Lee Walton

On September 6 & 7, Behavox sponsored the 1LoD Financial Crime Summit, the world’s leading non-financial risk & control event. It was a pleasure to sponsor the event and host the fireside chat at this prestigious event alongside fellow industry leaders and contribute to helping financial institutions learn to better protect their digital headquarters against increasing financial crime related risks.

The Summit was a perfect opportunity for financial institutions to learn how to actively fight financial crime rather than purely meet technical compliance, with a terrific mix of industry experts and thought leaders, sharing insights on how to best manage an ever-expanding range of risks, and explain the best and most efficient way of identifying illegal, immoral, and malicious behavior.

As financial crime increases in sophistication, measures to tackle criminal activity need to keep pace. Banks are building out large, group-wide financial crime functions to manage a range of risks across retail, cards, wealth, corporate, banking and markets divisions.

Attendees enjoyed keynote addresses from international regulators and public sector agencies, panel discussions featuring senior practitioners within banks working to tackle financial crime, networking roundtables for interactive discussions on key themes, and 1 to 1 introductory meetings between practitioners and sponsor representatives.

Day One of the Financial Crime Summit was a virtual event, with the initial speeches focusing in on helping banks develop an understanding of the contemporary landscape of global sanctions, before moving onto topics such as how financial institutions can help combat the international illegal wildlife trade, how enhanced surveillance reduces AML risk in capital markets, how to build a framework for sanctions risk assessment, policies and procedures and much more.

Behavox’s Chief Customer Intelligence Officer Fahreen Kurji led a Virtual Roundtable to discuss: Monitoring and Reviewing the Skills of all Staff Involved in the Mitigation of Fraud Risk. 

Day Two involved more face to face meetings at etc.venues County Hall in London with involving speeches from Sarah Pritchard, Executive Director of the Financial Conduct Authority (FCA), Tracey McDermott, Group Head of Conduct, Financial Crime & Compliance at Standard Chartered Bank and Katie Jackson, UK Head of Financial Crime at Deloitte.

The debates that followed focused heavily on a topic Behavox has been vocal about for some time, that compliance efforts should be proactive, rather than simply a box ticking exercise. 

Key themes from the day included:

  • Being proactive in Compliance efforts
  • How technology can drive efficiency and reduce costs
  • How can financial crime teams get ahead of perpetually changing threats?
  • The implementation of continuous KYC monitoring for effective risk management and mitigation
  • The future of the financial crime function

As lead sponsor, Behavox participated in a number of sessions:

  • VIP Private Breakfast: Leveraging Internal Communication Data to Detect Bad Actors, with Nabeel Ebrahim.
  • Fireside Chat: with Nabeel Ebrahim, Behavox CRO alongside Simon Brady, Editor of 1LoD.

Attendees were also able to visit the Behavox Exhibit Booth, where  we provided demos of our suite of incredible products, offering attendees another opportunity to try out the revolutionary Behavox Quantum.

Opportunities for networking was followed by an analysis of contemporary literature (AML Transaction Monitoring in the Markets Sector) and a lively debate on how geopolitical events have changed (and will continue to change) financial crime and industry regulations preceded an enthralling discussion on how to leverage and integrate data across the organization for improved risk management and cost efficiencies.

Make sure to keep an eye on our events page if you’d like to join us at one of the conferences, briefings or summits we attend regularly!