“In today’s era of volatility, there is no other way but to re-invent. The only sustainable advantage you can have over others is agility, that’s it.”- Jeff Bezos
Singapore is hosting ACAMS’ 11th Annual AML & Financial Crime Conference for the APAC region once again. The two-day conference from April 8-9, 2019 at Sands Expo and Convention Centre Marina Bay Sands will primarily focus on the topic: ‘Mitigating Financial Crime Risks in Today’s Digital Landscape’ as the organizers look to adapt to the changing AML and financial crime scene. The event will bring together compliance professionals, regulators and senior executives from across the APAC region. It will also enrich the audience with thought-provoking panel discussions and powerful speeches from renowned people, imparting vital knowledge to take on the challenges of detecting and preventing financial crime, along with various collaboration and networking opportunities.
The AML conference comes at a time when the global regulatory compliance space goes through a crucial phase. Compliance lapses and the consequent prosecutions and penalties across the globe seem never-ending. The governance and oversight issues around the Danske Bank scandal and the ABLV Bank of Latvia case throw light on the need for rigorous oversight of correspondent banking and geopolitical risks. In addition to digital disruption and complex and frequent regulatory changes, institutional and personal liability consequences of negligent AML oversight are making AML compliance a tough task for banks and financial institutions. Modern technologies such as artificial intelligence and machine learning can undoubtedly ease this pain in a significant manner. A growing number of financial regulators have accepted this fact and are encouraging the use of these innovative approaches to address financial crimes. The Financial Crimes Enforcement Network (FinCEN) had advocated banks “to consider, evaluate, and, where appropriate, responsibly implement innovative approaches to meet their Bank Secrecy Act/anti-money laundering (BSA/AML) compliance obligations, in order to further strengthen the financial system against illicit financial activity.” Also, the Monetary Authority of Singapore (MAS) always supported the use of RegTech by financial institutions to overcome their regulatory pains.
Tookitaki, a leading AI solutions provider for financial services in the regulatory compliance space, is excited to participate in the Conference as an exhibitor. As an active participant in the Conference, we are looking forward to building collaborations, connections and co-creations within the financial ecosystem in Singapore and beyond. Tookitaki is pleased to welcome the participants to booth #11, where our staff will share our cutting-edge research and innovations designed to address issues in the anti-money laundering space. For professionals responsible for AML audits, AML risk management, AML training, regulatory oversight, reporting and SAR/STR filing and transaction monitoring, Tookitaki has a great deal in offer in terms of its disruptive transaction monitoring and screening solution: Anti-Money Laundering Suite (AMLS). The award-winning solution has the potential to bring a paradigm shift in the way how current AML compliance programs are working. It is built based on the design philosophy of increased efficiency and enhanced risk coverage while being fully transparent with the platform. The whitepaper named “The case for artificial intelligence in combating money laundering and terrorist financing: A deep dive into the application of machine learning technology” (jointly released by Deloitte and UOB) provides deeper insights into the solution and its advantages.
Let’s meet and discuss your thoughts on the path towards a more compliant banking world and the collaboration between banks and RegTech in this era of regulatory complexities and sophisticated financial crime cells.
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