Trade-Based Money Laundering (TBML) is known as the most complex global money laundering scheme and – considering the trade volumes – one of the most effective main methods used by criminal organisations and terrorist financiers to move money and hide its illicit origins and thus one of the most difficult to detect methods of money laundering. TBML takes advantage of the complexity of international trade and the increasing speed of moving value (i.e., movement of money). TBML usually involves misrepresentation of the import/export of the actual commodities and their descriptions, false/counterfeit invoices, the use of shell companies or unknown third-party intermediaries, and more. Also bribery and fraud, or the evasion of sanctions or taxes, can play a role. A number of best practices exist to help banks mitigate the threat, but TBML remains difficult and expensive to detect − at least when traditional monitoring systems are in use. But what can advanced technology utilisation look like in document-intensive trade finance? How can the power of AI be harnessed in TBML prevention programs that require lots of data from multiple source? And how may blockchain-based smart contracts transform trade-finance, streamline processes and improve TBML detection?
Dirk Findeisen and Uwe Weber discuss all this in the #RETHINKCOMPLIANCE | EXPERT TALK with their guests Claudia Huesmann and Sebastian Seitz.
Claudia Huesmann is a Financial Crimes Compliance expert (Governance, Transformations, Assessments, Model Validations, Thought Leadership, Training & Development). Claudia works closely with Business, Compliance, and Legal professionals to strengthen AML/OFAC compliance programs, including technology aspects, and to transform financial crimes operations to reflect leading industry practices. Claudia has over 30 years of experience providing AML (incl. TBML) and OFAC sanctions related services to financial institutions of all sizes. Claudia has held leadership positions at FICO, KPMG, and Barclays. She is recognized as a thought leader on AML matters.
Sebastian Seitz is Partner and Chief Operating Officer of hiqs GmbH in Germany. The business informatics graduate and blockchain expert is the founder of several companies in the field of software and technology. He has been active in the blockchain industry since 2015 and is a sought-after speaker and author on the topic, among others at: Die Bank, Going Public, Deutscher Bankverlag, Bundesverband Öffentlicher Banken.
Take part, ask your questions live in the chat and join the discussion. Keep the date free in your calendar!
#RETHINKCOMPLIANCE | EXPERT TALK
New Technologies to Fight TBML
19 May 2022, 4:30 pm CEST
Talking points:
- Key challenges in preventing TBML
- Prevalent and emerging areas of TBML risk
- TBML controls & solution requirements
- New tools and technologies to overcome TBML complexity
- Q&A
Speakers:
- Dirk Findeisen, Founder and Managing Partner, msg Rethink Compliance GmbH
- Uwe Weber, Principal Business Consultant, msg Rethink Compliance GmbH
- Claudia Huesmann, Risk Advisory & AML Compliance Consulting Services
- Sebastian Seitz, Partner & Chief Operating Officer, hiqs GmbH
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