the corporate & financial crime 2017 conference...how to identify pscs and relevant legal...
TRANSCRIPT
Europe’s leading topical and research based banking and corporate finance conferences
London, 18th September 2017
The Corporate &
Financial Crime
2017 Conference
The Latest Developments in Prevention, Detection & Strategies
Sponsorship Opportunities Redcliffe has sponsorship opportunities available for this conference. For more information about
our sponsorship pack, booking or for conference details, please email [email protected]
Expert Speakers From
The UK financial system is a major global centre which draws attention and investment from around the world. It is also a hot bed for criminals, particularly money launderers
and fraudsters, seeking to profit from proceeds of crime.
Protecting the integrity of the financial market, by ensuring that businesses have a strong understanding of effective anti-financial crime procedures, tools, systems and
controls in place, is critical for the continuing success of the UK financial system.
The various departments at banks, private equity funds, financial service providers,
accountants, advisories, law firms and companies should work together as a holistic unit to help combat financial crime.
This conference brings together the foremost experts in the fight against financial crime
to hear about their approaches and to inform debate on the wider landscape, including
hot topics such as the issues surrounding Brexit and the Dark Net.
Overview
A review of corporate & financial crime 2016/17 - Recent cases, issues, strategies and the
road ahead
Suzie Ogilvie - Global Head of Financial Crime and Sanctions, Freshfields Bruckhaus
Deringer LLP
Review of financial and corporate crime in 2016-2017 – what are the lessons learnt?
Fighting financial crime – Outlook of the recent general climate
Outlook of the retail and wholesale consumer and users of financial markets
How effective has the financial system been in providing effective prevention to financial crime?
Progressive growth of global trade – How the current preventing measures meeting the larger
volume of global deals?
Recent development in the legislation: stronger norms about what is and is not acceptable. Is
zero tolerance the way to go?
The challenges and opportunities created by technology
Approach to the future
Trade Based Money Laundering – Current situation and future plans to fight the fraud
effectively Ruth Bailey, Global Head of Investigations, Financial Crime Compliance - Barclays
Introduction and Overview of TBML
Understanding Your Customer: Geographic Risk and Know Your Importer and Exporter (KYI&E)
Proven Techniques for Identifying Red Flags and Tackling Monitoring Challenges
Due diligence and combating the financing of terrorism in trade and correspondent banking
How can AML and compliance teams manage the complexity of trade and transaction products?
Insight into how to automate your monitoring and other practical issues
AML and compliance teams – how are their expectations changing in the new global trade
environment
The importance of due diligence – is due diligence failing or is corporate crime
succeeding?
The Case of Mabey Engineering (Holdings) Limited
Part V, Proceeds of Crime Act
Civil Recovery Orders
Dealing with the Serious Fraud Office
The importance of Adequate Procedures
British Standards Institution (BS ISO 37001:2016) dealing with anti-bribery management
systems
Anti-bribery due diligence and risk checklists
Inherent risks (geographical and sector)
Business model risks
Legislative footprint
Organisational risks
Anti-bribery programme
Key bribery risks
Incidents
Register of persons with significant control: where are the criminals hiding? A quest for
the actual final benefiters - means and methods to drive them out
Who or what is a person with significant control (PSC)?
How to identify companies and LLPs in private fund structures that need to keep a PSC
register
How to identify PSCs and relevant legal entities (RLEs) in relation to a company or LLP
Direct v Indirect interests; Registrable v Non-registrable PSCs and RLEs
Investor Directors and Limited Partners
Safe Harbours
The importance of a director’s role and relationship in determining whether they are a PSC
Do limited partners need to be disclosed on a PSC register?
The distinction between a limited partner and general partner in relation to the PSC register
Swamping rights and the register
Tackling Financial Crime – a banking perspective
Identity frauds
Company identity frauds
Long Firm fraud
Phoenix Companies
Company Hijacking
How customers can create false images
Business Cards
Accounts
Invoices
Banking Details
Business Locations
Social Media
Personal information
The use of scoring checklists in customer vetting
Experian
Dun & Bradstreet
CIFAS
Verifying information provided
Projections for 2017
Legal personality risk
Entity Classification
Logical Entities Creation
Historical Behaviour Profiling
Peer Group Behaviour Profiling
Anticipatory Behaviour Profile
Principal customer frauds – Red Flags and key mitigants
Financial Fraud - What do the accountants need to look out for?
