AML as a competitive advantage

The current minimum European AML rules have resulted in differences between member states’ AML/KYC requirements. While the regulator pushes to a risk-based approach, member states and financial institutions are left to interpret AML regulations as they see fit, leading to different processes for CDD across Europe and its players…

In some cases this may result in financial institutions implementing stricter controls than may be necessary with the resulting effect that it may, though unintentionally, negatively impact their customers. This session discusses how to overcome the dilemmas the risk based approach presents and how AML programs can be turned into a competitive advantage. Solutions are discussed that can assist in faster onboarding and less KYC documentation.

In recent times, financial institutions have been investing more resources and time in bringing their KYC/CDD processes and system up to speed. At the same time many organisations have seen or been experiencing a downward pressure on their profitability this making them explore more markets, thus adding further complexity to their CDD process. On the other hand, precisely because of these challenges other financial institutions have been exiting certain markets as the cost/reward equation no longer works for them. We will discuss how automating KYC/CDD processes and systems can help organisation in ensuring that processes are consistent, robust, and auditable thus bringing new levels of assurance to an area than in many cases is still based on manual and antiquated approaches.

Join this interactive track session as Christian and Nadja discuss on the following:

  • Are we unprepared for the risk based approach?
  • Facing critical dilemmas in the transaction space
  • How AML programs can help you win customers

Christian A. Chmiel is responsible for the development andimplementation of new investigation techniques and research tools to identify fraudulent or brand damaging online merchants. Before he served as the Deputy Head of Compliance with Wirecard Bank AG in Germany, and specialized in online fraud investigations, credit card compliance and underwriting for acquiring banks. He has served clients across a wide range of sectors, including financial services, IT software, entertainment, travel and health. Christian has undertaken assignments in the mainland Europe, Israel, Georgia, North America and the United Arabian Emirates. He brings deep experience in conducting investigations into fraudulent intentions of online merchants, risk calculations and forecasting methodologies.  Christian is a Certified Fraud Examiner (ACFE) and a Certified High-Risk Underwriter (WSA), and holds a bachelor’s and Diploma degree in European Business Administration. Christian is a lecturer at the Web Shield Academy and has written and co-written a series of publications about the various aspects of risk management,
fraud detection and investigative methodology.

Nadja van der Veer is a EU-based Dutch lawyer with 10 years of experience in the international Payments industry and a legal expert in rules and regulations involving Financial Services, the European PSD, AML and CDD, Card Schemes (Visa and MasterCard), money remittance and data protection. Nadja has acquired her experience both as a Deputy General Counsel for a global Payment Service Provider and as a VP Legal & Regulatory for a European Acquirer. This gives her a broad perspective on all legal and business aspects of (Card and Alternative) Payment processing in the global e-Commerce industry. Together with her US partner, Nadja consults Merchant Acquirers, Payment Services Providers (PSPs/MSPs) and other FinTech companies in their start-up phases that want to expand their business internationally, while mitigating risk. With the US partner she initiated “PaymentCounsel” as a consultancy company. For more information: www.paymentcounsel.com.

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