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Transact Secure Brochure
ORGANISED BY: 24-25 FEBRUARY 2015 | DUBAI COMBATTING THE EVOLVING THREAT OF FINANCIAL CRIME WWW. TRANSACTSECUREWORLDSERIES .COM/MENA WISSAM FATTOUH S E C R E T A R Y - G E N E R A L , UNION OF ARAB BANKS L E B A N O N OSAMA AL RAHMA C H I E F E X E C U T I V E O F F I C E R AL FARDAN EXCHANGE U AE MOHAMAD BALLAN C H I E F I N F O R M A T I O N S E C U R I T Y O F F I C E R DOHA BANK Q A T A R WAHEED RATHORE E X E C U T I V E V I C E P R E S I D E N T – G R O U P C H I E F O F C O M P L I A N C E A N D A N T I - M O N E Y L A U N D E R I N G ABU DHABI COMMERCIAL BANK U AE NISHANTH NOTTATH R E G I O N A L H E A D O F F I N A N C I A L C R I M E I N T E L L I G E N C E O P E R A T I O N S STANDARD CHARTERED U AE THOUGHT LEADERS INCLUDE : SUPPORTED BY: SEARCH GROUPS FOR 'TRANSACT SECURE COMMUNITY' FOLLOW US @TRANSACTSECURE AND JOIN THE CONVERSATION #TRANSSECUREME ASSOCIATE PARTNERS: INSIGHT AND SOCIAL MEDIA PARTNER: Thought-Leader Case Studies - Compliance Stakeholder Panel Discussion - Deep Dive Interactive Audience Survey 15% North Africa M iddle East 25%60% Rest of World Financial Institutions 50% Transaction Monitoring Technologists 15% Payment and Information Security Providers 15% Authentication Specialists 10% Branchless Banking Executives 10% C-level 15 % Mid-Management 45% Business Development 25% Policy and Financial Crime Analysts 10% Legal and Advisory Firms 5% The Changing Landscape of Financial Security in MENA The security agenda across ﬁnancial channels in the Middle East and North Africa is as diverse as the nations represented within the region. The pivotal discussion lies within the great imbalance in regulatory legislation and enforcement pertaining to categories of ﬁnancial security. To date, data protection in the Gulf is not governed through a single set of legislation, but through various provisions in the civil codes and penal codes giving rise to a lack of data security and possibilities for data breach and data loss. Common pressures on all ﬁnancial institutions across MENA come from the ever-evolving demands made by international regulatory bodies and the standards they set for ﬁnancial crime compliance and operational risk management.. Oversight in the measures of KYC during customer on-boarding, enhanced due diligence during checks on politically exposed persons, accurate sanction screening and routine reporting in line with the Foreign Account Tax Compliance Act can effectively result in both ﬁnancial and reputational ruin. From a transactional standpoint, predictions suggest that by 2020 the region’s payments volume will have reached $192.3bn and equate to 20% of the total world volume. As a result, there is even more pressure on MENA’s ﬁnancial institutions to evolve and adapt their security systems in line with broader innovation trends. Technological innovations contribute much to the security agenda and make-up the bulk of product-design and veriﬁed methods for implementing market-proven solutions on transaction authentication, fraud-risk management and sanction-screening. Transact Secure MENA provides a holistic overview and an expert-led debate offering you the answers to all the questions on your ﬁnancial security agenda. Join hundreds of your peers as they establish and adopt the advanced ﬁnancial security initiatives that will save their companies huge amounts of money and drastically strengthen their resolve against the ever-evolving face of ﬁnancial crime. WWW. TRANSACTSECUREWORLDSERIES .COM/MENA 150+ ATTENDEES 30 SPEAKERS 20 DIFFERENT PRESENTATIONS AND PANEL DISCUSSIONS 10 EXHIBITORS DEMONSTRATING THE LATEST BANKING SECURITY INNOVATIONS 8 THOUGHT LEADER- LED CASE STUDIES DEEP DIVE INTERACTIVE AUDIENCE SURVEY WHAT CAN I EXPECT ? “The evolving nature of ﬁnancial crime & regulatory enforcement has renewed focus on transaction authenticity” Waheed Rathore, EVP - Group Chief of Compliance and Anti-Money Laundering, Abu Dhabi Commercial Bank WWW. CLOUDBANKINGWORLDSERIES .COM/EUROPE WWW. TRANSACTSECUREWORLDSERIES .COM/MENA 9:00am Chairman’s Opening Remarks Wissam Fattouh, S e c r e t a r y - G e n e r a l , Union of Arab Banks, L e b a n o n 9:10am Keynote: Implementing a Risk-Based Approach to Transaction Surveillance and Information Security Mohammad Ballan, C h i e f I n f o r m a t i o n S e c u r i t y O f ﬁ c e r , Doha Bank, Q a t a r 9:40am Keynote: Financial Crime Trend Watch – Analysis on The Evolving Nature of Regional Financial Crime Wissam Fattouh, S e c r e t a r y - G e n e r a l , Union of Arab Banks, L e b a n o n 10:00am Keynote Panel: Strategies for Implementing an Enterprise-Wide Cross Channel Financial Fraud Prevention Programme Across Multi-Channel MENA The need for multi-layered security encompassing stronger user authentication, cross-channel fraud detection, risk-based transaction authorization and a reduction in false positives has never been more pivotal for ﬁnancial institutions across the Middle East and North Africa as transactions migrate to the vulnerable online and mobile channels. Panellists will endeavour to discuss the varied strategies for building a real-time enterprise risk monitoring and mitigation system for fraud prevention as a “leap-frog” strategy from the more piecemeal, channel-wise approaches of yesteryear. • Balancing efﬁciencies with effective prevention and ensuring a good customer service experience through strategy optimization • Overview of the challenges to implement risk-based customer on- boarding strategies and facilitate due diligence in ‘high-risk’ cross- border transactions Speaker: Wayne Cutting, H e a d o f F r a u d R i s k M a n a g e m e n t , Abu Dhabi Commercial Bank, U n i t e d A r a b E m i r a t e s Tony Hbeilini, H e a d o f F r a u d C o n t r o l a n d M o n i t o r i n g , Credit Libanais, L e b a n o n Bachir El Nakib, H e a d o f C o m p l i a n c e , O p e r a t i o n a l R i s k a n d A M L , Coutts, Q a t ar Moderator: Naveed Naqvi, H e a d – F i n a n c i a l C r i m e s R i s k , VIP Consultants UAE, U n i t e d A r a b E m i r a t e s 11:00am Coffee and Networking Break 11:30am How Arab African International Bank Utilised Multi-Channel Payments to Reach the 'High-Risk' Unbanked and Overcome Challenges in Data Security to Safeguard Transactions Yasser ElMahmoudy, H e a d o f B a n k i n g P r o j e c t s a n d I n f o r m a t i o n S e c u r i t y , Arab African International Bank, E g y p t 12:00pm Spotlight on PCI DSS and EMV Compliance – Tracing the Successes in Saudi Arabia’s Banking Adoption of Global Standards for Data and Information Security Talet Haﬁz, S e c r e t a r y - G e n e r a l , Media and Banking Awareness Committee of Saudi Banks 12:30pm Combating Merchant Collusion and Chargeback Fraud – Understanding the Merchant Process and Utilising Transactional Analytics to Better Detect its Use Tony Hbeilini, H e a d o f F r a u d C o n t r o l a n d M o n i t o r i n g , Credit Libanais, L e b a n o n 1:00pm Lunch and Networking 2:00pm Innovation Showcase – Preventing Fraud through Strengthening Both the End-User and Internal Security Posture 2:30pm Analysing the Trends, Challenges and Solutions in ATM Fraud Across MENA: How Banks Can Better Identify the ‘Point of Compromise’ During a Cyber Heist or ATM ‘Cash-Out’ Scheme Erdal Ozkaya, I T S t r a t e g y A d v i s o r a n d L e c t u r e r , Charles Sturt University 3:00pm Utilizing threat intelligence and encryption to protect bank servers and customer endpoints from next-generation cyber threats, hacker intrusions and external fraud compromises Speaker: Dr. Steven Moody, S o l u t i o n s D i r e c t o r , E M E A , ThreatMetrix 3:30pm Afternoon Refreshments and Networking 4:00pm Identity Assurance, End-User Convenience and a Compelling ROI – Why Real-Time Identiﬁcation Veriﬁcation is the Best Solution for KYC and Identity Fraud Reduction 4:30pm M-Payments Roundtable Discussion - Uncovering the Growth of M-Payments and Mobile Banking – Assessing Key Vulnerabilities and Strategies for Financial Crime Deterrence The payments landscape of the Middle East is characterised by a number of factors; high