Moody’s Talks: KYC Decoded

The steadfast enforcement of anti-financial crime regulations in the US often leads to severe financial consequences for offenders. Jill DeWitt, Moody’s KYC Industry Practice Lead for Financial Crime and Due Diligence in the Americas, profiled some US companies that were fined in 2022. While fines ranged from thousands to hundreds of millions of dollars, a few key themes emerged across the board. In this episode, Jill guides us through some observations, including:Business growth vs. Compliance growthStaffing and training complicationsSuspicious Activity Report (SAR) filings and backlogs in CDDScreening issuesGeneral program failuresFor additional information, check out the resources below that were highlighted in this episode:Financial Crimes Enforcement Network (FinCEN)US Department of the Treasury Office of Foreign Assets Control (OFAC)Next generation sanctions screening against IP addresses blogKYC - Driving customer loyalty, advocacy, and business growth blogIf you are looking to take your due diligence program to the next level, please get in touch – we’d love to hear from you.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The supplier risk landscape for corporates today is shaped by sanctions, ESG commitments, and potential for reputational harm - which is just the start. But amid all this, there is competitive advantage to be found through optimized third-party risk management.No stranger to the topic is Vincent Scales, Director of Third-party Risk Management at Verizon and Chairman of the Board for the Third-party Risk Association. After participating in a primary research study conducted by Moody’s Analytics, Vincent joins this episode of KYC Decoded, bringing the findings of the research to life.Also joining is Enrico Aresu, Moody’s Analytics Compliance and Financial Crime Practice Lead for the DACH region and central eastern Europe.Highlights of this engaging conversation include:Context for increased commitment to TPRMControllable vs. uncontrollable risk in supply chainsThe difference a compliance culture can makeGaining advantage with Governance Risk and Compliance (GRC) platformsFor additional resources, check out:The rising tide of third-party risk management report from Moody’s Analytics, in partnership with Context ConsultingMoody’s Analytics third-party risk management insightsThird Party Risk Association (TPRA) website and LinkedIn profileShared Assessments website and its Standardized Information Gathering (SIG) QuestionnaireTo find out how Moody’s Analytics can help elevate third-party risk management and supplier due diligence in your organization, visit our website and get in touch any time. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Former international sales executive, Richard Bistrong, served time in a federal prison camp after being targeted in a US Department of Justice investigation of a UN supply contract. After fully cooperating, he now dedicates his life to raising awareness and educating companies on the risks of corruption.In this episode of KYC decoded, Richard and Bill Hauserman, Moody’s Analytics KYC head of the Financial Crime Compliance Practice for the Americas, talk about:How expertise, data, and technology should work together to push due diligence forward.The impact culture has when it comes to compliance strategies and mitigating risk.The qualities required of professionals to maintain their integrity and deal with illicit actors.For more information, check out the resources mentioned in this episode:Visit Richard's website at Richardbistrong.com, or email him at Richard@richardbistrong.comFront-Line Anti-Bribery LLCRichard’s compilation of book reviewsThe FCPA blogACAMS websiteACFCS websiteKYC Decoded episode, ‘Modern slavery and how to fight it’If you would like to find out how Moody’s Analytics can help automate your third-party risk management, please get in touch. We would love to hear from you. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

The US Corporate Transparency Act (CTA) is coming. It aims to create a national registry of beneficial ownership information. But what exactly does this mean? How will it change the fight against financial crime in the US and beyond? What hurdles need to be overcome? What questions are still unanswered? How can the public voice concerns?In this episode of KYC Decoded, Alex Pillow is joined by lawyer, AML practitioner, thought leader, and current founder and principal of RegTech Consulting, LLC, Jim Richards, and former practitioner and current Moody’s KYC Industry Practice Lead Jill DeWitt. Their conversation explores these questions, and more.After listening to this episode, be sure to check out the recommended resources discussed for further learning:Financial Crimes Enforcement Network (FINCEN): The Anti-Money Laundering Act of 2020American Bankers AssociationRegTech ConsultingAntimoneylaundering.wtfAnd make sure to visit the Moody's KYC website, where you can find even more information about beneficial ownership and customer due diligence.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

