Money Laundering and Terrorism financing are two major threats to the safety and wellbeing of the Australian community as per strategic intelligence assessments. The major responsibility of any Financial Institutions (FI) today is to counter these global risks by strengthening the integrity of their financial systems. The utilization of Robotic Process Automation (RPA) in the Australian Financial Institutions (FI) is one step closer towards adhering to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) requirements, which satisfies the regulatory compliance requirements as well as establishing high customer confidence. RPA plays a vital role in any Financial Institution to handle the ever-increasing regulatory compliance requirements such as AML/ CTF, KYC and AUSTRAC reports etc. The expectations from customers in regard to their monetary safety have been pushed to a low threshold after the recent failures in the Financial Systems caused by basic human errors. FI’s are working hard to retain the trust of their customers by taking a lot of measures in protecting the integrity of the Financial systems. While the basic block of criterion being building an efficient system to identify, mitigate and manage the risks of AML/CTF and KYC requirements, the other important factor is validating the integrity of these systems and compliance requirements using most capable and efficient tool. RPA helps to build highly compliant and integrated systems because it’s extremely consistent in validating any number of functionalities and business rules in any number of Systems. RPA can identify and report suspicious transactions, Financial Crime alerts, detecting Sanctions very accurately by performing various AML transactions not only for the first time but every time any IT changes are made in the system. Ultimately, Robotic Process Automation (RPA) testing is one of the best weapons in countering Money Laundering and Terrorism Financing.

October 23 @ 14:00
14:00 — 14:45 (45′)