LONDON, July 3, 2024 /PRNewswire/ — Lakshmi Narayanan, Chairman of the Sovereign Wealth Fund Institute (SWFI), has been awarded the prestigious title of Freeman of the City of London during the highly successful Global Wealth Conference (GWC) 2024. This ancient honour recognizes Narayanan’s significant contributions to the financial sector and his efforts to foster international cooperation in wealth management.

The Freedom of the City of London, one of the oldest surviving traditional ceremonies dating back to 1237, has been awarded to numerous notable figures throughout history. Narayanan’s recognition comes as a testament to his pioneering work with SWFI, which has become a leading platform for research, analysis, and networking in the global capital and sovereign wealth fund sector.

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Receiving the prestigious award, Narayanan commented: “I am deeply honored to receive the Freedom of the City of London. This recognition not only celebrates our work at SWFI but also underscores the growing importance of sovereign wealth funds in the global financial landscape. As we continue to foster collaboration and innovation in this sector, this esteemed title will serve as a reminder of the responsibility we bear in shaping the future of international finance.”

The conferment ceremony, held at The Chamberlain’s Court in Guildhall, was a highlight of the three-day Global Wealth Conference, which brought together 21 sovereign wealth funds and leading asset managers from around the world, representing a combined assets under management (AUM) value of 10 trillion pounds.

“I was delighted to nominate Lakshmi Narayanan for the Freedom of the City of London, and attend the Ceremony in the Chamberlain’s Court, in recognition of his work in hosting the Sovereign Wealth Fund Institute’s Global Wealth Conferences in the City and his philanthropic work.” Said Alderman Robert Hughes-Penney.

The conference, now in its second year, featured critical discussions on sustainable finance, innovation, and the potential formation of a UK sovereign wealth fund. Notable events included:

• A conversation with the APPG chair of sovereign wealth funds, exploring the possibility of a UK fund reaching 500 billion pounds in size.
• The Investment Guild’s inaugural charity dinner, attended by 125 invited guests, including renowned boxer Ryan Garcia.
• Discussions on the need for an ESG tracker for asset managers and the faster adoption of artificial intelligence in the industry.
• Presentation of a research report by David Haigh, CEO of Brand Finance, on the impact of brand image on sovereign wealth funds.

Narayanan’s new status as a Freeman of the City of London is expected to further strengthen ties between SWFI, the City of London, and the global investment community.

“We are honored by this recognition from the City of London,” added Narayanan. “The Global Wealth Conference 2024 in London has once again provided a crucial platform for discussions on the future of sovereign wealth and asset management. This award reinforces our commitment to promoting best practices and fostering collaboration worldwide.”

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The Global Wealth Conference 2024 and Narayanan’s award highlight London’s continued importance as a global financial hub and SWFI’s role in shaping the future of sovereign wealth management.

About SWFI:

The Sovereign Wealth Fund Institute (SWFI) is a global organization dedicated to studying sovereign wealth funds, pensions, endowments, central banks, and other long-term public investors. SWFI provides research, data, and advisory services to governments, financial institutions, and corporations worldwide.

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PARIS, July 3, 2024 /PRNewswire/ — HR Path, a global leader in HR consulting, announces a record €500 million fundraising from Ardian, a world-leading private investment house. This landmark fundraising, the largest of the company’s history, marks a significant milestone in HR Path’s success story. It will play a crucial role in driving the next phase of HR Path’s growth and international expansion in the United States, Canada, Germany, the Nordic countries and Australia.

HR Path: HR Transformation for Efficient and Customized HR Management

The optimization of recruitment, the development and retention of talent and the effective management of human resources are key success factors and competitive advantages for companies.

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HR Path employs a unique model to address these challenges in a global market driven by a multitude of technological solutions. By offering a comprehensive and customized approach to the full range of HR issues companies face, the Group positions itself as a true “one-stop shop for HR.”

Through its three business lines – Advise, Implement & Run – HR Path provides consultancy services, HR systems implementation and payroll outsourcing, enabling companies of all sizes and sectors to effectively transform and optimize their HR functions.

