By the industry, for the industry

iNFRont Magazine is a unique non-financial and operational risk publication driven by the industry, available to download for free exclusively through CeFPro® Connect. A groundbreaking publication dedicated to providing risk professionals with unparalleled insights, articles, and opinion pieces contributed by renowned practitioners and industry experts.

Each issue highlights themes within non-financial and operational risks. Featuring a cross-section of articles in each edition with a deep dive into specific topics.

Industry-led and inspired.  A diverse range of industry perspectives is contributed directly by practitioners managing risk within their organizations.

Knowledge-sharing and development. Gain insight to understand and manage the ever-expanding and complex non-financial and operational risk landscape.

Each edition focuses on a specific theme within non-financial and operational risk:

NFR

A diverse selection of the most critical topics within non-financial risk

Advanced model risk

Moving beyond buzzwords as technology advances

Third party risk

Supply chain resiliency continues to be tested globally

ESG

Thinking big during uncertain times

Financial crime

The future ahead in a changing landscape

Technology

The digital transformations shaking up financial services

What can you find inside each edition?

  • The big conversation: subject matter experts weigh in on one of the most prevalent topics of today as they compare their perspectives
  • Risk focus: extended articles contributed by practitioners immersed within a subject looking to highlight it to the rest of the industry
  • Industry insight: a roundup of an extensive research project undertaken by CeFPro®’s research team involving interviews with 30+ industry professionals
  • Infographic feature: breaking down key stats and figures to get you up to speed with what is taking place within the industry
  • Talking heads: leading practitioners from the US and Europe contrast their viewpoints over one critical question
  • Event previews and reviews: uncover the key highlights of our past and upcoming events and start planning the next event you join CeFPro® for
  • Latest industry research: discover the latest industry developments with our comprehensive research reports and surveys

0

themed bi-monthly editions

0

contributors each edition

0

pages of exclusive content

0

satisfied readers

iNFRont Magazine: Financial Crime edition key highlights

iNFRont Magazine: Financial Crime Edition

In this Edition of iNFRont Magazine, we have focused specifically on the evolving landscape within financial crime and its ripple effects across the industry. As global volatility and geopolitical risks continue to evolve, the evolution of financial crime becomes more prominent. This issue addresses the changing sanctions landscape and how organizations with a global footprint must consider variations and nuances across jurisdictions.

CeFPro’s editorial team interviewed experts across the industry from organizations including HMRC, Nomura, Danske Bank, BBVA, ING, and many more to collate a global view of the financial crime landscape.

– [iNFRont Magazine: Financial Crime foreword]

Kevin Newe, Assistant Director - Illicit Finance Strategy, HMRC discusses financial crime risk

Kevin Newe
Assistant Director – Illicit Finance Strategy, HMRC

Hee Jung, Vice President, Financial Crime Advisory, Nomura discusses financial crime risk

Hee Jung
Vice President, Financial Crime Advisor, Nomura

Igor Sumkovski, Head of Financial Crime Advisory and DMLRO, China Construction Bank discusses financial crime risk

Igor Sumkovski
Head of Financial Crime Advisory and DMLRO, China Construction Bank, London Branch

THE BIG CONVERSATION

Managing increased financial crime risk and opportunity in an adverse economic environment

Financial crime exists both under a negative economic environment and when the economy performs well. However, we see increased financial crime risks, specifically bribery, corruption, and fraud during economic downfall. The risk will depend on the jurisdiction and the industry specifics, with some industry sectors being inherently more prone to these risks.

Even in an economic downturn, firms are still expected to be profitable; the industry sectors with complex supply chains where more third parties are involved are likely to face an increased risk of bribery and corruption via the interactions between third-party external consultants and public representatives.

Chris Hubbard, Head of Fraud, Anti-Bribery & Corruption, and Tax Evasion, Danske Bank discusses operational risk frameworks

Chris Hubbard
Head of Fraud, Anti-Bribery & Corruption, and Tax Evasion, Danske Bank

EXPERT VIEW

Using operational risk frameworks for managing fraud risk

Today, the ongoing evolution of fraud management is entering a new phase with the convergence of financial crime risk types, manifesting itself in various ways across the industry.

