In our latest webinar, we interview AML expert Dev Odedra on pertinent issues that resulted from our AML/KYC Data Survey, in regards to anti-money laundering in the financial industry.
In this half hour discussion, we look into such issues as the confidence in released UBO registers for entity data, the challenges of working with structured and unstructured data, using third party vendors beyond Google for due diligence investigations and much more.
Using his own investigations work as a basis, Dev takes us through some real-life cases whereby teams have succeeded or struggled with the sharing and use of data for AML investigations, highlighting the extent of the problems that many financial crime experts still face. Some of the highlights covered by Dev include:
- A case study involving a lack of shared information, whereby a terrorist was identified by an institution, but sufficient KYC information stored on the subject was not discovered until a later investigation into a decommissioned system for a closed product.
- One use case of unstructured data found that downloaded raw data was open to interpretation by AML investigators; a lack of accuracy is problematic when SARs are filed, and a transaction was erroneously identified as being by a beneficiary rather than a counterparty of a client.
- In regard to UBO registers, an instance of bad practise seen was the sole reliance on the information from the register without questioning contradicting information found elsewhere in the public domain as part of due diligence efforts.
The presentation is followed by a Q&A.
Dev Odedra is a leading independent anti money laundering expert, writer and commentator, with vast experience in the financial services space, with expertise in managing financial crime risk for the retail, commercial and investment banking sectors. Having worked at the likes of Deutsche Bank, Barclays and HSBC, Dev’s specialities expand investigations, advisory and controls implementation and improvement.
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