Fincrime education shake-up announced offering more choice, all the big stories from EAFCS2024, Britain’s likely new sanctions rules.

THIS WEEK the news has been dominated by the launch of two new “game changer” online education programs for banking and fintech financial crime and cyber professionals. The courses are set to shake up the sector and offer more choice and an exciting alternative to the existing training on offer.

The AMLi Business School – a unique collaboration between AML Intelligence, the renowned PAT Business School and Technological University Dublin –offers university-certified education for Financial Crime Compliance (FCC) professionals and also cybersecurity professionals in financial services. Eurogroup President Paschal Donohoe described the initiative as a “game changer” and congratulated all three entities for establishing the AMLi Business School.

AML Intelligence MD James Treacy said the sector was prime for disruption and the new courses would challenge “the effective monopoly” operating, particularly in the FCC education space.

The European Parliament’s Rapporteur on the Digital Operational Resilience Act (DORA), Billy Kelleher MEP MEP welcomed the news and said the new online offering for cyber professionals would build the resilience of Europe’s financial services.

The first two courses to be announced are:

the Certified Anti-Financial Crime Professional (CAFCP); and

the Certified Digital Operational Resilience Act Professional (DORAP)

Both are comprehensive, 12-week programs designed by leading industry professionals and are full Level 8 modules, accredited by TU (Technological University) Dublin. Find out more here: Eurogroup President welcomes ‘game changer’ university-accredited courses for fincrime compliance and cyber professionals

Meanwhile, the impact of last week’s European Anti-Financial Crime Summit 2024 (EAFCS), which saw 600 leading industry figures converge at Dublin’s RDS was still reverberating.

Two outstanding figures in the area of anti-financial crime - Dr Marcus Pleyer and Chief Jim Lee - were formally honoured for their decades long-careers tackling illicit finance. While their achievements are too numerous to list here, a flavour includes major policy reform to tackle money laundering and the takedown of a darknet marketplace for child sexual abuse materials. Hailed as ‘legends’ in their area, the two men have now been enrolled into the EAFCS Hall of Fame. Read the full story here: Pleyer and Lee honoured for their efforts fighting financial crime at EAFCS 2024

The International Anti-Financial Crime Summit 2024 (IAFCS2024) will take place on October 9 next in London. This unmissable conference takes place at the 10 Union Street convention centre, located in the heart of London’s business district. The Summit will feature regulators, policymakers, industry leaders and law enforcement chiefs. Leading speakers, panellists and sponsor partners will be announced soon. EARLY, EARLY BIRD TICKETS NOW AVAILABLE

Jim Lee, the former chief at the IRS-CI, also showcased why he was honoured in the first place. He outlined how public-private partnerships (PPPs) have helped generate hundreds of leads on major cases, with private sector subject specialists and analysts working with law enforcement to track darknet crimes such as child exploitation. Find this here: Lee lauds PPPs, tells how they helped secure major cases – including shutting down dark web child porn ring

EAFCS attendees were also treated to one of the first public talks from Tracfin’s new director Antoine Magnant since he stepped into the role at the top of France’s AML unit earlier this year. Staying with the theme of the benefits of PPPs, Magnant told how these collaborations are vital to cracking down on cyber crime and protecting democracy. He also outlined his concerns on ML risks in France with the Paris Olympics looming.

Moving away from PPPs into AI, Charmian Simmons, a financial crime and compliance expert from SymphonyAI, described how money is set to pour into the AML sector. With $34.7 billion set to be spent in the industry this year, Simmons predicted that over the near term this will rise strongly every year out to 2028, when AML spending globally could almost top $44 billion. She said AI will form an increasingly large part of this spend, with particular value for the risk and legal sectors. Catch this here: AI ‘explosion’ will see up to $34.7BN spent on AML this year

The last point on the EACFS jumps back to the start of the conference, which was opened by Paschal Donohoe. The Eurogroup President gave some insight into how the EU’s finance ministers all recognise that there needs to be a crackdown on “faceless” criminals who can hide their identities while carrying out scams. Donohoe, who is also Ireland’s Minister for Public Expenditure, spoke of how Europe needs to “do more” to combat this type of financial crime. Read the full story here: EU must do more to battle ‘faceless’ criminals, Eurogroup President Paschal Donohoe tells Anti-Financial Crime Summit 2024

Finally, Canada’s TD Bank was back in the news on Thursday as it revealed how a “comprehensive” overhaul of its U.S. AML program is underway. Compliance issues have seen the lender, the second largest in Canada, already set aside a staggering $450 million to cover potential fines. While the firm reported better than expected quarterly earnings, it is still facing regulatory issues in the U.S. and will likely be hit with further monetary penalties.

