The global pandemic has been an agent for accelerated change. The emergence of new financial crime risks that threaten to undermine the financial system have forced banks to revamp KYC and onboarding processes, tweak risk scoring thresholds, and recalibrate their systems to cope.
A long term strategy is needed, and only though refocusing on overall financial risk through intelligence-driven, investigator-centred approaches can long-term resilience be built. This paper identifies three core areas that require focus to future-proof banks against financial crime risks: culture, technology, and data.