أساس مكافحة المخاطر هو توفر بيانات موثوقة ومدارة ودقيقة وآمنة

Summary

In this interview, the founder of Cedar Rose discusses the origins of his company, which specializes in financial risk solutions, and the importance of data accuracy and security in combating financial crimes. He highlights the misconception that such crimes are limited to financial institutions, emphasizing that they can involve human trafficking and modern slavery. The interviewee stresses the need for individuals and businesses to perform thorough background checks and be aware of their supply chain to avoid unwitting involvement in illegal activities.

Takeaways

• 🚩 Financial crimes are not limited to financial institutions but include any illegal activities that generate illegal financial gain, such as human trafficking and modern slavery.
• 🌟 The founder of Cedar Rose was drawn into the industry of financial crime investigation by chance, but had a subconscious desire to fight for humanity and a good cause.
• 🏢 Cedar Rose started as a company providing credit reports and grew into investigating the source of funds and wealth for companies and individuals.
• 🌐 The name 'Cedar Rose' symbolizes the union of the founder's Lebanese and English heritage, representing trust and personal commitment.
• 🔍 Cedar Rose focuses on gathering information from ultimate sources, ensuring data is legally and ethically obtained with unique identifiers for thorough research.
• 💼 The company's platform allows clients to search for companies and individuals to assess their operations, financial stability, and compliance with regulations.
• 🔒 Data management is crucial in fighting financial crime, and Cedar Rose emphasizes the importance of data privacy, accuracy, and security.
• 🛡️ Cedar Rose adheres to data protection regulations like GDPR and has achieved ISO 27001 certification to ensure the highest standards of data security.
• 👥 Individuals can fight financial crime by being aware of who they are doing business with and conducting background checks before transactions.
• 🌐 Supply risk is a growing concern, and companies must be aware of their entire supply chain, not just their direct clients and subsidiaries.
• 💡 The interview concludes with a call to action for everyone to be vigilant against financial crimes and to educate themselves on the risks involved.

Q & A

What is the scope of financial crimes according to the transcript?

Financial crimes are not limited to financial institutions but include any illegal activity that generates illegal financial gain, such as trafficking, modern slavery, and more.

How did the founder of Cedar Rose get into the industry of financial investigations?

The founder co-founded a company in 1997 that provided credit reports and later started receiving inquiries to investigate companies and individuals' sources of funds and wealth, which led to the establishment of Cedar Rose.

What is the significance behind the name 'Cedar Rose'?

Cedar represents the founder's birth country Lebanon, and Rose represents England, where his wife is from. The name symbolizes the union of the founder and his wife.

What services does Cedar Rose provide through its platform?

Cedar Rose offers a platform where clients can search for companies and individuals to find out about their ownership, operations, financial stability, compliance, and any adverse information.

Why is data accuracy and management important in fighting financial crimes?

Data accuracy and management are crucial because they form the core of investigations and regulatory compliance. Ensuring data is accurate, up-to-date, clean, and secure is vital for trust and effective risk management.

How does Cedar Rose ensure the security and privacy of the data it handles?

Cedar Rose adheres to data protection regulations like GDPR, undergoes ISO 27001 certification audits, and invests in technology and security to ensure the best practices in data handling, collection, transmission, and access.

What is the challenge faced by institutions when adopting technology solutions to fight financial crimes?

The challenge is balancing the need for technology solutions to enhance risk management with the risk of exposing themselves to cybersecurity threats.

What role can individuals play in fighting financial crimes?

Individuals can fight financial crimes by being aware of who they are doing business with, conducting background checks, and not being deceived by appearances of wealth or status.

Why is supply risk important in the context of financial crimes?

Supply risk is important because it involves being aware of not just direct clients but also the entire supply chain, ensuring compliance and avoiding association with illegal activities.

How does Cedar Rose address supply risk?

Cedar Rose addresses supply risk by providing solutions that help clients assess and manage the risks associated with their suppliers and the broader supply chain.

What advice does the founder of Cedar Rose have for people to avoid being associated with financial crimes unknowingly?

The founder advises people to look beyond appearances and conduct thorough checks on the background of individuals or companies they are transacting with to avoid unknowingly financing illegal activities.

