Posted by Brian Kindle - 11/04/2019
Change the Game – Submit Your Idea to Transform the Future of Financial Crime Prevention
Leading up to its Future of Fincrime Summit in New York City on Dec. 5th, ACFCS is holding a challenge based on a question that’s simple to ask but hard to answer:
If you could offer one idea that would have the biggest impact on financial crime detection and prevention, what would it be?
Take the challenge and submit your answer. All submissions will be reviewed by a panel of subject matter experts from the event’s speaker roster with the top three presented at the Summit and released to the wider ACFCS and financial crime fighting community.
The winning participants will also be given complimentary attendance at the Summit and a CFCS Certification with one year of membership included.
All experience levels, roles and industries are welcome to submit.
The application period has now ended. Thanks to everyone who participated!
We’re asking for one idea that you believe would have the largest and most lasting effects in combating any form of financial crime – Money laundering, fraud, corruption, cybercrime, sanctions, tax evasion, terrorist financing and more.
Ideas can be related to any area of fincrime detection and prevention – Compliance programs, law enforcement, regulation, legislation, technology or some combination of these.
- Individuals in any role, organization type and experience level are welcome to apply
- The contest is open to ACFCS members and non-members
- Only one submission is allowed per individual
- The top three submissions will receive complimentary attendance at the Future of Fincrime Summit in New York City on Dec. 5th, complimentary CFCS certification and one year of ACFCS membership. If unable to attend, Summit registration is transferable.
Suggestions for Submissions:
We recognize this is a very broad question, and that’s on purpose – We don’t want to limit the creativity of the community! At the same time, there is some guidance on what we’re looking for in a compelling submission:
- Be as specific and granular as you can, given the limits – For example, if you’re proposing a new tech tool or regulation, explain not only what it is, but also how it would be implemented and why it would make such a big impact.
- Try to include facts, figures and references – While your ideas may be theoretical, if you can ground them in real-world metrics, it will make a more compelling case.
- Ideas should be as actionable as possible given current conditions – For example, try not to rely on technologies that don’t exist yet or fundamental changes to the entire financial system.
Since the founding of the FATF in 1989 launched a new, international effort against financial crime, few would argue that we’ve made progress in fighting money laundering, fraud and corruption on a global scale.
Yet fewer still would argue that financial criminals are on the ropes, or even that financial crime has substantially reduced. Stark statistics and realities on the ground back this up.
The United Nations Office on Drugs and Crime estimates that only .2% of the proceeds of crime are seized. Just in this past year, major money laundering scandals in Europe have reminded us that the global financial system remains highly vulnerable to bad actors. Meanwhile, disruptive new technologies have granted criminals powerful new tools, from cryptocurrencies to ransomware.
Yet disruption can bring new opportunities. A variety of factors – New technologies like AI and blockchain, changing cultural attitudes to compliance, a shift in regulatory priorities and others – have created a moment where transformative change in fincrime prevention may be possible, rather than just incremental progress.
To get there, we’ll need a lot of hard work, but also big ideas and new ways of thinking about old problems. That’s where you come in. If you could offer one idea that would have the biggest impact on financial crime detection and prevention, what would it be?
See What Certified Financial Crime Specialists Are Saying
"The CFCS tests the skills necessary to fight financial crime. It's comprehensive. Passing it should be considered a mark of high achievement, distinguishing qualified experts in this growing specialty area."
KENNETH E. BARDEN
"It's a vigorous exam. Anyone passing it should have a great sense of achievement."
(CFCS, Official Superior
de Cumplimiento Cidel
Bank & Trust Inc. Nueva York)
"The exam tests one's ability to apply concepts in practical scenarios. Passing it can be a great asset for professionals in the converging disciplines of financial crime."
(CFCS, Royal Band of
"The Exam is far-reaching. I love that the questions are scenario based. I recommend it to anyone in the financial crime detection and prevention profession."
(CFCS, CAMS Lead Compliance
Trainer, FINRA, Member Regulation
Training, Washington, DC)
"This certification comes at a very ripe time. Professionals can no longer get away with having siloed knowledge. Compliance is all-encompassing and enterprise-driven."
KATYA HIROSE CFCS, CAMS, CFE, CSAR Director, Global Risk & Investigation Practice FTI Consulting, Los Angeles