For yet another year, our colleagues participated in the 2024 IMTF User Group Conference, held in Munich from September 18–19. A unique opportunity for our team to learn all about the updates, trends and insights on the future of financial crime prevention and compliance by IMTF.
The conference brought together more than 150 leaders and experts from across the industry to discuss some of the most critical issues facing compliance professionals today. With a focus on innovation, technology, and international cooperation, the event highlighted key strategies and emerging trends that are set to shape the future of financial crime prevention. Colleagues from Printec Albania, Greece and Romania joined the user group along with customer representatives.
Day 1 – Thursday, September 18: The Evolution of Siron® One and AML Challenges
The opening session on Siron® One took participants through the platform's remarkable journey, showcasing its success as a cutting-edge compliance solution. With its widespread adoption across different regions and a new website launch, Siron® One has firmly established itself as a leader in the industry. The platform has also received numerous accolades from top analysts, cementing its reputation as a game-changer.
The day also featured a compelling discussion on Anti-Money Laundering (AML) and the ongoing battle against Illicit Financial Flows (IFFs). Speakers addressed the significant hurdles in AML, including the need for greater international cooperation, better data-sharing protocols, and advancements in technology to keep pace with the evolving landscape of financial crime. A key takeaway was the growing emphasis on proactive prevention rather than reactive intervention—an essential strategy in today’s dynamic environment.
In addition, participants reflected on the challenges posed by global disruptions, including the pandemic, the war in Ukraine, and geopolitical tensions, all of which have led to increased sanctions and more sophisticated money laundering techniques. The role of technology in addressing these new threats was a recurring theme throughout the day's discussions.
Day 2 – Friday, September 19: Real-time financial Systems and the Future of Compliance
On the second day, attention shifted to the rapid transformation of the global financial system. Key discussions revolved around the rise of real-time payments, digital platforms, and cryptocurrencies. These developments have created new opportunities but also new challenges for compliance teams.
The European Banking Authority (EBA) introduced the foundational principles of Real-Time AML, emphasizing the need for financial institutions to adopt real-time monitoring for high-risk transactions. As the financial system becomes more real-time, so too must the compliance solutions designed to prevent financial crime.
An exciting aspect of the discussions was the integration of Machine Learning (ML) into compliance practices. ML is revolutionizing the way financial institutions detect suspicious activities, moving from retrospective models to real-time, predictive algorithms. This shift promises to dramatically improve the accuracy and efficiency of AML efforts.
Technological innovations and compliance solutions
Throughout the conference, technological advancements were a key focus, particularly in the use of Artificial Intelligence (AI) and Machine Learning to enhance compliance workflows. These technologies are transforming risk assessment, Know Your Customer (KYC) processes, sanction screening, and fraud detection.
A major highlight was the presentation of Siron® One, a comprehensive platform designed to meet the challenges faced by compliance teams in today's fast-paced environment. By integrating compliance data and automating manual processes, Siron® One enables real-time monitoring and significantly enhances operational efficiency.
Conclusion: Looking forward to the future of compliance
The 2024 IMTF User Group Conference in Munich provided invaluable insights into the future of financial crime prevention. Our colleagues and customers from Greece, Romania, and other regions left the event with a renewed understanding of the industry trends.
