Financial crime: Convergence of AML and fraud to achieve greater effectiveness and efficiency

THE PANEL

• Andrew Davies, vice president, global market strategy, financial crime risk management, Fiserv
• Peyman Mestchian, managing partner, Chartis Research
• Peter Warrack, director AML FIU, BMO Financial Group
• Moderator: Joel Clark, consulting editor, Risk.net

The financial services industry has long deliberated the merits of converging anti-fraud and anti-money laundering (AML) processes under a single umbrella. In addition, regulators increasingly want to see signs of co-ordination and alignment between fraud and AML teams and processes – not necessarily full integration, but evidence of collaboration, knowledge sharing, and shared metrics and data. Convergence can have many benefits, but many institutions remain cautious and are held back from full integration due to differences in organisational habitats, mandates, priorities and sensitivities between the two departments. A common view from fraud and risk professionals is that the 'devil is in the detail'.

Topics discussed include:

• Examining the benefits of the convergence of fraud and AML
• The main obstacles in the convergence of fraud and AML
• How to successfully implement a unified case management system for both fraud and AML without necessarily combining the investigation teams
• Crossing silos to centralise data collection to enable real-time analysis for AML and fraud without duplication
• How to use flexible platforms that support different business models for AML and fraud co-existence to better understand a customer’s behaviour
• Different ways to single-source and cross-pollinate on a journey to more efficient and effective AML and fraud functions

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