Outlines

00:00

🔍 The Journey into Financial Crime Investigation

The speaker begins by highlighting the misconception that financial crimes are only related to financial institutions, emphasizing that any illegal activity generating illegal financial gain, such as human trafficking or modern slavery, falls under this category. They recount their journey into this field, which began by chance but was driven by a subconscious desire to fight for humanity. In 1997, they co-founded a company providing credit reports and conducting research on companies in the Middle East. Their expertise grew as they accessed hard-to-obtain information, leading to inquiries about investigating the source of funds for companies and individuals. This led to the establishment of Cedar Rose, a company named after the speaker's Lebanese heritage and his wife's English background. Cedar Rose specializes in providing financial risk solutions and has built a comprehensive database of companies and individuals, ensuring data is collected legally and ethically with unique identifiers for thorough research and investigation.

05:01

💼 The Importance of Data Management in Combating Financial Crimes

The speaker discusses the importance of data management, privacy, accuracy, and security in the context of fighting financial crimes. They emphasize the challenge and cost of obtaining, curating, and transforming data, particularly in regions like the Middle East and Africa where Cedar Rose specializes. The company has invested in talent, technology, and security to ensure data is normalized, standardized, and translated accurately. They have also undergone ISO 27001 certification to ensure rigorous data security practices. The speaker advises individuals and institutions to be aware of who they are doing business with, conducting background checks to avoid association with unethical or illegal activities. They stress the importance of not being deceived by appearances of wealth or success, as these can mask criminal activities. The discussion also touches on supply risk, advising companies to be aware of their entire supply chain to ensure compliance with regulations and avoid reputational and financial damage.

Keywords

💡Financial crimes

Financial crimes refer to illegal activities that generate illegal financial gain. The video script emphasizes that these crimes aren't limited to financial institutions but can encompass a wide range of activities like human trafficking and modern slavery. The term is integral to the video's theme, which is about raising awareness and fighting against such crimes.

💡Cedar Rose

Cedar Rose is a company co-founded by the speaker in 1997, specializing in providing company credit reports and conducting research on companies in the Middle East. The name 'Cedar Rose' is derived from the emblems of Lebanon (Cedar) and England (Rose), symbolizing the union of the speaker and his wife's origins. It is a key part of the narrative as it illustrates the journey from a credit report company to a leader in financial risk solutions.

💡Data

Data is highlighted as the core element in combating financial crimes. The script mentions that accurate, up-to-date, and secure data is crucial for investigations and ensuring trust in business dealings. The company Cedar Rose is described as having a comprehensive database that helps clients conduct due diligence and avoid engaging in unethical activities.

💡Regulatory requirements

Regulatory requirements are the legal obligations that businesses must meet to ensure compliance with laws and regulations. The script discusses how these requirements often necessitate investigations into companies and individuals to prevent financial crimes. Compliance is a significant theme, as it underscores the necessity for businesses to verify the legitimacy of their transactions.

💡Data privacy

Data privacy is the practice of safeguarding personal and sensitive information from unauthorized access and improper use. The video script mentions that Cedar Rose adheres to data protection regulations like GDPR, ensuring that the data they handle is secure and private. This is crucial as it relates to the trust clients place in the company to manage their sensitive information.

💡Data accuracy

Data accuracy refers to the correctness and reliability of data. The script stresses the importance of ensuring that data is accurate to make informed decisions and avoid being associated with illicit activities. Cedar Rose invests in talent and technology to maintain data accuracy, which is vital for the company's services and the prevention of financial crimes.

💡Supply risk

Supply risk is the potential for negative impacts on an organization's operations due to problems in its supply chain. The video script discusses how companies need to be aware of their entire supply chain to mitigate risks, including those related to financial crimes. This concept is important as it extends the discussion from individual transactions to the broader business ecosystem.

💡Technology

Technology plays a critical role in managing and securing data, as discussed in the script. It is necessary for collecting, storing, and analyzing data but also poses risks if not properly secured. The company Cedar Rose invests in technology to ensure data is handled securely and efficiently, reflecting the balance between leveraging technology and managing cybersecurity risks.

💡Cybersecurity

Cybersecurity is the protection of computer systems and networks from digital attacks. The script addresses the concern that while technology is essential, it can also expose organizations to cyber threats. Cedar Rose's investment in cybersecurity measures, such as ISO 27001 certification, demonstrates their commitment to safeguarding their clients' data.

💡Compliance

Compliance refers to the act of conforming to laws, regulations, guidelines, or industry standards. The script mentions that financial crimes investigations are often due to regulatory requirements, making compliance a key aspect of preventing such crimes. Compliance is highlighted as a measure that helps ensure businesses operate within legal boundaries.

💡Human trafficking

Human trafficking is a form of modern-day slavery and is mentioned as an example of a financial crime. The video script emphasizes that financial crimes are not limited to financial institutions but can involve severe human rights abuses. This keyword is used to illustrate the broader implications and types of financial crimes that the company Cedar Rose aims to combat.

