AML TALLINN 2024
5th Anniversary
NORDIC-BALTIC
AML CONFERENCE 2024
"The ADVENTURE of the EU AML Package"
19–20. NOVEMBER
CONFERENCE VENUE
#AMLconference
The working language of the conference is English
EU AML Package – A New Chapter in Combating Financial Crimes - marks a significant shift in the fight against money laundering and terrorism financing within the European Union. Initiated by the European Commission in July 2021, this ambitious legislative package was officially adopted by the European Council and published in the EU's Official Journal on June 19, 2024.
The package introduces comprehensive measures aimed at enhancing the detection of suspicious financial activities, addressing technological advancements, and closing regulatory gaps that have been exploited by criminals. It includes several key legal acts, such as AMLD 6, AMLR, and AMLA-R, which will reshape the regulatory landscape across the EU, with implementation deadlines extending into 2029.
Let's reflect on and analyze the journey we've taken so far in this adventure, and then look ahead to the exciting and new developments that await us — topics we'll also be discussing at the conference!
19. November 2024
Morning Coffee and Networking
Opening Remarks by Day Moderators:
Mari-Liis SOE, Co-Founder and Managing Partner at Complok
Co-Moderator (TBA)
Welcome Speech:
Ministry of Finance of Estonia (TBA)
9:15 - 10:15
Session I:
THE EUROPEAN LEGISLATOR’S NEW AMBITIOUS AML/CFT PACKAGE
Keynote Speech by European Commission:
"New Ambitious Legislative Initiative and Major Regulatory Framework Updates."
Keynote Speaker:
Raluca PRUNA, Financial Crime Unit, DG Financial Stability, Financial Services, and Capital Markets Union (FISMA) of European Commission
Topics:
New Ambitious Legislative Initiative Marking a Paradigm Shift in Combating ML/TF.
Major Regulatory Framework Updates from the European Commission.
Address the remaining challenges and opportunities for cooperation between national authorities and EUbodies in ensuring effective enforcement.
Strategic AML/CTF Policy debate:
"Navigating the Future of AML/CTF Space: Strategies, Challenges, and Opportunities."
Panelists:
Kadri KIISEL, Chairman of the Council of Estonian Banking Association, LHV Pank
Andres PARMAS, Prosecutor General Estonian Prosecutor's Office
Taavi TAMKIVI, Member at Fintech working group of FinanceEstonia, CEO of Salv
Panel Moderated by:
Märt BELKIN, Journalist at “Eesti Ekspress” - Delfi Meedia
Objectives of the Debate:
Explore the implications of the new EU-wide harmonized AML rules.
Assess how these measures strengthen the fight against financial crime and terrorism. Discuss the impact on member states and national systems in combating fraud and organized crime.
Will stricter AML rules strengthen the EU's unified fight against ML and TF financing - or is more / less needed? Do we see a risk of overregulation, and in which aspects?
Update regulatory framework to address technological innovations, integrated financial flows, and global terrorist threats.
Session II:
STRENGTHENING RISK ASSESSMENT FRAMEWORKS: SUPRANATIONAL AND NATIONAL PERSPECTIVES
Keynote Presentation:
" Supranational and National Risk Assessment: Mapping Vulnerabilities and Mitigating Risks."
Keynote Speaker:
TBA, Financial Crime Unit SRNA Expert, DG Financial Stability, Financial Services, and Capital Markets Union (FISMA), European Commission
Topics:
Overview of the Annual Supranational Risk Assessment Report:
Importance of the report in identifying vulnerabilities in financial products and services. Key findings and trends in money laundering and terrorist financing risks across the EU.
Understanding the Role of Risk Analysis in Mitigation Strategies:
How the risk analysis serves as a vital tool for Member States and obligated entities. Recommendations provided to enhance compliance and security.
Collaboration Between Supranational and National Authorities:
Strategies for effective cooperation between the European Supervisory Authorities and national regulators. Sharing best practices and lessons learned from national risk assessments.
Implementing Recommendations at the National Level:
How Member States can effectively apply the insights from the supranational assessment to their own risk assessments. Case studies of successful implementation of recommendations.
Future Challenges and Directions in Risk Assessment:
Emerging threats and trends in financial crime that require adaptive risk assessment approaches. The evolving role of technology and data analytics in enhancing risk assessment processes.
Panel Discussion:
"Opportunities for Improving PPP Cooperation Between Market Players and Authorities in the NRA Process."
Panelists:
TBA, Financial Crime Unit SRNA Expert, DG Financial Stability, Financial Services, and Capital Markets Union (FISMA), European Commission
Panel Moderated by:
Rainer OSANIK, Head of Financial Information and Intelligence Policy Department of Ministry of Finance of Estonia
Discussion Points:
Understanding the Current Landscape of PPP Cooperation:
Overview of existing public-private partnerships in the Risk Assessment Processes. Assessment of current challenges and barriers to effective collaboration.