While the components of managing fraud have expanded throughout the last 15 years fraud has always been managed as a business risk. In the last 5-10 years, fraud has landed firmly under the more focused umbrella of operational risk management within FIs. This is a pragmatic evolution as operational risk management frameworks work well for understanding fraud risk, assessing it, and mitigating it.

Jeremy Ross, Homeland Security Investigations Office of the Special Agent in Charge, US Department of Homeland Security discusses identity theft

Jeremy Scott
Homeland Security Investigations Office of the Special Agent in Charge, U.S. Department of Homeland Security

LAW ENFORCEMENT FEATURE

How a financial crimes investigator became a victim of identity theft

There are different types of identity theft. For example, there’s the more literal kind, in which a person poses as someone else for their own gain, but there’s also the illusion of identity theft by targets utilizing real people and real identities under false pretenses.

Bank investigators have the weighty task of determining who is truly involved, and if the account holder is as innocent as he or she might claim…

Gareth Dothie, Detective Inspector, Fraud Operations Team, City of Lindon Police discusses crypto investment fraud

Gareth Dothie
Detective Inspector, Fraud Operations Team, City of London Police

LAW ENFORCEMENT FEATURE

Investment fraud: Crypto, social media and communication

Some of the hype about cryptocurrency investment, particularly away from traditional news media, has been about the get-rich-quick success stories where the value of a cryptocurrency multiplies overnight.

Fraudsters are quick to pick up on investment trends and create new companies to capitalize on them. On top of this, fraudulent investment companies conduct their own advertising campaigns, create glossy brochures, and use all other marketing tools at their disposal, just like any other company. This gives them huge reach and near-borderless access to potential victims.

Kristine Cang Cuesta, Head of US-BSA/AML & Sanctions Compliance, BBVA discusses sanctions enforcement

Kristine Can Cuesta
Head of US – BSA/AML & Sanctions Compliance, BBVA

RISK FOCUS

Navigating complexities in sanctions enforcement from a global perspective

The key takeaway for compliance officers working for international financial institutions is to stay aware of the differences in the sanctions regimes impacting the business and customer base and ensure coordination with international compliance counterparts when navigating the range of requirements.

Unfortunately, from a global perspective, we are going through a period of time where tensions are increasing and geopolitical conflicts are rising. Given the continued war with Russia and Ukraine, the increasing tensions between the US and China, and, more recently, the Israel and Hamas conflict, it is difficult to anticipate any slowdown in the issuance of sanctions.

Behrouz Raftari Tangabi, Senior Model Validator, ING discusses financial crime modeling approaches

Behrouz Raftari Tangabi
Senior Model Validator, ING

Suvadeep Adhikari, Senior Data Science Model Validator, ING discusses financial crime modeling approaches

Suvadeep Adhikari
Senior Data Science Model Validator, ING

RISK ROUNDUP

Developing financial crime modeling approaches to more advanced capabilities

Transaction monitoring is the process of tracking and analyzing transactions to detect and prevent financial crime, operating on the premise that unusual or suspicious transactions can highlight crimes such as money laundering and terrorist financing. Therefore, financial institutions must accurately scrutinize transactions to identify potential threats and take appropriate action.

It is known that operational costs, time-consuming investigations, reduced efficiency, missed true positives, and reputational risk are all factors as to why transaction monitoring is a challenge…

iNFRont Magazine archive

To download past editions of iNFRont Magazine, log in to your free CeFPro® Connect account.

What does the industry have to say?

I like that [with iNFRont Magazine] I can bring awareness amongst industry experts about certain things that I can see in my personal view are important. I think it’s great having one of these publications being shared with industry experts, I think opinion matters and it can open people’s minds to the way that they see things.

Senior Manager, Financial Crime Controls, Risks and Policy & Advisory
ICBC Standard Bank

You may also be interested in

CeFPro® events

Bringing together likeminded professionals across North America and Europe to learn valuable insights covering critical risk areas while making valuable industry connections.

Non-Financial Risk (NFR) Leaders

NFR Leaders is based on responses from professionals and provides a ranking of the top 10 non-financial and operational risks, key investment priorities and a deep dive into some of the most influential themes.

Fintech Leaders

CeFPro’s Fintech Leaders is a comprehensive business intelligence study on the status of the fintech industry, which assesses the current and future status of the application of financial technology in financial services.