Moody’s Talks: Risk Reframed

The rapid evolution and adoption of AI technologies raises questions about how it's perceived and used by professionals working in compliance and risk management.

In this episode, we explore the findings from a fascinating original global study, conducted by Moody’s Analytics, that uncovers how compliance and risk management professionals see the role of AI in all its forms.

Listen along as host, Alex Pillow, and Paul Nola, Partner at Context Consulting, dissect the findings and discuss the implications of those navigating the AI landscape in the world of risk and compliance.

Highlights from the episode include: 

• The origins of the study
• The importance of AI for compliance professional
• Significant and surprising findings
• The advantages and risks of using AI in compliance
• The challenges of AI regulation.

For additional information, register for our webinar: Navigating the AI landscape: insights from compliance and risk management leaders.

If you're interested in building an AI-led compliance program, contact us to learn more about our intelligent screening solution.

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In a world of tight deadlines, diverse client needs, and ever-changing regulations across jurisdictions, law firms everywhere face countless challenges to stay compliant. That's why we are thrilled to be joined by Maire-Claire Le Houerou, Client Experience Director for Risk and Compliance at the software company Intapp, and Alex Young, Senior Principal Consultant at Intapp in this episode of KYC Decoded. Their deep expertise and vibrant energy on this topic make for a compelling conversation.

Here's of what was explored in this episode:

• How are AML checks conducted when onboarding legal clients?
• Does generative AI have a role now and in the future to shape compliance programs in the legal industry?
• What qualities and best practices in a law firm’s culture drive AML forward?
• What are some of the benefits of high-quality data management software?

For additional resources discussed in this episode, be sure to check out:

• Bressler Risk Blog
• The Law Society AML resources
• The Panama Papers: Breaking the Story of How the Rich and Powerful Hide Their Money by Frederik Obermaier and Bastian Obermayer

To find out about Moody’s Analytics' AML solutions for the legal sector, please go to our website.

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Feeling stressed in the workplace is a shared experience for employees in many industries. And while it's normal for jobs to involve stress, concerns about employee burnout occur when stress is persistent and begins to affect the individual at a professional, personal, physical, and/or emotional level.

In this episode of KYC Decoded, we focus on the factors that lead to burnout in the compliance profession.

• What is burnout?
• What leads to compliance employee burnout?
• What can leaders do to address the issue?

Host Alex Pillow is joined by Lisa Beth Lentini Walker, former compliance officer and current assistant general counsel of Marqeta and CEO and founder of Lumen Worldwide Endeavors, and Jill DeWitt, current Industry Practice Lead at Moody’s Analytics KYC. Their conversation raises awareness of this often overlooked problem in the compliance world.

For additional resources, check out:

• Lisa Beth Lentini Walker’s book, Raise Your Game, Not Your Voice
• Lisa Beth Lentini Walker’s articles on wellbeing and stress relief in the workplace

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Every business has a unique story to share about its life-journey. In this third installment of our KYC Origin series, host Alex Pillow is joined by Henry Irish, co-founder of Passfort; and Alex Richter, Head of Passfort. Their discussion explores the SaaS RegTech solution that changed the way anti-financial crime and compliance processes were automated.

Listen to find out about:

• The inception of Passfort
• Adaptation of sophisticated, complex customer onboarding
• How the service adds value
• Why Passfort's acquisition came about
• Achievements and opportunities for Passfort since acquisition
• The future of the platform

Visit the Moody’s Analytics KYC website for more information on how Passfort can help your business with customer onboarding and perpetual KYC.

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Curious how the Moody’s Analytics KYC solution originated? Don't miss the incorporation of Kompany into the Moody’s family. The strategic acquisition of Kompany has proven a win-win opportunity. From a business concept sketched on a tennis ball (yes, a tennis ball) to real-time entity verification from government registers across the globe merged with powerful datasets.

In this episode, host Alex Pillow is joined by Johanna Konrad, former COO of Kompany, now heading this line at Moody’s Analytics KYC as Managing Director; and Peter Bainbridge-Clayton, co-founder and former CTO of Kompany, who is now Senior Director for software engineering in Moody’s Analytics KYC. This important chapter in the Moody’s Analytics journey highlights:

• The challenges of creating a data solution when aggregating information from vastly differing jurisdictions
• The not-so-simple task of entity verification
• Building a skilled team to tackle specialized needs
• The added benefit of real-time data to keep up with rapidly evolving legislation
• Digitalizing onboarding processes
• How the powerful integration of Kompany can continue to propel Moody’s Analytics KYC solutions going forward

Follow along, and be sure to learn more about how Kompany can help you solve the challenges of anti-money laundering compliance and KYB on our website.

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The story of how Moody’s Analytics developed its KYC solution is one written by different authors. In our KYC Origins series, host Alex Pillow introduces different characters from strategic acquisitions to tell the tales of how their anti-financial crime and risk management businesses were founded, grew, and then joined the Moody's family. 

Chapter one: Grid. Rupert de Ruig, senior director at Moody’s Analytics KYC, narrates the events that led to formation of an industry consortium, which evolved into a solution that changed the way risk screening is implemented globally.

Settle in for a tale involving:

• The evolution of SaaS
• Learning what works (and crucially what doesn’t)
• How adverse media screening can reduce the cost of fraud
• The mission to reduce false positives
• The development of AI in screening
• Finding a home at Moody’s

Listen in to this episode and look out for others in the KYC Origins series.