smartphone adoption – indeed mobile phone accounts greatly outnumber bank accounts – and a large unbanked and under banked population. Every year, hundreds of millions of dollars are being stolen from online banking services – and the ongoing increase in mobile banking activity is adding further risks. Yasser ElMahmoudy, H e a d o f B a n k i n g P r o j e c t s a n d I n f o r m a t i o n S e c u r i t y , Arab African International Bank, E g y p t Hussam Al-Abed, S e n i o r A d v i s o r a n d S e c u r i t y a n d F i n a n c i a l C r i m e R i s k M a n a g e m e n t S p e c i a l i s t Mohammad Ballan, C h i e f I n f o r m a t i o n S e c u r i t y O f ﬁ c e r , Doha Bank, Qatar Erdal Ozkaya, I T S t r a t e g y A d v i s o r a n d L e c t u r e r , Charles Sturt University 5:20pm Chairman’s Closing Remarks Wissam Fattouh, S e c r e t a r y - G e n e r a l , Union of Arab Banks, L e b a n o n 5:30pm Transact Secure MENA Evening Reception Session I: Bolstering Multi-Channel Transaction and Data Security Infrastructure Keynote Opening Presentations DAY 1, 24 TH FEBRUARY 2015 WWW. CLOUDBANKINGWORLDSERIES .COM/EUROPEW WW. TRANSACTSECUREWORLDSERIES .COM/MENA 9:00am Chairman’s Opening Remarks Wissam Fattouh, S e c r e t a r y - G e n e r a l , Union of Arab Banks, L e b a n o n 9:10am Keynote: Preparing for the Foreign Account Tax Compliance Act (FATCA) and its Impact on your Fnancial Institution Manickam Srinivasan, H e a d o f F A T C A , Emirates NBD 9:30am Compliance Stakeholders Panel Discussion Financial Institutions and Regulators Strategize on Compliance Policy Cohesion with Regards to the Anti-Money Laundering, Global Sanctions and Know-Your-Customer (KYC) Requirements In the past 2 years, ﬁnes from the ﬁve largest cases involving breaches of anti-money laundering (AML) and customer due diligence (CDD) totaled more than $3 billion USD. It is in the best interest of the regulators and the ﬁnancial industry alike to seek cohesion between the laws which govern ﬁnancial crime and prevent operational oversight. Michael Wong, S e n i o r M a n a g e r – S u p e r v i s i o n , Dubai Financial Services Authority, U n i t e d A r a b E m i r a t e s Waheed Rathore, E x e c u t i v e V i c e P r e s i d e n t – G r o u p C h i e f o f C o m p l i a n c e a n d A n t i - M o n e y L a u n d e r i n g , Abu Dhabi Commercial Bank, U n i t e d A r a b E m i r a t e s Camille Barkho, C h i e f C o m p l i a n c e O f ﬁ c e r , Lebanon and Gulf Bank SAL, L e b a n o n Hesham Hamdy, C h i e f R i s k O f ﬁ c e r , Arab International Bank, E g y p t Speaker: Wissam Fattouh, S e c r e t a r y - G e n e r a l , Union of Arab Banks, L e b a n o n Moderator: Mike Adlem, P a r t n e r – F r a u d I n v e s t i g a t i o n a n d D i s p u t e S e r v i c e s , Ernst & Young, U n i t e d A r a b E m i r a t e s 10:30am Case Study: Establishing Enterprise Risk Management at Egypt’s Premier Banking Institution Hesham Hamdy, C h i e f R i s k O f ﬁ c e r , Arab International Bank, E g y p t 11:00am Preventing Regulatory Non- Compliance and Reputational Risk Through the Use of Automated Screening for Sanctioned Entities Karl McGowan, H e a d o f S a l e s & O p e r a t i o n s – M E A , Ace Software Solutions, U n i t e d A r a b E m i r a t e s 11:20am Coffee and Networking Break 11:50am Outlining the Beneﬁts of Automated Transaction Surveillance Nishanth Nottath, R e g i o n a l H e a d – F i n a n c i a l C r i m e I n t e l l i g e n c e O p e r a t i o n s , Standard Chartered, U n i t e d A r a b E m i r a t e s 12:30pm Update on the Latest Russian, Iranian, Syrian and Sudanese Sanctions and Case Study on the Outcome and the Decision of the General Court of the EU on Bank Mellat v EU Council Sarosh Zaiwalla, S e n i o r P a r t n e r , Zaiwalla & Co Solicitors, U n i t e d K i n g d o m 1:00pm Lunch and Networking 2:00pm Panel: The Key to Identifying and Implementing AML and CTF-Speciﬁc Typologies and Software Parameters During Transaction Monitoring • What are the key ‘red ﬂags’ that ﬁnancial institutions should seek to identify when