Finance - Virtual Roundtable

Foreign banks in the UK: managing regulatory expectation and anti-money laundering detection

6th August 2020 | 9:00am BST
How are you future-proofing your AML system?

In 2018, only 12 percent of agents understood their anti-money laundering (AML) obligations (Landmark 2018). Fast forward two years, to a time where foreign banks in the UK are having to meet more stringent regulatory demands, and you’d be forgiven for feeling frustrated by the complexity of being AMP compliant.

Reducing the risk of crime, protecting the bank’s reputation and avoiding substantial fines all while keeping up with the speed of digital transformation can seem a daunting challenge, especially when you factor in the cost and man hours required.

But with GDPR, the recent introduction of the EU’s Fifth Money Laundering Directive, plus the sixth directive following swiftly on its heels, a robust, future-proof AML solution is no longer a nice to have, but business critical

So, how can you address the multiple compliance challenges, reduce the high volumes of alerts and false positives while staying protected against ever-changing money laundering methods? How can you reduce the cost of compliance while abiding by the regulations? And how can emerging technologies help improve the accuracy and efficiency of your AML system?

Join Consortix and a group of financial services thought leaders to discuss these topics and hear best practices examples on how to manage the different regulatory requirements affecting the UK, Europe and beyond.

Discussion Topics

What are the main challenges you’re facing with your anti-money laundering system? How have you adapted to meet the demands of new regulations?
As a foreign bank in the UK, how are you managing international regulation, for example GDPR which requires EU personal data to be processed within the EU?
How would you describe your digital transformation journey within this space? Is it supporting the accuracy and efficiency of your AML practices?

About Consortix

Consortix is one of the leading financial crime consultancies in Europe. We provide unique value to our clients relying on the combination of financial compliance expertise, IT and data science capabilities. Consortix solely focuses on the prevention and exploration of… Find out more
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