Financial crime remains one of the greatest threats for businesses, financial and public institutions worldwide. It drains earnings and may expose both the entity and its senior management to criminal and civil liability. And worst of all, it can significantly damage companies’ most valuable assets – their reputation and their brand value.
The power of AI is lifting the risks of CEO Fraud (Fraude au président) to a new level.
Luxembourg is not immune to the risks of fraud. Its financial sector can be used to transfer illegal money; the interconnectedness between people can lead to an abuse of power; public money can be diverted to the pockets of fraudsters. Efficient prevention and timely detection of fraud are therefore critical to safely manage your fraud risks. This also applies to the non-financial sector, as such organisations are becoming more and more the targets of fraud, as recent scandals are confirming.
This module provides an experience for the staff exposed to AML activities and/or responsibilities to an AI driven fraud analysis through a case study.
This module is part of our Anti-financial crime curriculum.
Duration: 1h30
Language: Available in English, French and German. The supporting material is only available in English.
Number of participants: up to 15
Available as intra-company course (i.e. dedicated session on demand)
Objectives
By the end of this training, participants will be able to:
- understand the various ways AI can be utilised to commit financial fraud;
- identify the signs and indicators of AI-driven fraudulent activities;
- know what constitutes appropriate and inappropriate actions when dealing with new fraud threats;
- sensibilise people for new threat scenarios driven by technology.
Content
The module will cover:
- an awareness session on AI driven fraud;
- new face of fraud - new risks and threats to which organisations are exposed to;
- case studies demonstrating the GenAI deepfake video/audio;
- measures to prepare for and mitigate AI driven fraud.
The case studies highlights and illustrate the multiple risks faced by AML-exposed staff or senior company executives when dealing with:
- executive impersonation aimed at various objectives (gaining access to confidential information, tricking employees into authorising fraudulent payments);
- other financial fraud schemes, such as document forgery and fraudulent account creation.
Target audience
- Representatives of all sectors (financial, private and public)
- Members of the board or management
- Internal auditors, compliance officers or risk managers
- Legal and HR department
Our lead experts
This training is coordinated by Michael Weis, Partner at PwC Luxembourg. The training will be given by directors and managers who benefit from a strong professional experience in this area.
Michael is lead-partner for the Forensic Services practice and of the AML taskforce.
Michael is regularly acting as engagement leader for a large variety of forensic investigations including AML investigations, remediation and prevention projects in asset management and banking.
In this context he is also responsible for high-profile AML audit missions as part of the legal audit requirements for Luxembourg banks and investment funds.
As key contact of the AML distribution due diligence service for the asset management industry, Michael is regularly involved in country risk assessments and the review of laws and regulations of country AML frameworks.
Michael is coordinating projects with the global PwC forensic network and regularly involved in large scale international projects of PwC for investigations and FTS related work. Michael is part of the Global Forensic Network WG on L&D. as CFE (Certified Fraud Examiner).
Michael is recognised in Luxembourg and abroad as a subject matter expert on AML and forensic matters as a key member of the local industry working groups on fraud at the Institute of Internal Auditors (IIA) and the Institut Luxembourgeois des Administrateurs (ILA) for directors. Michael regularly facilitates workshops and trainings on AML and fraud, both in Luxembourg and internationally, in the asset management and banking sector. Michael is also an active member of the Local Compliance Officer Association (ALCO).
