🌐 Cavallo Technologies had a successful attendance at The Assembly Canada 2024, an inspiring event hosted by ACAMS. Representing our team were Rob Cavallo, President, and Data Engineers Rakhi Lakhwani and Dhruv Patel. This gathering brought together industry leaders from FinCEN, FINTRAC, and many other financial institutions, agencies, related organizations and industry professionals – with the purpose of shared learning and tackling Anti-Money Laundering and Anti-Financial Crime.
🔑 Key Topics Covered:
Fraud 2.0: Keeping Up with ‘Pig Butchering’ and Other Emerging Scams
– The session discussed strategies to combat these threats, emphasizing public-private partnerships, staff training, and understanding how criminals launder funds across borders.
Crash Course: The Convergence of Sanctions and AML
– This panel covered applying FINTRAC’s new Bill C-59 requirements, distinguishing sanctions from AML approaches, and strengthening risk management to counter emerging sanctions-related threats.
💡Highlights and Key Takeaways:
Emerging Financial Crime Trends
– Complex scams like “pig butchering” and romance scams are rising, highlighting the need for vigilance and continuous training.
Regulatory Updates
– Canada’s beneficial ownership registry and PCMLTFA reviews show progress in AML and CTF efforts.
Collaboration
– Strong public-private sector collaboration and information sharing are critical for staying ahead of financial crime.
Technology in AFC
– AI is increasingly being used in financial crime detection, though privacy and ethical considerations are essential as its use expands.
Leveraging AI for Fraud Detection
– AI can enhance Cavallo’s FinCrimes detection and real-time monitoring systems, improving speed and accuracy in identifying suspicious activities.
Expanding the AML Toolkit
– Integrating advanced products, like solutions for PEP detection and Shell Company identification, can strengthen client solutions and Cavallo’s market position. Data remains at the core of effective AML strategies, supporting precise solutions and proactive responses to industry trends.
The event underscored the importance of staying ahead of financial crime trends, responsibly leveraging technology, and fostering collaboration to build a stronger framework.
A big thank you to ACAMS for hosting such a well-organized and impactful event. The Assembly Canada 2024 provided valuable learning in compliance and security, and the chance to connect with industry leaders was truly enriching. This event is highly recommended for anyone seeking to deepen their knowledge and network within the industry.
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