monitoring transactions for anti-money laundering? • How do the ‘red ﬂags’ for AML, change when monitoring for fraud? • How effective is traditional ‘sanction screening’ software in monitoring for terrorist-ﬁnancing? Sarfraz Gill, R i s k a n d C o m p l i a n c e H e a d , Orient Exchange, U n i t e d A r a b E m i r a t e s Hasan Tahir, H e a d o f A M L , Abu Dhabi Commercial Bank, U n i t e d A r a b E m i r a t e s Gurminder Kaur, H e a d o f A M L a n d C o m p l i a n c e , UAE Exchange, U n i t e d A r a b E m i r a t e s Antone Sabella, H e a d o f C o m p l i a n c e a n d A n t i - M o n e y L a u n d e r i n g , Cairo Amman Bank, J o r d a n Mohammed Anwar, H e a d o f C o m p l i a n c e a n d A M L , Al Ansari Exchange, U n i t e d A r a b E m i r a t e s Moderator: Bachir El Nakib, H e a d o f C o m p l i a n c e , O p e r a t i o n a l R i s k a n d A M L , Coutts, Q a t a r 3:00pm Are cross-border transactions a ‘gateway to money-laundering’? Osama Al Rahma, C E O, Al Farden Exchange 3:30pm Afternoon Refreshments and Networking 4:00pm Joint Case Study: Automating Suspicious Transaction Activity Using Rule-Based and Behaviour-Based Logic to Reduce False Positives Without Increasing Regulatory Risk Peter Van Crombrugge, V P C h i e f A n a l y t i c s O f ﬁ c e r , iDETECT, L u x e m b o u r g Christos Christou, C h i e f C o m p l i a n c e O f ﬁ c e r , Lulu International Exchange, U n i t e d A r a b E m i r a t e s 4:30pm Case Study: Re-visiting the Sanction-Blighted Journey of Iran’s Middle East Bank Shokouh will present a compelling case study on the inception of the Tehran-headquartered Middle East Bank and the journey the bank has taken in all of its attempts to avoid the sanction list, ultimately being included and the ﬁght-back that the bank is currently undergoing to be exempted from any further sanction lists. Shokouh Abadi, S e n i o r M a n a g e r – C o m p l i a n c e , Middle East Bank, I r an 4:50pm Deep Dive Interactive Audience Survey The session moderator will take to the stage to ask a series of deep- drive questions related to the challenges of information security, compliance and fraud risks for ﬁnancial sector participants. The audience will answer the questions using real-time polling in order to establish the most problematic areas of transaction security. Once the results have been collected, match-making between FI's and technologists will commence followed by an exclusive post- event introduction. Survey Moderator: Naveed Naqvi, H e a d - F i n a n c i a l C r i m e R i s k , VIP Consultants UAE 5:20pm Chairman’s Closing Remarks Wissam Fattouh, S e c r e t a r y - G e n e r a l , Union of Arab Banks, L e b a n o n 5:30pm Conclusion to Transact Secure MENA Session II: An Overview of Opportunities for Heightened Regulatory Awareness of Financial Crime and Financial Institution Responses and Implementations Session III: De-Clustering Solutions and Awarding Industry-Winning Bank Implementation DAY 2, 25 TH FEBRUARY 2015 BANKS: • Learn from successful deployments with a series of joint customer-user presentations • Understand the latest global regulatory updates and interact with Central Bank representatives • Gain a holistic perspective of ﬁnancial crime compliance from keynote panels and presentations • Meet innovative solution providers and gain accredited partners in multi-channel transaction security REGULATORS: • Understand how regulators across MENA are adapting policy to respond to digital channel migration and enforcing ﬁnes for ﬁnancial crime oversight • Join the regulatory round table which creates an open environment for discussion • Meet leading solutions providers to discuss the alignment of technology with sector policy SOLUTION PROVIDERS: • Meet key decision makers and inﬂuencers from MENA’s ﬁnancial institutions • Position your product as an integral part of an FI’s multi-channel transaction strategy • Meet the regulators to learn how to adapt your solution to be sector compliant • Learn how to stand out in a competitive marketplace and understand MENA FI’s unique appetite