The Assembly Canada Recap

Slava Akselrud​, Sales Executive and Subject Matter Expert, NICE Actimize & Autumn Mayo, AML Product Marketing Manager, NICE Actimize

Embarking on #ACAMSAssembly Canada 2023, Sarah Paquet, Director and CEO of FINTRAC, delivered an inspiring keynote, urging financial crime professionals to see beyond routine and recognize their direct impact in preventing victimization. Throughout the day, meaningful conversations unfolded with our cherished customers and esteemed partners. The day concluded with an engaging Q&A, providing a glimpse into the promising future ahead.

Day two maintained momentum with participants like CIBC, HSBC, Bank of Canada, and Global Affairs Canada. Innovative sessions, including an interactive mini-workshop and open fishbowl session, presented practical approaches to combatting financial crime. One of our personal favorite sessions, Chris Lynam, Director General of the National Cybercrime Coordination Centre, emphasized staying ahead of cybercrime. While the day concluded with a comprehensive sanctions update addressing global risks. Overall investment in the industry persists, driven by the increasing demand for innovative data solutions to propel compliance initiatives forward.

Although the curtain falls on #ACAMSAssembly Canada 2023, the journey continues, and we can take the lessons with us as we continue our fight against financial crime. The legacy of knowledge-sharing endures beyond this event, marking the ongoing commitment to fortifying our financial systems and protecting the vulnerable.

Key Highlights and Takeaways

FINTRAC aims to establish “real-time” feedback between the public and private sectors and its analysts

Sarah Paquet, Director and CEO of FINTRAC, announced some big news on day one of The Assembly by ACAMS Canada. FINTRAC’s ambition is to provide “real-time” feedback. But what does it mean?

  • Real-time reporting from financial institutions
  • Real-time referrals to law enforcement
  • Real-time feedback to financial institutions on their reporting

If you are wondering how they plan to do this, FINTRAC plans to leverage technology including analytics, AI, and their new digital acceleration team to make this happen. This undertaking will require careful implementation and much partnership not just with the financial institutions, but within the industry. We will actively track and evaluate ways that we can help these processes.

An evolution in ongoing monitoring- the route to greater effectiveness in transaction monitoring

Hosted by Slava Akselrud, AML Subject Matter Expert, NICE Actimize, and Ivan Zasarsky, Chief AML and Anti-Corruption Officer, PwC Canada, this power hour explored the necessity for an evolution in transaction monitoring. The session addressed challenges like high false positives and disconnected risk assessments, emphasizing the need for more effective transaction monitoring to combat evolving financial crime threats. Viewers gained insights into incorporating KYC and data, breaking down compliance silos, and leveraging technology advancements for enhanced transaction monitoring efficiency.

Artificial intelligence (AI) in Anti-Money Laundering (AML) continues to develop among the industry

AI in AML has continued to develop within the industry due to its potential to revolutionize the way financial institutions combat financial crimes. Almost every AML executive sees AI in AML as a necessity in their programs. Here is what the experts at ACAMS are saying:

  • Enhanced Detection Precision: AI systems analyze vast financial data using machine learning for superior speed and accuracy, identifying suspicious transactions or behavior through network analytics and anomaly detection.
  • AI Complements Humans: Despite job replacement concerns, AI serves as a valuable complement, optimizing efficiency alongside human expertise.
  • Establish Protocols: Institutions must set clear protocols and company best practices for effective collaboration between AI systems and human professionals.

Given the ever-growing sophistication of financial crimes, the adoption of AI in AML is seen as a strategic move for financial institutions to stay ahead of criminals and regulatory demands, ultimately bolstering the integrity and security of the financial system.

Thank you to everyone who attended ACAMS Canada! Your participation and engagement made the event a resounding success. We appreciate your dedication to advancing knowledge in anti-money laundering and financial crime prevention. Looking forward to continued collaboration and learning opportunities in the future!

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