Financial Crime: Processes & Technology - Masterclass

Understanding financial crime is an important foundation as a part of this course. Before breaking off an getting into each component of financial crime, let's explore the essence of financial crime.

A key component in financial crime, money laundering is a continual challenge that financial services companies face into. In this lecture, we'll explore money laundering, it's impact and the 3 stages of money laundering.

Let's get into some examples / typologies with money laundering so you can see how exactly money launderers will go about laundering criminal proceeds.

Trade Based Money Laundering (TBML) is a highly valued money laundering technique used by professional and experienced money launderers. In this lecture you'll hear from Financial Intelligence Unit (FIU) experts from around the World sharing their current insights and observations on TBML.

You probably know about terrorist organizations like Al Qaeda and ISIS. In order for these organizations to survive, they require one thing: money. In this lecture, we'll explore terrorism financing and how terrorist financiers go about supporting terrorist causes.

In this lecture I'll take you through real examples of how terrorist financing is executed.

Fraud is more commonplace than you may imagine...and I'm sure you may yourself have even been a victim of fraud, whether it's card fraud or digital banking fraud. Let's explore fraud, what it is and the impacts it has on victims.

In this lecture I'll take you through some of the techniques used by criminals to execute fraud.

Sanctions are complex, but they have an important role in global politics to ensure matters of international concern are dealt with to stop or minimise their consequences. In this lecture, I'll take you through what sanctions are all about and the types of sanctions you are likely to encounter in financial crime.

In this lecture I'll take you through examples where sanctions have been utilised, and financial services companies failed to comply. The consequences have been very costly and highly damaging to the reputation of organizations.

Before deep diving into transaction monitoring, it's important to understand how systems typically work in a bank. In this lecture, I'll walk you through knowledge I cover off in more detail in one of my other courses here on Udemy: Digital Banking - Masterclass & Introduction to Fintech, to explain at a high level how banking systems work and the interaction of these systems.

Banks globally process billions and billions of transactions every year.  Identifying when suspicious or unusual customer activity is happening relies on one key capability in financial crime: transaction monitoring. In this lecture we'll explore exactly what transaction monitoring is, and how the the technology works.

At the heart of transaction monitoring, are specialist teams dedicated to creating transaction monitoring scenarios to identify unusual activity. In this lecture I'll take you transaction monitoring scenarios, including their purpose and demonstrate how to create a transaction monitoring scenario.  This knowledge is essential for anyone working in financial crime analytics or operations!

In a course like this, it's important to get access to thought leaders in financial crime so you aren't just hearing from one person (me!) on financial crime processes and technology. The more exposure you have to a variety of insights and perspectives, the more robust your skills and knowledge will be. Join me in this lecture as we hear from an expert in TMS, on how to optimise and fine tune transaction monitoring scenarios.  This lecture will help consolidate your knowledge on scenarios and how to make them operationally efficient.

Sandboxes are an essential capability that financial crime teams working in transaction monitoring, name filtering and transaction filtering use to create operational effectiveness. Join me in this lecture where I take you through sandboxes and the functionality typically offered.

When you hear AML (Anti Money Laundering)...the first thing that may come to mind is KYC. We generally all experience some form of KYC related questions when we onboard with a financial services company. In this lecture I'll introduce you to KYC before we get into more depth on key components like: Customer identification as a part of this section of the course.

Identifying your customers as a bank is vital. Not only because you need to ensure know who they are in case they are involved in criminal activities later on, but also because you want to provide fraudsters using fake identities from getting in the front door. In this lecture I'll explore the fundamentals of customer identification.

The second component of KYC, Customer Due Diligence is important for understanding the nature and activities of a customer's relationship with a financial services company, along with their source of funds. In this lecture I'll explore these concepts in more depth.

You know that customer identification is important, and an obligation that banks have under KYC requirements.  In this lecture I'll explore the processes banks apply to customer identification to ensure they know who it is they are dealing with.

The next process to deep dive in is Customer Due Diligence (CDD).  In this lecture we'll explore the processes that banks apply to meet their CDD obligations, and ensure they really understand the nature of a customer's relationship with a bank.

Continuing that theme of providing students with a diversity of sources to learn about financial crime in this course, join me as we hear about  the practical application of CDD and jurisdictional level processes. This webinar will help consolidate your knowledge of CDD and understand the hands on steps that banks need to go through.

With a good understanding of Customer Identification and CDD under your belt, now it's time to join the dots and understand how KYC technology can support the processes that Customer Identification and CDD need to perform.

PEPs or Politically Exposed Persons, are fascinating. Whether it's foreign PEPs or domestic PEPs, in this lecture you'll learn about them, why they are a higher financial crime risk, and the processes banks must apply to identify and manage their PEP risks.

Taking your knowledge of PEPs to the next level, in this lecture I'll take you through the application of name filtering to achieving compliance with PEP related obligations.

KYC isn't just about individual and business customers. It also involves Correspondent Banking. Never heard of Correspondent Banking? Never fear...I've got you covered in this lecture! 

Iran. North Korea. Nuclear weapons. Weapons of mass destruction. All terms you are no doubt familiar with. Well in financial crime, banks invest significantly to ensure they are on the forefront of applying sanctions obligations to prevent entities and transactions from accessing our financial systems. Join me in this lecture where I'll take you through sanctions in more depth.

In this lecture we'll extend your existing knowledge of name filtering technology, which we explored in PEP Filtering Technology, to the next level so you can understand how technology is used to address sanctions obligations.

We now move into the fraud detection section of the course! Exciting times! In this lecture, I'll take you through up skilling your knowledge of external fraud, and activities that banks will perform to detect fraud.

In this lecture, I'll take you through the twin sister of external fraud - employee fraud. So we'll explore employee fraud in more depth and the detection processes banks use to manage their fraud risk.

With your knowledge of fraud detection and processes complete, now it's time to join the dots and explain how technology can contribute to the effective detection of fraud.

As I like to do throughout this course, I would like to expose you to another thought leader in financial crime. You'll hear from a police detective as he talks through how synthetic profiles are used by criminals in application fraud.

When you think of Apple, you probably think of great consumer technology solutions. iPhones, Macbooks (in fact this course was created on a Macbook!). But you don't think of fraud, right?  Well in this case study I'll take you through a multimillion employee fraud that happened at Apple.

Bank customers these days are seeking convenience. They want to be able to do things quickly and know they work. Trust is important. Fraudsters are tuned into this too, and anything that's fast and easy also has vulnerabilities they can exploit. This is precisely what's happening with Zelle.

Credit Suisse is amongst an elite club of Swiss banks with a strong reputation that has lasted for over 150 years.  However in this fascinating case study, you'll learn that they are not as squeaky clean as the image they like to portray. Bulgarian gansters, drug trafficking, murders? Sounds like an action movie. Except it's real!

As Shakespeare once wrote: "Parting is such sweet sorrow.". The same goes for this stage of the course. You're almost done. Let's spend some time doing a recap on what you've learned and celebrate your success in completing this course. It's been an honour to have you as a student here!