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Perhaps it goes without saying that customers of financial institutions who are politically exposed persons (PEPs) come with varying degrees of risk. In addition to their elevated political status, which can make them attractive targets for bribery and corruption, there’s also the subsequent institutional risk of reputational damage and fines from getting your dealings with PEPs wrong. Sometimes you might hear someone refer to needing some "PEP screening" as it if it's a simple process, but even the definition of what constitutes a PEP and the regulation surrounding it is far from one-size-fits-all.

In this episode, we are very pleased to welcome PEP experts Colleen Dychdala, Head of PEP data and premium content for Moody’s Analytics KYC, along with Eric Almbladh, who built the preeminent PEP database for the Nordic region - Bogard, which was acquired by Moody’s in 2021. Their conversation with host, Alex Pillow, tackles the complexities of PEP risk management programs, including:

• The many nuances of what constitutes a PEP and its associated level of risk
• The distinction between domestic and international PEPs
• How the PEP landscape has evolved
• Where PEP risk mitigation programs go wrong
• How PEP screening can scale beyond initial customer onboarding

Looking for more information on PEPs? Check out these resources to further your knowledge:

• FATF PEP Guidance
• EU AML Directives
• The Wolfsberg Group Publication Statement Guidance on Politically Exposed Persons (PEPs)
• Moody’s Analytics KYC PEP insight pieces

Ready to take your organization’s PEP risk management program to the next level? Learn how our Grid database can help and get in touch; we’d love to help.

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Reflecting on a time you were deceived, did you ever pause first to ask yourself the most rudimentary question: does this make sense? Overlooking this question can lead to bad outcomes for consumers, businesses, and society alike.

The art of deception is nothing new, and neither are the subsequent feelings of humiliation and fear victims are left with.

Fighting financial crime takes on different forms across various departments, but in this episode of KYC Decoded, we focus on fraud prevention. Joining host Alex Pillow are fraud experts, Greg Richardson, Senior Director of Global Sales at NeuroID, and Kyle Caldwell, Senior Vice President of Fraud Product Management at M&T Bank. Their conversation covers:

• The many different guises of fraud
• How fraudsters steal information
• The impact fraud has on institutions, law enforcement, and practitioners
• The critical relationship between highly intelligent fraud specialists, quality data, and advanced technology when fighting sophisticated criminal networks

If this episode left you hungry for more information on fraud, here are some additional resources:

• KYC Decoded episode, Book club: The Lazarus heist
• Luke Raven’s LinkedIn post comparing fraud and anti-money laundering
• Tech coalition website
• Frank on Fraud website
• Infamous Ghost Money YouTube channel
• Our blog, NRRP anti-fraud measures intensify across the EU

And, if you are ready to take your fight against fraud another step further, please visit our website and get in touch. We would love to hear from you.
 

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As the desire to build an anti-financial crime network grows, the question arises: how can we get our hands on the most comprehensive and accurate data? When it comes to collaborative financial crime fighting and fraud prevention, the concept of data sharing may seem obvious on the surface. However, delicately balancing regulatory complexities and privacy concerns, can require shifting an entire compliance culture paradigm.

In this episode of KYC Decoded, we are joined by experts Taavi Tamkivi, founder and CEO of regtech firm, Salv, and Sverker Tornhagen, Moody’s Analytics KYC Financial Crimes Industry Practice Lead. Listen along to a thought-provoking conversation highlighting topics including:

• Risks vs. benefits of data sharing
• The technology and infrastructure needed to support effective data sharing
• How teams benefit from successful data sharing

If you want to take a more active approach to fighting financial crime in your organization, here are some helpful resources mentioned in the episode to help you get started:

• KYC Decoded episode, KYC Officer of the future
• KYC Decoded episode, What’s wrong with AML?
• Obstacle Is the Way: The Timeless Art of Turning Trials into Triumphby Ryan Holiday
• Financial Action Task Force ‘Partnering in the Fight Against Financial Crime: Data Protection, Technology and Private Sector Information Sharing’ report
• RUSI Future of Financial Intelligence Sharing ‘Lessons in Private-Financial Information Sharing to Detect and Disrupt Crime’ paper
• Basel Institute on Governance
• SALV blog
• Transactie Monitoring Nederland (TMNL)
• Monetary Authority of Singapore’s COSMIC digital platform
• Cifas

Lastly, be sure to check out our website and get in touch to learn more.

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The recipe for a successful anti-money laundering program is seemingly simple on paper. But, in practice, getting the right ingredients is not so easy. Without efficiency, modern tools and technology, and a compliance-friendly culture, the final dish is likely to disappoint.

In this episode, host Alex Pillow welcomes Carl Kemmerer, Senior Product Manager at NICE Actimize. Carl brings a wealth of experience, having spent twenty years as an AML practitioner in international banking. This dynamic and comprehensive conversation includes Carl’s takes on how AML is going wrong today, including:

• Inconsistent methods of measuring risk across different banks
• The gap between AML expertise and AI expertise
• The lack of holding bad actors accountable and bringing real incentives for those going above and beyond
• Business cultures not prioritizing compliance across all departments

To learn more, visit the NICE Actimize website.

Curious about how to make AML changes in your organization? Check out our website, and feel free to get in touch – we’re happy to help.

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