for your service or product offering WHAT'S IN IT FOR YOU AGENDA HIGHLIGHTS Strategies to strengthen your multi-channel security posture Aligning transaction security innovation with sector regulation and policy deep dive interactive audience survey Best-of-breed end user perspectives Keynote CISO Presentation WWW. TRANSACTSECUREWORLDSERIES .COM/MENA OSAMA AL RAHMA C H I E F E X E C U T I V E O F F I C E R AL FARDAN EXCHANGE YASSER ELMAHMOUDY C H I E F I N F O R M A T I O N S E C U R I T Y O F F I C E R A N D B A N K I N G P R O J E C T S M A N A G E R ARAB AFRICAN INTERNATIONAL BANK BACHIR EL NAKIB V P - H E A D O F C O M P L I A N C E , O P E R A T I O N A L R I S K A N D A M L COUTTS HESHAM HAMDY C H I E F R I S K O F F I C E R ARAB INTERNATIONAL BANK WISSAM FATTOUH S E C R E T A R Y - G E N E R A L UNION OF ARAB BANKS TALAT HAFIZ S E C R E T A R Y - G E N E R A L , M E D I A & B A N K I N G A W A R E N E S S C O M M I T T E E O F S A U D I B A N K S SAUDI ARABIAN MONETARY AGENCY CHRISTOS CHRISTOU C H I E F C O M P L I A N C E O F F I C E R LULU INTERNATIONAL EXCHANGE SAROSH ZAIWALLA, F O U N D E R A N D S E N I O R P A R T N E R , ZAIWALLA & CO GURMINDER KAUR H E A D O F A N T I - M O N E Y L A U N D E R I N G UAE EXCHANGE WAHEED RATHORE E X E C U T I V E V I C E P R E S I D E N T – G R O U P C H I E F O F C O M P L I A N C E A N D A N T I - M O N E Y L A U N D E R I N G ABU DHABI COMMERCIAL BANK CAMILLE BARKHO C H I E F C O M P L I A N C E O F F I C E R LEBANON AND GULF BANK SAL, LEBANON WAYNE CUTTING V I C E P R E S I D E N T - F R A U D R I S K M A N A G E M E N T ABU DHABI COMMERCIAL BANK MICHAEL WONG, S E N I O R M A N A G E R – S U P E R V I S I O N DUBAI FINANCIAL SERVICES AUTHORITY ERDAL OZKAYA I T S T R A T E G Y A N D A D V I S O R CHARLES STURT UNIVERSITY MIKE ADLEM F R A U D A N D I N V E S T I G A T I O N A N D D I S P U T E S E R V I C E S ERNST & YOUNG MANICKAM SRINIVASAN H E A D O F F A T C A EMIRATES NBD KARL MCGOWAN H E A D O F S A L E S A N D O P E R A T I O N S - M E A ACE SOFTWARE SOLUTIONS MOHAMAD BALLAN C H I E F I N F O R M A T I O N S E C U R I T Y O F F I C E R DOHA BANK SPEAKERS INCLUDE: Register HERE to secure your place at this market-shaping event FINANCIAL INSTITUTIONS & REGULATOR RATE BOOK BY JANUARY 23RD $995 $1595V ENDOR RATE FULL RATE $995 $1995 HOW TO REGISTER Take advantage of the early bird discount and save £££ www.transactsecureworldseries.com/register +44 (0)20 7300 7245 info@ﬁntechconnect.com WWW. TRANSACTSECUREWORLDSERIES .COM/MENA The ﬁrst in the Thought Leaders Insight Series is an exciting joint interview between real-life partners in compliance and ﬁnancial crime risk; Lulu International Exchange and iDetect. They discuss the importance for ﬁnancial institutions and solution providers to work together to increase the awareness of compliance worldwide, how solutions are evolving, current trends and future predications. In your expert opinions, what are the greatest areas of concern for the MENA region’s premier ﬁnancial ﬁrms in terms of ﬁnancial crime awareness and regulatory compliance? Christos Christou: Regulators in MENA region are following a rather general pattern of requirements from their licensees to follow; taking the example of UAE, there is a Law that has been passed in 2000 and since then no major alterations have been ofﬁcially declared. However, during workshops they give their compliance directions which do not differ from the general directions set out by United Nations (related to sanctions), FATF etc. In Bahrain, as another example, the Central Bank Rulebook is a very detailed guidance of what is to be followed by their licensees; especially though, matters related to ﬁnancial crimes other than Money Laundering, all Regulators are not clearly deﬁning what is requested from their licensees [In short] there is a difference in how much clarity Regulators give to their AML/CFT requirements. Peter Van Crombrugge: We feel that countering Terrorism ﬁnancing is crucial in this region, and especially cutting off illegal ﬂows of money to extremist groups. All GCC member