Moody’s Talks: KYC Decoded is your window into the world of financial crime fighters and the industries that arm them against the illegal actors that threaten people, companies and society. Listen and learn from subject matter experts, authors and practitioners to find out how you can better address and mitigate the risks to your business and community.
Risky business? The indicators of shell company risk
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26:42There are plenty of shell companies formed for legitimate reasons. However, as recently uncovered in a major case in Singapore where 3 billion SGD of assets were frozen, shell companies can also be used for more nefarious purposes. This risk is not always easy to spot, especially when relying on manual, time-invasive processes.In this episode KYC Decoded, host Alex Pillow welcomes Moody’s Analytics Product Manager, Kate Weymouth, and Head of the Financial Crime Practice Group for APAC and the Middle East, Choon Hong Chua.Their dynamic and educational conversation around shell companies and their risks includes:Legitimate reasons for shell companies vs. illegitimate reasonsThe seven primary indicators of shell company riskA deeper look into the recent Singapore shell company scamHow Moody’s Shell Company Indicator automates traditionally manual and time consuming processes with powerful dataFor additional resources mentioned in this conversation, be sure to check out:FATF paper ‘Best Practices on Beneficial Ownership for Legal Persons’FATF paper, ‘Concealment of Beneficial Ownership’Monetary Authority of Singapore (MAS), ‘Effective Practices to Detect and Mitigate the Risk from Misuse of Legal Persons’‘Risky business? The seven indicators of shell company risk’ data visualizationSeven indicators of shell company risk blogIf you would like to know more about how Shell Company Indicator can better identify shell company risk in your organization, please visit our website and feel free to get in touch. We would love to hear from you.
Human trafficking: A call to arms for anti-financial crime and risk professionals
51:41Every year, on January 11, the US recognizes National Human Trafficking Awareness Day. Human trafficking – currently a $150 billion industry – continues to be a pervasive threat around the globe, with criminals profiting from the enslavement of other people. This brings us to the obvious question: what can anti-financial crime and risk professionals do to make this world a safer place and help put an end to this abhorrent practice?In this episode, we delve into this pressing issue with experts: Christopher Kemp, Director of Enterprise Operations at the Anti-Human Trafficking Intelligence Initiative; Chris Bagnall, Solutions Director at Quantexa; and Karim Rajwani, Head of Product at Sigma360. Their conversation sheds an important light on dealing with this crime, focusing on:The primary forms of human traffickingThe staggering scale of the problemStrategies and solutions to stop itThe role of data and technology in empowering professionals to dismantle trafficking networksImmediate, actionable steps we can implement to make a differenceTo learn more about this important topic, we encourage you to explore these additional resources:Webinar, ‘Breaking Chains with AI: Advanced Detection of Sexual Exploitation and Human Trafficking Networks’ACAMS Article of the Year, ‘Understanding Human Trafficking’ACAMS Back to the BasicsACAMS Fighting Modern Slavery and Human Trafficking courseBlog, ‘Decision Intelligence is the Key To Stopping Modern Slavery And Human Trafficking’The National Action Plan to Combat Human Trafficking (NAP)Wear Blue Day campaignPolaris websiteUN Office on Drugs and Crime Human Trafficking websiteStop the Traffik website US Department of State Understanding Human Trafficking fact sheetFreedom United websiteINTERPOL websiteGovernment of Canada Operational AlertGovernment of Canada Updated IndicatorsWeProtect Project ShadowFind other ways your organization can help combat human trafficking - visit our website - and please feel free to get in touch; we would love to hear from you.
Thinking outside the (check)box: The role of the BSA Officer/MLRO
53:53"Fighting financial crime" has long been a rallying cry within the AML profession, but could this way of thinking actually be doing us all a disservice? While an admirable goal for any compliance risk management program, it may actually be too limiting and overlook how the BSA Officer/MLRO role can also drive business strategy and growth.In this episode of KYC Decoded, host Alex Pillow welcomes Vic Maculaitis, 3-time board-appointed BSA officer and founder of i3strategies, a consultancy that works to modernize the financial crime risk and compliance ecosystem. This provocative and candid conversation explores:The primary responsibility of a BSA officerOutcomes over checkboxesCompensation for compliance officersHow generative AI plays into the future of the industryFor resources discussed during this episode, be sure to check out:The LinkedIn post that inspired this conversationPerspective, by i3strategiesIf you’d like to level up your compliance program, visit our website and reach out for more information. We’d love to hear from you.
KYC origins stories, chapter 5 – KYC unit: The making of a compliance giant
26:26Our KYC origin series has traced the journeys of our diverse acquisitions, each of which has grown into a vital part of our KYC ecosystem.But how have these distinct entities been integrated to operate as one?In the grand finale of our KYC origin series, host Alex Pillow engages with Keith Berry, the KYC General Manager at Moody’s Analytics. They explore the expansion of the KYC unit, examining its evolution to become an industry-leading solution provider that has transformed risk and compliance.They cover:The rationale for KYC and its inceptionThe challenge of aligning to one mission and visionThe ‘secret sauce’ of Moody’s Analytics KYCTransformational changes advancing the businessThe role of AI and machine learning in our product suiteThe future for KYCVisit our website for more information on KYC and compliance!