Highlights

Financial crimes are not limited to financial institutions but include any illegal activity generating illegal financial gain.

The journey into fighting financial crimes began accidentally but was driven by a subconscious desire to fight for humanity.

Cedar Rose was founded in 1997 to provide company credit reports, specializing in the Middle East.

The company's expertise lies in accessing difficult-to-obtain information and conducting research in opaque jurisdictions.

In 2001, Cedar Rose began receiving inquiries to investigate the source of funds and wealth of companies and individuals.

The name 'Cedar Rose' symbolizes the founders' Lebanese and English backgrounds.

Cedar Rose provides financial risk solutions and compliance solutions, essential for trust in business transactions.

The company has a comprehensive database of approximately 50 million companies and 10 million UBOs.

Cedar Rose collects information from ultimate sources, ensuring data is legally and ethically obtained.

Data management is crucial, with a focus on privacy, accuracy, and security.

Cedar Rose adheres to data protection regulations, including GDPR, and has ISO 27001 certification for information security.

The company has a large database covering the Middle East and Africa, with a focus on normalization and standardization of data.

Investment in talent, technology, and security is essential for managing data effectively.

Balancing the need for technology solutions with the risk of cybersecurity is a significant challenge.

Individuals can fight financial crime by conducting background checks on those they transact with, even on a personal level.

Emotional triggers can lead to financial crimes, and it's important to be aware of who you associate with to avoid unwitting involvement.

Supply risk is a growing concern, with regulations like those in the EU requiring due diligence down the supply chain.

Cedar Rose educates clients on the importance of knowing their suppliers and the potential risks involved.