states are strengthening regional and international counterterrorism cooperation but more than ever the need for technologies being capable to keep up with complex patterns and large amount of structured and unstructured in real-time data is felt. This is especially true with exchange houses for which the speed of transactions is a critical business element. LuLu International Exchange perfectly understood this challenge. Lulu International Exchange is a relatively new organization within a market of legacy exchange houses and remittance ﬁrms. How does such a relatively new competitor implement such strong adherence to anti- money laundering/ counter-terrorist ﬁnancing laws and regulations in such a ‘high-risk’ territory? Christos Christou: The practices followed by other, long established Exchange Houses are spread to Lulu International Exchange from people that have been recruited and previously worked with them. These practices have to be changed against the “will” of the Operations, as they always have an excuse to say that “..but others do not do this…”. Only with a thorough risk assessment and risk mitigation plan we can enforce these new automated procedures. However, the organization’s senior management believe that we need to be compliant at all times, and this message has also been part of our vision and mission statements. With the power given from the strategic direction, the Compliance Ofﬁcer can with the Operations to slowly change all the “bad” practices followed in the market. Peter Van Crombrugge: The match between us and LuLu International Exchange was immediate. LuLu International Exchange LLC provides services to people across the globe by offering to its customers the latest technologically advanced products in the world of funds transfer and currency exchange. But every opportunity comes with risks, which obviously need to be mitigated. iDETECT is a next generation product designed to tackle the foremost challenges of the information era. Basically we are growing based on the know-how of our respective businesses and by utilizing the most contemporary technological means. Would you agree with the statement that automated sanction screening is a ‘must’ in accurate detection at present for ﬁnancial institution and if so why? Christos Christou: I totally agree with the utmost necessity of real-time sanction screening, not because the Regulators clearly state this in their rulebook, but because the potential damage of not executing it accurately is much larger than any proﬁt expectations. The reputation of the organization, together with the low proﬁtability margins do not allow any hesitation to apply a proper, immediate, and accurate black-list or sanction screening. After all, based on FATF Recommendations and AML/CFT Regulations and Directives, it is the ultimate responsibility of the sender to make sure the sanctions are not violated. The Company correspondents will eventually lose their fate in the Remittance Provider, and this will directly affect their business opportunities. Peter Van Crombrugge : Sanction screening is obviously a "must have", but also bad press, law enforcement notices, rss feeds analysis ...and all types of emerging risks need to be taken into account. At LuLu International Exchange LLC we use dedicated web crawlers and text mining analytics, which were beforehand only available to intelligence agencies. This provides an unprecedented level of protection by using all possible capabilities of what experts call the Open Source Intelligence (OSINT) ﬁeld. Within the coming years, the ﬁeld of sanction screening is most likely going to evolve drastically. How important is it for ﬁnancial institutions and solution provider technologists to work together to increase the awareness of compliance across the MENA region and beyond? Christos Christou: There is reluctance on behalf of Operations to accept controls as it reduces their sales; moreover, if these controls relate to compliance, then the Organizations’ Management are even more reluctant to spend. The cost of compliance become greater