KYC origin stories, chapter 4 – Orbis: The powerhouse of global business intelligence
43:24With information on more than 472+ million entities worldwide, Orbis has become the most powerful comparable data resource on private companies. But the question isn't what happened, it's HOW?In this episode of our KYC origin series, host Alex Pillow is joined by Bureau van Dijk and and Orbis veterans, Jon Hanmer and Ted Datta who discuss the evolution of this industry-defining database and how it became an indispensable tool for understanding the global corporate landscape.Highlights from this episode include:The journey and growth of Bureau van Dijk the businessAnswering the "so what?" through the integration of data and insightDrivers stimulating the huge growth in Orbis for KYC and compliance use casesThe importance of UBO to Orbis customersInfusing Orbis into the Moody’s Analytics familyThe future of Orbis for KYC within Moody and it's impact on tools such as Shell Company Indicator and Entity Verification APIListen along and learn more about how Orbis can help you effectively manage risks and make better KYC decisions on our website.
Reflecting on the ECJ’s ruling on access to beneficial ownership information - one year on
38:57In November 2022, the European Court of Justice (ECJ) sparked a seismic shift in the regulatory landscape with its ruling that the public should not have access to beneficial ownership registries.Join us as we delve into the ripple effects of this ruling with our guests, Maíra Martini, research and policy expert on corrupt money flows at Transparency International, and Andres Knobel, lawyer and senior researcher at the Tax Justice Network, along with host, Alex Pillow.This conversation sheds light on:Why the ruling may have came aboutThe impacts the decision had on financial crime fighters and the bad actors they pursueHow companies and KYC professionals can navigate through this new realityFor recommended resources that accompany this episode, check out:Roadmap to Effective Beneficial Ownership Transparency (REBOT)The state of play of beneficial ownership registration in 2022Reforming Global Standards on Beneficial Ownership Transparency campaign pageVisit out our website for more information on UBOs, and do not hesitate to get in touch – we’d love to hear from you.
Removing bias from KYC: The AI advantage
49:16We’ve all heard rumblings about the potential bias-related risks AI can bring when models aren't properly trained or governed with plentiful, high-quality data. But, how many of us have paused to consider flipping this paradigm? Could our own bias on the subject of AI cause us to overlook how consciously-infused AI technologies could remove dangerous biases from our KYC and AML processes?In this thought-provoking conversation, host Alex Pillow discusses the topic with AI and ethics expert, Anna Nicolis, senior manager at Braithwate, who specializes in helping global institutions with risk and compliance challenges.Highlights of this episode include:A look at what the word “bias” really meansThe root causes of bias in society and within AI technologiesWhere AI has potential to help eliminate bias in the compliance lifecycleThe role humans and data play in governing AI modelsFor a deeper dive into what was discussed, check out some of these recommended resources:Association for Financial Markets in Europe (AFME) report, Artificial Intelligence: Challenges and Opportunities for ComplianceInformation on the upcoming EU AI ActFuture of Life InstituteResearch conducted by Moody’s Analytics on the attitudes, adoption, and use cases for AI in the world of risk management and compliance
Navigating the AI landscape: insights from compliance and risk management leaders
45:08The rapid evolution and adoption of AI technologies raises questions about how it's perceived and used by professionals working in compliance and risk management.In this episode, we explore the findings from a fascinating original global study, conducted by Moody’s Analytics, that uncovers how compliance and risk management professionals see the role of AI in all its forms.Listen along as host, Alex Pillow, and Paul Nola, Partner at Context Consulting, dissect the findings and discuss the implications of those navigating the AI landscape in the world of risk and compliance.Highlights from the episode include: The origins of the studyThe importance of AI for compliance professionalSignificant and surprising findingsThe advantages and risks of using AI in complianceThe challenges of AI regulation.For additional information, register for our webinar: Navigating the AI landscape: insights from compliance and risk management leaders.If you're interested in building an AI-led compliance program, contact us to learn more about our intelligent screening solution.
Tapping into AML in the legal sector
55:52In a world of tight deadlines, diverse client needs, and ever-changing regulations across jurisdictions, law firms everywhere face countless challenges to stay compliant. That's why we are thrilled to be joined by Maire-Claire Le Houerou, Client Experience Director for Risk and Compliance at the software company Intapp, and Alex Young, Senior Principal Consultant at Intapp in this episode of KYC Decoded. Their deep expertise and vibrant energy on this topic make for a compelling conversation.Here's of what was explored in this episode:How are AML checks conducted when onboarding legal clients?Does generative AI have a role now and in the future to shape compliance programs in the legal industry?What qualities and best practices in a law firm’s culture drive AML forward?What are some of the benefits of high-quality data management software?For additional resources discussed in this episode, be sure to check out:Bressler Risk BlogThe Law Society AML resourcesThe Panama Papers: Breaking the Story of How the Rich and Powerful Hide Their Money by Frederik Obermaier and Bastian ObermayerTo find out about Moody’s Analytics' AML solutions for the legal sector, please go to our website.
Feel the burn: Why compliance professionals are struggling with burnout
59:42Feeling stressed in the workplace is a shared experience for employees in many industries. And while it's normal for jobs to involve stress, concerns about employee burnout occur when stress is persistent and begins to affect the individual at a professional, personal, physical, and/or emotional level.In this episode of KYC Decoded, we focus on the factors that lead to burnout in the compliance profession.What is burnout?What leads to compliance employee burnout?What can leaders do to address the issue?Host Alex Pillow is joined by Lisa Beth Lentini Walker, former compliance officer and current assistant general counsel of Marqeta and CEO and founder of Lumen Worldwide Endeavors, and Jill DeWitt, current Industry Practice Lead at Moody’s Analytics KYC. Their conversation raises awareness of this often overlooked problem in the compliance world.For additional resources, check out:Lisa Beth Lentini Walker’s book, Raise Your Game, Not Your VoiceLisa Beth Lentini Walker’s articles on wellbeing and stress relief in the workplace