Leveraging non-obvious account matching for CRR, segmentation and efficiency in Transaction Monitoring and Fraud Systems
One of the primary challenges financial institutions face today is understanding customer risk and monitoring customer transactions, is the inability to compile a complete view of the customer relationship. Without a Single/Holistic/360 Degree Customer View, AML and Fraud processing takes place using only a partial/account-based view of the customer.
Account-based monitoring might tell you a customer is not transacting in a suspicious manner because you think they have one account transacting $5,000/month. But what if the customer has (or controls) 5, 10, or 50 other accounts that you are not linking together?
Entity Resolution, Account Matching and Linking are key activities in the understanding of total customer risk and the proper segmentation of customers for screening and monitoring, and the complete thorough monitoring of customer activities (across multiple accounts) to detect and investigate TM and Fraud alerts.
Data quality plays a key role in Entity Resolution and Account Linking, because data validation, normalization & standardization enable high confidence matching as you connect data from across your enterprise.
Webinar agenda includes:
- Data quality and its effects on entity resolution.
- The differences and dependencies between Entity Resolution, Account Matching and Account Linking?
- Account-Based vs. Party-Based monitoring.
- Leveraging visualization and graph databases.
- Leveraging this clean, connected information in your existing AML and Fraud systems to improve effectiveness.
- Leveraging non-obvious account matching (for) Segmentation and Customer Risk Rating.
- Synthetic identify detection for Fraud Prevention
Speakers
Sean O’Malley
Global Head of AML Risk Management
State Street
Risk Executive and thought leader with extensive experience across a broad range of the financial services industry and a strong record of providing leadership and innovation to Compliance and AML Risk, Operational Risk and Enterprise Risk departments of top tier financial institutions. Achievements include developing and enhancing customer risk rating methodologies for KYC, developing and implementing AML and Sanctions Risk Assessments, AML geography risk ratings, Product risk ratings (NBPRA), a Compliance Risk Index, operational risk quantification and measurement, including integrated scenario analysis and RCSA approach. Innovator in the extensive use of data in risk assessment and other Compliance and AML risk ratings, leading to executive management selection as Global Data Governance Officer for Compliance.
Kai Schrimpf
Head of Transaction Monitoring
Credit Suisse
Senior Executive with proven track record on:
- Transaction Monitoring Lead
- Surveillance Design
- Global Rapid Responses
- Data Analytics and Investigations
- Financial Crime Transformation
- Anti-Money Laundering (AML) Compliance
- Transaction Monitoring
- KYC / Enhanced Due Diligence
- Compliance Risk Assessments
- Tax Risk Identification Surveillance Design
- Customer Behavioral Profile Design
- Insider Trading Surveillance
- Compliance Program MI
- Government Sanctions / Bribery
- Regulatory Responses
- Financial Crimes
Jeff Nelson
Managing Director of Financial Crimes & Compliance
Pitney Bowes
Jeff has 14 years of experience in the financial services industry working with commercial and retail banks, broker dealers, asset managers and investment banks in the areas of process improvement regulatory compliance, sanctions and anti-money laundering. In Jeff’s current role he is leading a team of global professionals to address the challenges in financial crimes and compliance providing both business and technology guidance.
Bob Smith
Managing Director of Financial Crimes and Compliance, Alliances
Pitney Bowes
Bob professional experience includes 25 years of experience in the software industry and 15 years of which has been focused on customer data quality and data management for banking and financial services organizations. Bob is currently leading an initiative to develop solutions that address the challenges of customer data in large FSOs- volume, veracity, variety, and velocity- in order to comply with ever-changing regulatory pressures, while not “breaking the bank”.
Visak Tyagi
AML Advisory Senior Manager
Matrix IFS
Vishal is an AML Manager at Matrix-IFS with more than 8 years of experience in the financial services industry designing and leading implementations at Banking. His main responsibilities included managing analysts and lead requirement gathering, data analysis and implementation of strategic initiatives.
Vishal is experienced in building successful project teams that develop and implement various solutions comprising SAM, CDD, WLF and ERCM for national and global financial institutions to meet business and technological needs for stakeholders. He also has extensive experience in working with offshore resources and team members from different cultures. He has managed multiple projects simultaneously and adjusting priorities to meet ongoing business needs. Prior to Matrix-IFS, Vishal worked with PWC, Ernst & Young and Nice Actimize, to lead various Anti-Money Laundering system implementations and assessments.
