Foreign banks conference at the BBA

Decrease in public funding to fight financial crimes puts more pressure on private banking

A panel of renowned experts from the London financial community addressed the challenges that institutions are currently facing to prevent a variety of crimes through bank operations and services.

 EMA of London – 09.09.14

London – Especial: The decrease in public funding to prevent financial crimes is generating enormous pressure on financial institutions, which must allocate greater resources and develop processes which allow them to reduce risks in their operations, with potentially significant consequences for their reputations.

This was one of the conclusions of the debate that closed the Conference of Foreign Banks, held at the British Banks Association headquarters, at Pinners Hall, on 8th September.

The conference was attended by over 170 representatives of the London financial community.

The panel was moderated by Matthew Allen, Director of Financial Crime at the BBA, and attended by John R. Flynn, Global Head of Financial Crime at Deutsche Bank; Susan Wright, Global Head of Financial Crime and External Relations at the HSBC; Neil Munro, Head of Financial Crime Unit at Société Générale; and Paul Spencer Lloyd, EMEA Head of Financial Crime at Credit Suisse.

Among the different ways for tackling the problem of crime prevention, panellists agreed on: joining efforts with regulators to identify best practices; set the same standards of control on transactions to the commercial partners in all countries where they operate; and to be more aware of new forms of financial crimes via the internet, which demand huge research efforts by the banks.

Additionally, banks will be requesting more information from clients and a more thorough verification of their transactions, in order to prevent crimes and at the same time, obtain information enabling to detect new practices and players threatening the transparency and stability of the financial system.

Conference’s Agenda

The agenda of the Conference also included many current issues for the banking community. The session began with “View of the UK Government on foreign banks”, by Katherine Braddick, Director of Financial Services of the Department of the Treasury in the United Kingdom.

Then it went onto addressing “The impact of the political changes in the EU and the Euro Area”, which was presented by Gergely Polner, Head of EU Affairs at the BBA.
A panel discussed next the “Implications for foreign banks of disruptive political and economic developments in the UK and the EU”.

Finally there were two presentations, one focused on “The third country access regime in the light of MiFIR and MiFID II”, and the other on “UK branches and subsidiaries of Non-EEA banks: convergence or divergence of regulatory oversight”.