Transaction Monitoring for Fraud Prevention, AML and CTF
- An understanding of Fraud Prevention, Anti Money Laundering and Counter Terrorist Financing Regulations.
Today’s financial system is interconnected and available in real-time more than ever before, a fact which makes Money Laundering and Terrorist Financing simpler than ever to perpetrate. Money Laundering is taking place at unprecedent levels and regulators globally are taking robust action, with total fines in amounting to $8.14 billion in 2020, and of those fines 36% of those relate directly to the absence of transaction monitoring.
The growing complexity of AML compliance means that firms are increasingly implementing technological solutions capable of managing the vast amounts of data that would otherwise be impractical for manual review.
Meanwhile, the consequence of financial crime is not only manifested in fines, financial crime causes material damage via payments fraud and account takeover.
Transaction monitoring software is traditionally startling expensive, at least until the release of Jube, from Kremowka, a financial crime prevention, AML and CTF advisory company. Jube, which is free software to undertake transaction monitoring for the purpose of compliance with AML and CTF. More information about Jube can be found on the Kremowka website where can be downloaded for free.
This course will explain the rudiments of financial crime prevention, AML and CTF and present a robust framework to achieve compliance using a data driven risk-based approach and free Jube transaction monitoring software.
Who this course is for:
- Banking or Fintech CTO or CIO.
- Staff with specific anti money laundering duties.
- All staff working in financial services who want an introduction to anti money laundering.
- Anyone looking to reduce licence and professional service costs of their current transaction monitoring software.
Richard Churchman is a consultant with over 20 years of experience working with banks and startups.
In formative experience, Richard started out his career working for Capital One Bank where he was assigned to a project team responsible for disengagement of fraud systems from a banking technology vendor, where he gained valuable experience in Capital One’s Information Based Strategy and approach to Business Processes Execution. It was during his experience at Capital One that were specifically mentored in the use of databases and analytical methods as part of IBS and BPE, while becoming a self-taught software developer upon his own initiative.
Springboarding on his unlikely experience from Capital One, Richard joined EGG where he developed fraud prevention systems for one of the very first digital banks in Europe and later oversaw the successful integration of another fraud prevention system - into his system – following the acquisition of zBank (sic) for the purposes of expanding EGG throughout Europe. EGG was eventually acquired by Citibank and the systems developed by Richard were in real use through that acquisition and the eventual shuttering of EGG (through various divestitures by Citibank).
Based on his formative experience, Richard joined TSYS, an American MultiNational Banking systems company. Richard developed further fraud systems expertise working on TSYS’s CardGuard product, with exposure to banks such as Barclay, HSBC, Bank of America, AIB and Bank of Ireland. Richard’s experience led into a similar role at a TSYS competitor, FIS, where he worked on the MasterCard EMS product - under license - for the purposes of fraud prevention, offered as a managed service, for their banking clients.
MasterCard approached Richard, where he joined as Program Leader for Fraud Prevention Systems Implementation in EMEA, Asia and Africa, working with companies such as SIX Card, ODBC Bank, Teller Norway, Interswitch, Nordea Bank etc.
Richard left MasterCard to start-up his own fraud prevention software company by the name Risk IDS. Using personal savings Richard built up a portfolio of over 20 banks using Risk IDS software. Risk IDS was acquired by VASCO Data Security, a NASDAQ listed company (now OneSpan), with Richard remaining sole shareholder at the point of completion.
Upon leaving VASCO, Richard started a new product company, later becoming Kremowka, solving high throughput data processing, storage and machine learning. In addition to personal investment, Kremowka startup costs were offset by Richard performing machine learning consulting with large companies. Richard has consulted for companies such as Deta Air Lines, FedEx; AirFrance, Dubai Financial Services Authority; Roche Pharmaceutical; DNB Bank; ServiceNow; Tyco SubCom; Novartis and lots more.