year after year, thus eroding the immediate proﬁtability of the Organizations and affect the income of many people, but also become a necessity based on Rules and Regulations. Solution providers on the other hand have to convince both Compliance for the suitability of their product, and the Organization’s Management for their prices. If a solution is proven to be effective in both aspects, then it is of utmost importance to work together to convince as many players in the market as possible of the beneﬁts of this proposal and achieve a uniform control throughout the market. Peter Van Crombrugge: The technology ﬁeld is drastically evolving now. We understood that choosing the right partner is crucial for our clients. We strive to provide world-class analytics and to implement them hand in hand with the most demanding customers. By doing so, we pave the way for an increased awareness of compliance. Success stories are mutually beneﬁcial for technologist and ﬁnancial institutions. In your opinion what will the security and compliance suite of solutions look like by 2020 and what will the major trends be? Christos Christou: The compliance solutions will become a complete platform of investigating and managing the risks related to all types of ﬁnancial crime. The deﬁnition of ﬁnancial crime will be widened to cover tax, fraud, illegal trade, and all types of piracy over and above the current offences. These platforms will join together the investigation process from end-to-end, i.e. will start from the Sender (originating institution) to the Receiver (mostly beneﬁciary institutions) and ultimately to the FIU investigation units. All investigation units will also be joined together in a separate platform, whereby the exchange of data and information will assist in the full investigation process and prosecution of offenders to justice. Peter Van Crombrugge: Recently a leading research ﬁrm identiﬁed iDETECT as one of the few technologies, on a global level, being capable to provide what they call “canned analytics” for fraud and security use cases. They say that already by the end of 2017, the market will look quite EXCLUSIVE INDUSTRY INSIGHT: INTERVIEW WITH CHRISTOS CHRISTOU C H I E F C O M P L I A N C E O F F I C E R LULU INTERNATIONAL EXCHANGE PETER VAN CROMBRUGGE V P – C H I E F A N A L Y T I C S O F F I C E R IDETECT. differently than it does today: vendors with canned and predictive analytics will prevail. The time of tools relying on heavy ETL processes and structured data-only is behind. The same leading research ﬁrm believes that if vendors want to service fraud and security use cases, they will need to start producing their own purpose-built and canned analytics in order to survive competition. On top of this, I do not think it is making sense anymore for organizations to engage in large projects with heavy impact on their IT department like it is unfortunately still often the case today. The notion of “enterprise risk” covering fraud, illegal trade, money laundering…just like Christos mentioned before, is going the future trend. Financial crime shall be seen as a whole and not anymore as silos. , rss feeds analysis ...and all types of emerging risks need to be taken into account. At LuLu International Exchange LLC we use dedicated web crawlers and text mining analytics, which were beforehand only available to intelligence agencies. This provides an unprecedented level of protection by using all possible capabilities of what experts call the Open Source Intelligence (OSINT) ﬁeld. Within the coming years, the ﬁeld of sanction screening is most likely going to evolve drastically. How important is it for ﬁnancial institutions and solution provider technologists to work together to increase the awareness of compliance across the MENA region and beyond? Christos Christou: There is reluctance on behalf of Operations to accept controls as it reduces their sales; moreover, if these controls relate to compliance, then the Organizations’ Management are even more reluctant to spend. The cost of compliance become greater year after year,