Moody’s Talks: Risk Reframed

Multi-billion-dollar fraud. Fake bank accounts. Hackers. Spies. Whistleblowers. In this episode, Dan McCrum, Financial Times investigative reporter, brings to life his book Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth. This entry into our investigative journalism miniseries dissects the too-good-to-be-true German tech startup, Wirecard, and the role Dan played in exposing its darkest secrets.

Be sure to purchase your copy of his book and check out the Netflix documentary film, Skandal! Bringing Down Wirecard. For further reading, we’ve curated a list of our favorite financial crime books.

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Since our sanctions mini-series earlier this year, further packages of sanctions have been released. And most recently, the EU issued a set of FAQs on account openings and deposits. In this bonus episode of KYC Decoded, sanctions expert and Moody's Analytics industry practice lead, Ted Datta, makes a return appearance to shed light on what exactly is in those FAQs and what firms need to do next...

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The tables have turned. In this episode of KYC Decoded, our usual host Alex Pillow sits down as a guest with Jody Houton, UK Content Marketing Manager at IDnow, an identity proofing and fraud prevention platform.Topics unpacked include:

• The importance of a holistic KYC approach utilizing the right experts
• Risk-based vs. ‘one-size’ AML strategies
• Compliance best practices and technology that scale with regulatory changes

Get the full interview notes by visiting IDnow’s website. And, find out how Moody’s Analytics can transform your risk and compliance program with a comprehensive solution - check out the website.

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In this episode of KYC Decoded, Alex Pillow is joined by founder at Arctic Intelligence, Anthony Quinn. Their discussion sheds light on the current state of risk assessment frameworks and practices that aren't necessarily keeping up with the rapidly accelerating rate of stricter regulations and heightened criminal activity.

Visit the Arctic Intelligence website to discover more about their innovative RegTech solutions, and download a free copy of their 2022 AML Industry Benchmarking report. 

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Alex Pillow, host of the KYC Decoded podcast, caught up with Head of Financial Crime at Featurespace, Annegret Funke, and journalist from Compliance Week, Aaron Nicodemus, to get their standout moments from ACAMS Vegas. Here are their thoughts on the things you need to know.

• US Beneficial ownership: the registry is coming, what do you need to understand and how do you prepare?
• Crypto exposure: every institution has exposure through their customers, so where is yours?
• Encouraging innovation: regulators and law enforcement are actively fostering innovation in the industry and strengthening communication and collaboration.
• Inclusivity in banking: bringing small and community banks into the financial crime fold to give criminals a smaller target.

There’s much more, so listen to this bonus episode of KYC Decoded and unlock ACAMS Vegas ’22 in less than 22 minutes.

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This episode welcomes Jean-Paul Eaton, Global Community Director of FINTRAIL’s Fintech Fincrime Exchange (FFE), who takes listeners through the story of how FFE originated. What started as a small roundtable, FFE has now matured into a global community that shares information on how to detect and deal with financial crime.

Listen along to learn more about FFE and FFECON, its annual conference for FinTechs and financial crime professionals to understand and share developments in the industry.

Hear about FFE and its activities by visiting its LinkedIn page, and check out the FINTRAIL website for research from a network of talented financial crime fighters.

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In our pKYC series we have explored the concept of pKYC and the technologies behind it, but what is it like operationally to practice this modern process and yield positive outcomes? In this final installment of the pKYC series, Jessica Cath, Head of Financial Crime Project Delivery at FINTRAIL, discusses her unique experiences and perspectives as an active practitioner in compliance to answer this question.

Visit the Moody’s Analytics KYC website for more information on how to implement pKYC in your organization.

And visit FINTRAIL’s website for even more resources:

• FINTRAIL Insights Page

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A large difference between traditional KYC and Perpetual KYC is the technological advancements that enhance the process to make it more efficient. In the second part of our pKYC series, Alex Pillow speaks with Delphine Masquelier, KYC Solution Manager at Quantexa, Alex Richter, Head of Customer Lifecycle Management at PassFort, and Henry Irish, Manager of Technology Strategy at Moody’s Analytics. Their discussion takes a closer look at the technologies needed for a successful Perpetual KYC program.

Visit the Moody’s Analytics KYC website for more information on how to implement pKYC in your organization.

And visit Quantexa’s website for even more pKYC resources:

• Continuous KYC: A data-led approach that helps you find real risks in real time
• Moving to Continuous KYC Monitoring to Reduce Risk & Improve Compliance

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Are the traditional methods of periodic review things of the past? A new approach called Perpetual KYC (pKYC), offers solutions to optimize the conventional process and make it more time efficient and less expensive, providing real-time risk mitigation. In the first part of our Perpetual KYC series, host Alex Pillow is joined by Chor Teh, Moody’s Analytics Financial Crime Compliance Industry Practice Lead, to explore the definition, understanding, and implementation of Perpetual KYC.

Visit the Moody’s Analytics KYC website for more information on how to implement pKYC in your organization.

For additional resources, check out:

• PassFort Lifecycle Website
• Wolfsberg Group Guidance on Digital Customer Lifecycle Risk Management
• FATF Opportunities and Challenges of New Technologies for AML/CFT

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It is noble and important work when compliance professionals spend their days behind an office desk using sophisticated tools and processes to prevent financial crime. However, there’s another compelling story to be told about the difference one can make away from the office, deep within the trenches. This episode welcomes undercover agent and author, Robert Mazur, who has worked side-by-side with some of the world’s most notorious money launderers and drug traffickers. Be sure to grab your copy of Mazur’s latest book, The Betrayal, and listen along as he shares his experiences and the inspiration behind his work.

For more information, please check out the following resources mentioned in this episode:

• Robert Mazur’s general website
• The Betrayal and The Infiltrator books
• Subscribe to Robert Mazur’s PODCASTS+

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