Trends in compliance: did our predictions come true? What's next?

Bill Hauserman, senior director, compliance solutions at Bureau van Dijk and Keith Furst, managing director at Data Derivatives discuss which of their predictions came true and what the future holds for compliance teams and processes. The discussion is moderated by Lynn Olsen, senior director, global marketing and events, Bureau van Dijk.

It's a good time to be in compliance, according to Data Derivatives' Keith Furst. He joins Bureau van Dijk's Bill Hauserman to look back at some of the predictions they made in a 2017 webinar "Channelling big data through RegTech—now is the time to future proof your due diligence programme" and consider new trends in risk and compliance that technology could help facilitate.

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How the OFAC 50 percent rule fundamentally changed sanctions compliance

Editor's Note: This video originally appeared on October 10, 2017 here on Security Now's website.

Last year, 60 million companies changed owners worldwide. That turnover makes it incredibly difficult to avoid doing business with entities (e.g., Russia and Iran) or individuals (e.g., drug dealers or terrorists) sanctioned by the US government.

In this video, Bureau van Dijk - A Moody's Analytics Company's Anders Rodenberg explains the Office of Foreign Assets Control (OFAC) "50% rule" and how companies can ensure they're in compliance with it. He goes on to explain that the introduction of company ownership has fundamentally changed economic sanctions compliance.

Virtual Terrorism: 21st Century Cyber Warfare

Keith Furst of Data Derivatives interviews Daniel Wagner, author of a new book, Virtual Terror: 21st Century Cyber Warfare. They discuss the ways that governments strategically use cyber warfare, how the 'virtual caliphate' recruits terrorists online as well as the future threats posed by new technologies like biometrics, drones and self-driving cars.

This video originally appeared on Security Now here. 

The SWIFT Transparency Problem

The founder of Data Derivatives, Keith Furst, presents "The SWIFT Transparency Problem" at the money laundering in Canada 2016 conference. The presentation was given on Tuesday October 4th 2016 at the Toronto Downtown Easton Centre Marriott in Toronto, Ontario, Canada.

Keith discusses the challenges of parsing SWIFT messages for transaction monitoring systems, the misuse of the SWIFT MT 202 and leveraging advanced data analytics and algorithms to re-risk international payment activity.  Some of the re-risking scenarios covered are customers banking outside of their jurisdiction, micro-jurisdictional and event driven risk.

How to conduct an anti-money laundering (AML) system assessment

The founder of Data Derivatives, Keith Furst, presents "How to conduct an anti-money laundering (AML) system assessment" at the money laundering in Canada 2016 conference.  The presentation was given on Tuesday October 4th 2016 at the Toronto Downtown Easton Centre Marriott in Toronto, Ontario, Canada.

Keith discusses the fundamental components of conducting an AML system assessment which is geared towards a non-technical audience. The main topics covered in the presentation are an implementation assessment, on-going data quality and model performance.

Fraud stories: The private ATM owner

This is the story of a private automated teller machine (ATM) owner who figured out how to exploit a financial institution's ATM fee refund program for his own benefit.

Fraud Stories is hosted by Keith Furst, a financial crimes technology consultant, who has worked for a number of major financial institutions.  The comedic reenactment features director/comedian James Manzello, who has appeared on MTV's improv comedy show Joking Off and made his feature film debut in 2015 in Noah Baumbach's While We're Young, starring Naomi Watts and Ben Stiller.