In Britain’s shadow foreign secretary David Lammy – almost certain to be a Minister by July - has committed to introducing a new whistleblower reward scheme for those who identify sanctions breaches. In a keynote speech at the Institute for Public Policy Research think-tank in London, Lammy outlined Labour’s plans for tackling money laundering if the party wins the upcoming UK general election, which is expected to be held later this year.

Meanwhile Dutch prosecutors are looking into a criminal complaint against Booking.com BKNG.O over its listing of rental properties in Israeli settlements, they said on Thursday. Dutch non-profit organisation SOMO said it had filed the complaint with the Dutch public prosecutor in November, together with three other human rights groups, but had not gone public with it before.

Now for your Friday news blast...

AMLI BUSINESS SCHOOL: NEW “game changer” online education programs for banking and fintech financial crime and cyber professionals were announced today (Wednesday). The courses are set to shake up the sector and offer an exciting alternative to the existing training on offer. The AMLi Business School – a unique collaboration between AML Intelligence, PAT Business School and Technological University Dublin – is offering university-certified education for Financial Crime Compliance (FCC) professionals and also cybersecurity professionals in financial services. Read the story here:

LEE AND PLEYER HONOURED: TWO outstanding figures in the area of global anti-financial crime - Dr Marcus Pleyer and Chief Jim Lee - have been formally awarded for their efforts in tackling the problem. The two public servants received awards for exemplary careers of leadership in the public service at last week’s European Anti-Financial Crime Summit 2024 (EAFCS) in Dublin. Dr Pleyer is Deputy Director General of the German federal finance ministry and former President of FATF (2020-2022). He is also in charge of building out Germany's new federal AML super-agency.

INSIDE IRELAND’S FINCRIME POLICING: A leading organised and serious crime garda has highlighted that protests more than doubled in one year in Dublin – and most are anti-immigration. Assistant Garda Commissioner for Organised and Serious Crime, Justin Kelly, has told the European Anti-Financial Crime Summit (EAFCS) at the RDS in Dublin that in 2022, 300 protests took place in Dublin.

FINCRIME EXPERT JIM LEE PRAISES PPPs: LEADING US fincrime expert Jim Lee has told how PPPs have helped generate hundreds of leads on major cases recently. Jim Lee, former chief at the IRS-CI, who now works for Chainalysis, told the European Anti-Financial Crime Summit (EAFCS) at the RDS in Dublin how there is a J5 Challenge group – made up of experts from law enforcement, the private sector and financial sector, who had worked together to bring about investigation into the dark web and other online crimes.

ANTOINE MAGNANT ENCOURAGES PPP COLLABORATION: Antoine Magnant, director of TRACFIN, has told the European Anti-Financial Crime Summit (EAFCS), that PPPs working together against cyber crime is key to protecting democracy. Mr Magnant gave a keynote address to the RDS audience, stating that with the backdrop of the Olympics, set to be staged in Paris this year, it was increasingly apparent how PPPs needed to share data to work against crime and terrorism. Get the full story here: Antoine Magnant, director of TRACFIN, tells European Anti-Financial Crime Summit (EAFCS) PPPs collaborating aid democracy across Europe

CORPORATE BENEFICIAL OWNERSHIP: SWISS A federal register of beneficial company owners is the central measure which Switzerland has approved as part of a new anti-money laundering framework. However, unlike many other countries, the register will not be publicly accessible. The Swiss government announced that it has adopted a series of AML initiatives which will now be submitted to the country’s parliament for formal approval.

WHISTLEBLOWER REWARD: David Lammy, the UK shadow foreign secretary, has committed to introducing a new whistleblower reward scheme for those who identify sanctions breaches. In a keynote speech at the Institute for Public Policy Research think-tank in London, Lammy outlined Labour’s plans for tackling money laundering if the party wins the upcoming UK general election, which is expected to be held later this year.

BOOKING.COM IN HOT WATER: Dutch prosecutors are looking into a criminal complaint against Booking.com BKNG.O over its listing of rental properties in Israeli settlements, they said on Thursday. Dutch non-profit organisation SOMO said it had filed the complaint with the Dutch public prosecutor in November, together with three other human rights groups, but had not gone public with it before.

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Have a great Thursday👋

Stephen and the team at AMlintelligence.