Accounting system frauds
Increasing Income
Decreasing Expenses
Overstating Assets
Understating Liabilities
Top management frauds
Window dressing and false reporting
Frauds against third parties
Approving related party suppliers
Acquisitions and capital purchases
Skimming and stripping
Insider dealing and market abuse
Asset/Revenue overstatements
Improper capitalisation of costs
Failure to recognise impairment Recognition of fictitious assets
Timing differences and fictitious revenues
Off-balance sheet financing
GAAP Improper disclosures
Improper asset valuations
Major capital expenditure/mergers and acquisitions/due diligence
Tax Evasion – How to tackle the corporate criminal offence
Corporate failure to prevent tax evasion
Three staged offence
Associated persons
UK tax evasion facilitation offence
The overseas tax evasion facilitation offence
Relevant body
Dual criminality doctrine
Defense of reasonable prevention measures
Risk assessment
Proportionality
Top level commitment
Due diligence
Communication
Monitoring and review
What should financial institutions and tax professionals do?
Risk assessments
Identifying associated persons
Update procedures to combat tax evasion facilitation
Managing Risk and Maximising Opportunity - Assessing Anti-Bribery and Corruption Risks
Risk assessments and risk based approach
S.14 of the Bribery Act
Appropriate systems and controls
CDD measures on a risk-sensitive basis
Awareness of situations which by their nature present a higher risk
Fraud risk profiling
Environmental Risk Index
Culture Quotient
Prevent/Detect Index
Heighted risks associated with corporate change and how to mitigate against these
Preventative Controls
Detective Controls
Strong set of policies and standards
Established physical security
Intrusion detection hardware and software
Auditing of system and violation logs
Setting and monitoring risk triggers
Process flow analysis
Event inventories
Organisation history
Whistleblowers
Events common to industry
Management information
Feedback loops
Online risk profiling and monitoring
Search engines
Meta Searches Specialist Engines
People Engines
Deep Web Searches
Industry relationships and data sharing
Implications for borrowers and sponsors
Financial Crime Compliance in International Deals – Discussing the M&A, commercial
property, restructuring, MBOs and private equity perspectives (PANEL DISCUSSION)
The importance of undertaking extensive Anti-Bribery and Corruption policy reviews
Understanding the extent of potential sanctions
Cross-border M&A and politically exposed persons
Staff training post-merger or post-acquisition
Digital Fraud – Behaviours and Tools of the Online Fraudster. An insight into the criminal
minds
Fraudster’s online forum posts and their plans against large institutions
The tools that fraudsters use, what they are and how we can detect them when in use
Machine Learning
Automated Workflow
Insight Dashboards
Device Fingerprinting
Device IDs
The DarkNet and how fraudsters trade illegally credit cards and hacked information Skimming, Phishing and Pharming
Bitcoin and “fogging” crypto-currency
The Impact of Brexit on the Fight against Financial Crime
The EU Fourth Money Laundering Directive
Recommendations from the Financial Action Task Force
The European Arrest Warrant
Potential differing strategies in sanctions and politically exposed persons?
UN Sanctions vs EU Sanctions
Using the Swiss approach?
Are we adopting the US model?
Access to information sharing and passporting
Data Protection issues in post-Brexit relationship?
MiFID II considerations: potential third country approach
Combatting financial crime – Most recent recovery strategies and tactics
Freezing and search actions
For what purposes can you seek a freezing order?
What assets may be frozen?
Scope of freezing orders?
Worldwide freezing orders
When to seek a freezing order?
Enforcement outside your jurisdiction
The UK regime
The European regime
The Commonwealth regime
Hague Convention
Civil or criminal fraud action or both?
Advantages of a civil action over criminal
Financial recovery
Standard of proof
Cybercrime – new threats, developing best practices and strategies to fight it
The inside track and impact on the industry – new threats
Current vulnerabilities and risks for firms
Implementing enterprise-wide cybercrime prevention systems to mitigate hacking risks
Dissecting recent cybercrime cases to fortify enterprise-wide cyber defence models
Conducting independent testing of cyber defence systems to gauge effectiveness
Cyber-laundering and recent trends
Managing cyber-crime and cyber security risks – how to strengthen your defences
Key issues and major fraud typologies
Overview of current issues
High profile topics and risk areas
Trends in fraud
Fraud in growth economies
Major fraud typologies
Employee fraud
Payroll frauds
Expense reimbursement
Invoicing schemes and supplier frauds
Shell companies
Skimming
Sales and debtors frauds
Participants will have the opportunity to ask questions and raise issues with the expert presenters.
http://redcliffetraining.co.uk [email protected] +44 (0)20 7387 4484
08:50-17:30
London
Standard Price: £595 + VAT Membership Price: £476 + VAT
8:50-17:30
London
£595 + VAT (£714)
8:50-17:30
London
£595 + VAT (£714)