge of identifying and managing sanctions risk. This trend shows no sign of abating following the UK’s departure from the EU, and with the Presidency of Joe Biden expected to bring continuing change to the US sanctions regime. In the face of this change, this session will offer practical insight into current challenges, best practice and solutions in sanctions compliance.
Richard Dunmall, EMEA Head of Sanctions, SMBC Group
Agathe Duchiron, Analyst, Sanctions Policy, UK Finance
Stephen Purdie, MICA, Head of Sanctions Response, Nordea
Teodora Harrop, FICA, (Moderator), Head of Financial Crime and MLRO, Link Group
Bill Browder: The past, present and future of Magnitsky sanctions
Magnitsky-style legislation has been a radical development within sanctions, imposing asset freezes and travel restrictions upon individuals for human rights offences. Bill Browder, whose campaigning led to Congress adopting the Magnitsky Act, has been an influential figure within the introduction of such measures both in the US and beyond.
In a probing discussion with ICA’s Tim Tyler, Browder will reflect on his experience of working with Sergei Magnitsky, the events that flowed from Magnitsky’s untimely death, and the subsequent development of human rights sanctions across the globe. He will also share his thoughts on the future direction of sanctions and of their scope and effectiveness, notably in the context of the Biden presidency.