Financial Crime and Related Impact on Corporations as a Huge Issue for Competitive Situations

Financial crime is commonly considered as covering the following main offences: fraud, money laundering, terrorist financing, bribery and corruption, tax evasion and tax fraud, failure to adhere to international sanctions regimes, market abuse and insider dealing. 

Currently, there is a huge regulatory pressure on financial institutions to be a front-line defense against financial crimes. The threat of significant fines and potential damage to their reputations is driving them to make significant investments in technology/systems, governance, training and process controls. They must be able to articulate the financial crime risks inherent in their businesses and must have programs and tools in place that are appropriate for those risks. A robust system requires that institutions have a clear understanding of their customers and to be able to appreciate what is "normal" behavior for each customer through millions of transactions that occur every day.

The session will highlight the three lines of defense of the Compliance programs which allow to prevent, detect and deter financial crimes. It will also cover practical cases and will refer to the competitive impacts on every facet of the business. 


Key Takeaways

  • The-Three-Lines-of-Defence-Model as a key element in ensuring effective governance and oversight of the financial crime risks 
  • “Know Your Customer” and “customer due diligence” as critical elements for financial crime prevention 
  • Building Intelligence into financial crime compliance 

Speaker Profile

Lilia Rusnac, Head of AML/ Financial Crime Compliance – Citi France

Lilia joined Citi France in February 2021. Previously, she has worked as AML/CTF Compliance Officer for Natixis, French Corporate Investment Bank. She was also in charge of the oversight and coordination of Compliance program of CIB International locations. Before working in banking industry, Lilia has worked for five years with a French Competitive Intelligence Consultancy, FLA consultants. 

Lilia has a master’s degree in international Relations from the Institute of Political Studies (Bordeaux, France) and a MBA specialized in Strategy&Business Consultancy (Paris School of Business).