If you could look into a crystal ball, what do you think the future would hold for KYC and AML professionals? In this episode, Luke Raven, Senior AML Compliance Manager at Cabital, shares how he hopes this industry will continue to evolve into the next generation, including:Changes to the compliance profession seen so farThe skillsets – and more importantly, attitudes – needed for successThe role technology will increasingly play in effectiveness and efficiencyFor more resources, check out:ACAMSThe Global Coalition to Fight Financial Crime website and LinkedIn accountAustralian Transaction Reports and Analysis Centre (AUSTRAC)TRM LabsFinancial Action Task ForceThe Australian Federal PoliceUK National Crime Agency (NCA)The International Criminal Police Organization (Interpol)If you like what you heard, please check out our website to learn more. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

One year on from Russia’s invasion of Ukraine, so much has changed – particularly around sanctions. In this episode, host Alex Pillow is joined by Hera Smith, former Global Sanctions Compliance Officer, sanctions expert and Moody’s Analytics KYC Industry Practice Lead. Topics addressed in this conversation include:The growth of sanctioned entities over the last yearDifficulties KYC and AML sanctions professionals face navigating ownership and control data in this pressurized environmentLessons learned for both regulators and practitionersTools and methods compliance teams can use to address new sanctions packages efficiently and effectivelyThe heightened enforcement actions being taken, with a couple of recent examplesVisit the links below for additional sanctions resources:US Department of the Treasury Office of Foreign Assets Control (OFAC) – Sanctions Programs and InformationUK Office of Financial Sanctions Implementation (OFSI)Sanctions Law, Practice and guidance website KYC Decoded sanctions miniseries:Part 1: The Pen is Mightier than the SwordPart 2: Going Beyond the ListsPart 3: Networks Defeat NetworksPart 4: Sanctions & CryptoGo beyond the lists and visit our website to find out how Moody’s Analytics can enhance your organization's sanctions compliance program. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

AML effectiveness. AML efficiency.What do these words really mean and what difference do they really make in the fight against financial crime? In this episode of KYC Decoded, host Alex Pillow is joined by Natasha Vernier, co-founder and CEO of the regtech firm, Cable. Their lively and informative discussion covers:How to interpret the loose definition of AML effectivenessWhy AML effectiveness mattersTop reasons organizations are fined and how that continues to evolveThe role technology plays in creating efficiency & automated workflowsFor additional resources on AML effectiveness, check out:Cable's "The Effectiveness of Financial Crime Controls" white paper seriesThe OCC's 2023 Bank Supervision Operating PlanLearn more about Cable's automated assurance tool here and increasing regulatory expectations on partner banks here.To get a demo of Moody’s Analytics AML solutions, visit our website. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In the final installment of our investigative journalism miniseries, host Alex Pillow is joined by The Sentry’s Michelle Kendler-Kretsch, Investigative Coordinator and Data Specialist, and Debra LaPrevotte, Senior Investigator and former FBI supervisory special agent. Their engaging, dynamic conversation drives home how investigative journalism plays a critical role in the anti-financial crime ecosystem. A few of the many highlights include:How deeply concentrated insight from investigative journalists strengthen due diligence processes in the private sectorWhat signs to look for when assessing shell companiesWhy data transparency is paramount for an AFC network to defeat bad actorsVisit The Sentry’s website to learn about the work it is doing to defeat predatory networks. You will find all their reports, including the recent report Michelle mentions, Constructing Corruption: Identifying the Enablers Helping Build Violent Kleptocracies.Additional resources about investigative journalism include the International Consortium of Investigative Journalists (ICIJ) and the Organized Crime and Corruption Reporting Project (OCCRP). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Greed. Scandal. Fraud. Our investigative journalism miniseries continues with an epic true story of one of the biggest, most harrowing heists in history.This hair-raising episode welcomes Bradley Hope, one of the co-authors of Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World.This amazing book is available in all good stores, and if you still can’t get enough financial crime literature, we’ve identified our top picks here.To learn more about the projects Bradley is developing, visit the Project Brazen website. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Multi-billion-dollar fraud. Fake bank accounts. Hackers. Spies. Whistleblowers. In this episode, Dan McCrum, Financial Times investigative reporter, brings to life his book Money Men: A Hot Startup, A Billion Dollar Fraud, A Fight for the Truth. This entry into our investigative journalism miniseries dissects the too-good-to-be-true German tech startup, Wirecard, and the role Dan played in exposing its darkest secrets.Be sure to purchase your copy of his book and check out the Netflix documentary film, Skandal! Bringing Down Wirecard. For further reading, we’ve curated a list of our favorite financial crime books. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.