A Record Fundraising to Enter a New Phase of Growth

This position has enabled HR Path to establish itself as one of the world’s leading HR consultancies. The group now operates in 22 countries, employs over 1,800 people, and serves over 3,000 clients worldwide. It has a turnover of €215 million, with a CAGR of 25% since 2021.

To accelerate this growth, HR Path, has just closed a €500 million funding round from Ardian. “Securing this €500 million financing from Ardian is a transformative step for HR Path,” said François Boulet, co-founder and CEO of HR Path. “This partnership underlines their confidence in our business model and our growth trajectory. We would like to express our heartfelt thanks to the HR Path partners, our employees, and customers for their unwavering support and dedication. With the support of the team and Ardian, we are poised to expand our HR digital transformation services on a global scale and deliver unparalleled value to our clients.”

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HR Path intends to use the new funding to continue and accelerate the external growth strategy initiated in 2009, which has seen the integration of 38 companies in 12 countries. The group plans to make new targeted acquisitions in strategic markets – such as the United States, Canada, Germany, the Nordic countries and Australia – to expand HR Path’s value proposition and strengthen its position in the global market.

Cyril Courtin, Co-founder and CEO of HR Path, added, “We also extend our gratitude to our partners, such as Société Générale Capital Partenaires (SGCP), one of our first financial partner and in particular Marc Jacquin, Director of Participations at SGCP, for their support and collaboration. This significant investment enables us to accelerate our growth plans and further innovate our service offerings. We are excited about the opportunities ahead and are committed to driving excellence in HR services worldwide.”

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The challenge posed by financial crime and its extensive societal impacts is enormous. Estimates indicate that money laundering constitutes 2-5% of the global GDP.

Additionally, according to RegTech firm Saifr, organizations reportedly lose around 5% of their revenue annually due to fraud. This not only affects the economy but also disrupts the societal fabric, particularly in developing countries.

The Bank Secrecy Act (BSA), established in the 1970s and strengthened by subsequent anti-money laundering (AML) regulations, highlights the ongoing struggle against financial crimes. Despite the substantial efforts and billions of dollars invested, the effectiveness of these measures is frequently debated. This situation emphasizes the urgent need for “impactful disruption” to combat these activities effectively.

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Saifr notes that AML professionals, including Risk Executives and Chief Compliance Officers, must urgently advance the development and adoption of innovative tools to stay ahead of increasingly sophisticated criminal activities. This demands a bold approach to exploring and implementing new technologies.

Over the past century, technological advancements have been significant, yet the fight against financial crime often feels like a never-ending struggle. From the days of colored pencils and graph paper to the use of sophisticated databases and algorithms, the journey has been extensive. Nonetheless, the quest for more effective tools continues unabated.

There is a strong push within the industry to adopt AI and other advanced technologies, which are crucial for staying ahead of criminals who quickly leverage these technologies for malicious purposes. However, integrating AI into AML processes presents challenges, often described as a “black box,” complicating its acceptance and understanding across all levels of an organization.

Executives frequently express a desire to embrace AI and other innovative technologies but encounter obstacles such as regulatory concerns, budget constraints, and internal resistance. A shift in mindset is necessary, moving from a conservative approach to a more proactive exploration of new methods.

Without a clear, established roadmap for implementing AI in AML, the industry must rely on experimentation. This approach allows firms to test new ideas and technologies, assess their effectiveness, and demonstrate their value to both regulators and senior management.

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The potential benefits of effectively using AI in AML—improved effectiveness, efficiency, and cost control—are significant. It is crucial for those in the industry to embrace this journey of innovation with courage and foresight. The time to act is now, to not only prevent financial losses but also to avoid regulatory penalties and reputational damage.

Embracing AI and other innovative technologies is not just about meeting compliance standards but about leading the fight against financial crime. The journey towards integrating AI may be challenging, but the potential for significant improvements in AML efforts is too great to ignore. The industry must be willing to take calculated risks and foster an environment where continuous learning and adaptation are valued.

Source: fintech.global

The post Exploring responsible innovation in AML compliance with AI appeared first on HIPTHER Alerts.

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