THE FUTURE OF ENTITY DUE DILIGENCE

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THE FUTURE OF ENTITY DUE DILIGENCE

The world has gone through an incredible amount of technological transformation over the past ten years.  While it may seem hard to imagine that change will continue at this pace, it’s not only likely to continue, but it will accelerate. There are various functional areas within institutions that support global commerce, but some have been laggards in adopting new technology for a plethora of reasons.

Structural market trends will force organizations to innovate or they will be subject to consolidation, reduction of market share, and, in some circumstances, complete liquidation.  Future proofing the entity due diligence process is one key functional area that should be part of an organization's overall innovation road map because of the impacts of trends such as: rising regulatory expectations, disruptive deregulation initiatives, emergence of novel risks, explosion of data, quantifiable successes in artificial intelligence (AI), and changing consumer expectations.

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Money Laundering in Canada 2016 Conference

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Data Derivatives was featured as one of the sponsors at the Money Laundering in Canada 2016 Conference.

Keith Furst giving a presentation on The SWIFT transparency problem and How to conduct an anti-money laundering (AML) system assessment.  Both presentations were filmed and will be posted in the coming weeks.

The presentation from the event is below.

3 things we learned at our Fintech Talks - July Edition Dinner Event→

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3 things we learned at our Fintech Talks - July Edition Dinner Event

Last Thursday we had the privilege of hosting 30 senior banking executives at our quarterly FinTech Talks dinner event. The event theme was Trust, Transaction Monitoring and AML for financial messaging, and Keith Furst, a financial crime expert with experience at leading European and American financial institutions flew in from New York to headline the discussion. 

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Cyber Fraud on the Rise in Southeast Asia

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Cyber Fraud on the Rise in Southeast Asia

A series of cyber fraud attacks targeting financial institutions through the SWIFT global messaging system has prompted an industry wide review of IT security measures and has highlighted the rising risk of cyber fraud against financial institutions in Southeast Asia and beyond. SWIFT has responded with a five-part customer security program to reinforce the security of the global banking platform, yet its CEO has warned “there will be more attacks.”

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How the misuse of SWIFT MT 202 is fuelling financial crime

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How the misuse of SWIFT MT 202 is fuelling financial crime

The September 11, 2001 terrorist attacks on the United States could be one of the most redefining moments of the 21st century as the chain of events which followed still has a significant impact on our daily lives today. Airplane hijackings are not a new phenomenon as the first one recorded occurred on February 21, 1931 in Arequipa, Peru. Since 1931 there have been dozens of hijackings across the globe, therefore some would argue that there was a tremendous security gap in the airline industry which could have been addressed prior to 9/11. Implementing the type of airport security we have today may have been perceived as cost prohibitive prior to 9/11, yet who would have ever thought that someone would be capable of using a passenger plane as a missile? While crashing planes as a means of destruction is not a new concept, as this was done by the Japanese Kamikaze in World War II, it seems that our moral integrity could not conceive of using a passenger plane with innocent civilians on it to attack another civilian site.

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The challenges and benefits of mapping SWIFT messages to your Transaction Monitoring System (TMS)

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The challenges and benefits of mapping SWIFT messages to your Transaction Monitoring System (TMS)

The Regulatory landscape and SWIFT messages

Cross-border payments have been a central theme in recent regulatory actions where regulators levied record breaking fines against financial institutions that failed to comply with Bank Secrecy Act / anti-money laundering (BSA / AML) regulations. The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is, in some sense, at the heart of these violations because it is one of the major facilitators of global money transfers which have come under increased scrutiny.

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