Transcripts

good morning great to have you here

today

morning when we say Financial crimes um

I think there's misunderstanding people

think sometimes that it's related only

to financial institution because the

word has Financial while it's any

illegal activity which generates illegal

financial gain which is which can be

trafficking modern slavery any anything

I know that your journey when you

started you were telling me happened by

chance but I think deep inside

subconsciously it's by choice if you

didn't like it or you didn't Aspire

always to fight for Humanity and good

cause you wouldn't continue even if it

started by accident tell us about this

journey and thank you Hala to tell you

about this journey I need to go back a

little bit in time um so back in 1997 we

I co-founded RO with my wife a company

that was providing company credit

reports we were at the time specialized

in conducting research and compiling

reports on companies specifically in the

Middle East um during the time as well

we obviously were able to access

information difficult to optain research

places that were too OPAC and

jurisdictions were not making

information publicly available this gave

us certain expertise few years later

fast track to 2001 we started to receive

inquiries on um companies and

individuals to investigate them

investigate their source of funds their

source of wealth all in line with

financial Financial transactions at the

time um and this is what brought us into

this uh this element and this industry

in fact and see the rose and actually

see the rose talking about Cedar Rose

first I'm curious why it's Nam Cedar

Rose and second when we if I anyone now

will Google the name CED the rose it's a

very prominent company which finds

either Financial Risk Solutions or comp

solutions for people not from the domain

what does this mean as well sure so the

name cidos derives from two words Cedar

being the emblem of my birth country

Lebanon which I'm very proud of I'm

Lebanese and I grew up in Lebanon and

Rose is the emblem of England and my

wife is English so Cedar Ro stands for

me and my wife basically so technically

speaking thank you we we when we put the

name cedos on any product of our company

we putting our name on it my name and my

wife's name in fact um now going back to

what I was saying earlier on the

collection of information and

investigation and the research we were

during the course of time able to

collect lot of information but that

information came from different sources

yeah at CID Ro we always aim to get that

information from the ultimate sources

yes always compiling information from

the um reliable sources obtaining it

legally ethically and then making sure

each data point that we obtain has a

unique identifier such as registration

number ID number and so on this made us

create a very important database for

research and investigations today this

is available to our clients through our

platform so through the platform you are

able to search for companies and

individuals find out about their

ownership into their companies their

operations their financial um stability

and so on and if they are compliant if

they are sanctioned if they are

associated to any adverse uh information

Financial crime is a big part of it

because a lot of the investigation is

due to regulatory requirements of course

um and obviously having that information

to hand in one place is very unique for

anyone that wants to make sure they are

doing business with the people that they

are trusting the element is trust is

very important yes so knowing who the

compan is owned by knowing if the compan

is engaged in unethical activity as you

mentioned everything's core start is the

data is the information and I think also

there's another misconception that when

we fight for any crime we just find the

solution we we reactive we don't go to

the core thing which is the data and the

data that's why we say data management

data privacy data accuracy the data has

a path from the moment it's created

until it's ended like the the life ends

of the data and it needs preserving how

do you manage your data because this is

the core of everything how do you make

sure it's accurate it's up toate it's

clear it's clean it's secure it's

private all of that first of all it's

very challenging secondly it's very

costly and it takes time yeah it takes

time first to be able to obtain that

information in that first instance

curate that information transform that

information as you know we specialize in

the middle eastn Africa we have a global

coverage but our core area is the Middle

East in Africa and we have a database

today that is unmatched is the largest

more most comprehensive database of his

kind we have roughly about 50 million

companies in our records we have over 10

million ubos in our database so that

information to be collected from the

regions that we specialize in is very

challenging in the first instance the

data has to be normalized standardized

translated transliterated we do a lot of

investment into the talent that does

this for us and transform that data we

invest a lot in the technology and we

invest a lot also in the security of the

data actually technology the last two

things you mentioned technology and

security I know that many people would

love it's not like also would love it's

a necessity and something we need to

have to have the right solutions to

fight any risks or breaches or potential

red flags or anything at the same time

if I'm an institution I will be a little

bit confused or concerned I want the

right solution at the same time I'm

afraid if I adopt any technology

solution I'm exposing myself to to cyber

security so it's a double sword from one

side I have to have it from the other

side okay I'm opening another Pandora

box for me how do you manage this fine

line between it's it's very challenging

yes sure I totally understand it has two

elements to it first of all the data the

Privacy side of it and then it's the

security part of it in terms of data

privacy we adhered to or we started to

adhere to since Inception with the data

um protection act of 1997 in the UK

subsequently we moved on to the gdpr in

20189 so we made sure our staff

especially key staff that handle data

are very familiar with the gdpr most

recently in the last three years we

undergone an ISO 27,1 certification by

doing so we go through an audit rigorous

audit you know by by the authorities and

by The Regulators to make sure we have

the best data security information

security in terms of data hosting

holding collection transmission access

um and all the rest of it to make sure

that our clients feel safe doing

business with us knowing that their data

is secured and is handled as well to to

the best practices yeah very thoughtful

you said now our clients to feel safe

and secure people watching us now either

from the field or not from the field

just regular people a mother taking her

kids to school kids if we want to just

educate them or give them tips how to

make sure everyone of us fights

Financial crime because as we said it's

not about Banks and financial

institutions Financial crimes can be

human trafficking a child we're saving

it um a modern slavery a child labor

like very evilness out there

unfortunately how can every one of us do

something to move the needle even for a

little bit sure I believe everyone need

to be uh aware of who they are doing

business with who they are transacting

with who they are rubbing shoulders with

and go beyond the external appearances

of lushness or expensive cars or fancy

offices and the right do do the checks

on the background of these people even

if you are transacting on a personal

level buying a property or buying a car

or a yacht or a private jet or anything

like that do check the people you buying

from or you selling to because the last

thing you would want to do is be

associated with people that you don't

really want to be associated with

because it could tarnish your reputation

or could impact you financially yes from

the reputation side you might be without

knowing you know um finance an activity

that you really don't want to be

associated with like human trafficking

drug trafficking terrorism um and many

others many other um you know Financial

crimes that people are not aware of

usually I like that you said don't be

deceived by appearance

and lavish lifestyle and all of that

because I think it all starts with

emotions and I call it actually not

Financial crimes I call it emotional

crimes sometimes because everything

start when we we trigger a certain

emotion in us whether my greediness or

my Laing to be famous or public figure

or Laing to be associated with people

with a yacht or people with and that's

how criminals actually use this weakness

that's a point of weakness to Target and

I'm sure this is something you educate

your clients on and that's why whom to

deal with their suppliers and as you

were telling me before we start it's not

only with our clients it's the new era

which is the supply risk you do things

about Supply risk in C the rose right

yes absolutely Supply risk uh is very

serious today in the US and in the EU

and I have no doubt it will come to this

part of the world is in fact been acted

as as a regulation and the law in the EU

countries so people need to be not aware

only of their client doing the kyc but

also be aware of their own subsidiaries

and their own supply chain including you

know 10 20 30 companies down the line

they can't say oh I'm a company based in

Germany I don't care about my supplier

in in in Dubai or in Lebanon or

somewhere like that they are responsible

for that absolutely it's very important

an masad wishing you an amazing fight

against Financial crimes and for

Humanity and thank you so much for being

with us today thank you for hosting me

thank you very much to you and to Dubai

TV thank you thank you