Identifying Opportunities for Enhanced Cooperation:
Exploring innovative models of cooperation between market participants and regulatory authorities. Discussing successful case studies that illustrate effective PPP initiatives:
Role of Technology in Strengthening Partnerships:
How technology can facilitate better communication and information sharing between stakeholders. The impact of data analytics on improving risk assessment and compliance.
Best Practices for Engagement and Collaboration:
Strategies for fostering trust and transparency between public and private sectors. Recommendations for establishing formalized frameworks for cooperation, and Future Directions in PPP Regulation.
Anticipating changes in the regulatory landscape and their impact on PPP.
Discussing the role of industry associations and forums in promoting collaboration.
Open Floor for Questions and Contributions:
Inviting insights and experiences from panellist’s and audience members regarding effective PPP practices.
Coffee Break and Networking
Session III: STRIKING THE BALANCE BETWEEN REGULATION AND INNOVATION
Keynote presentation:
"Anti-Money Laundering in 2040: The Agentic M2M economy "
Keynote Speaker:
Faisal ISLAM, Chief Executive Officer of Complytek
Panel Discussion:
"Harnessing New Technologies for Enhanced AML/CFT: Opportunities and Challenges."
Panelists:
Kaarel KUDDU, Product Director at Wise
Faisal ISLAM, Chief Executive Officer of Complytek
Mihkel RUUBAS, Head of KYC DDD of Swedbank Estonia
TBA [Panelist 4]
Panel Moderated by:
Mari-Liis KUKK, Head of Innovation Department at Finantsinspektsioon - Estonian Financial Supervisory Authority
Topics:
Fostering Responsible Innovation:
Create a collaborative environment between government and the private sector to support innovations that enhance AML/CFT effectiveness.
Balancing Innovation with Privacy:
Ensure that privacy and data protection measures are integral when implementing new technologies in the AML/CFT space.
Promoting Financial Inclusion:
Encourage innovations in AML/CFT that are designed to support and promote financial inclusion.
Flexible Regulatory Frameworks:
Develop and communicate regulatory policies that are flexible, technology-neutral, and outcomes-based, aligning with a risk-based approach to innovation.
Informed Oversight and Cooperation: Exercise informed oversight of new technologies and promote cooperation among stakeholders to enhance collective AML/CFT efforts.
How AI helps Market Players stay ahead of evolving financial crime tactics, closing critical gaps in ML/TF prevention.
Lunch Break and Networking
Session IV: MONEYVAL STRATEGY ON AML/CFT FOR 6TH ROUND OF EVALUATIONS
Keynote Presentation of MONEYVAL:
"MONEYVAL's New Strategic Approach – General Principles and Rules for Evaluations."
Keynote Speaker:
Matis MÄEKER, Vice-Chair of MONEYVAL, and Head of Estonian Financial Intelligence Unit
Topics:
MONEYVAL’s mission, vision and approach:
The six Strategic Pillars.
MONEYVAL’s role in the Global Network.
General principles and rules – scope, principles and objectives:
Changes in the FATF Standards.
Scheduling mutual evaluations.
Procedures for conducting assessments in the supra-national context.
Panel Discussion:
"Right Strategy and Action Plan for Preparing a Successful Evaluation."
Panelists:
Veronika METS, Senior Administrator from MONEYVAL Secretariat
Henrik MÄGI, Senior Compliance Officer of Luminor Group
Ursula SOKK, Advisor of Financial Information and Intelligence Policy Department of Ministry of Finance of Estonia (TBC)
Panel Moderated by:
Matis MÄEKER, Vice-Chair of MONEYVAL, Head of Estonian Financial Intelligence Unit
Topics:
The Role of Risk Assessment in Preparing for MONEYVAL's Evaluation.
Enhancing Readiness for MONEYVAL: Lessons from Previous Evaluation Rounds.
Implementing Feedback from Previous Evaluations: A Pathway to Success in the 6th Round.
Navigating the 6th Evaluation Round: Strategies for Effective Compliance.
Collaborative Approaches to Strengthening AML Frameworks Ahead of MONEYVAL Evaluations.
Energy Pause and Networking
Session V: SECURING THE CRYPTO SPACE FOR LEGITIMATE PLAYERS
Supervisor Keynote Presentation:
"Strengthening AML/CFT Standards – Enhancing Compliance and Reinforcing Frameworks in the Crypto Ecosystem."
Keynote Speaker:
Kilvar KESSLER, Chairman of the Board of Finantsinspektsioon - Estonian Financial Supervisory Authority (FSA)
Topics:
Worldwide and EU AML/CFT Reforms for the Crypto Sector.
Overview of proposed regulatory changes for virtual assets.
EU-wide limit on large cash payments and the ban on anonymous crypto-asset wallets Revisions to the Transfer of Funds Regulation.
The new Regulation on the Traceability of Transfers of Funds (TFR) ensures the traceability of crypto-asset transfers and the authentication of users, aligning with FATF standards, e.t.c.