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.
Unfortunately, most efforts today are focused on optimising status quo processes for managing AML and fraud risks, which does little to improve overall effectiveness or enhance focus on real threats.
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.
Download the white paper, developed by NICE Actimize
and Regulation Asia
, to find out how advanced technology and better data practices allow financial organizations to focus their efforts on investigations and reviews.
“According to a recent poll conducted in our webinar series
of AML executives said their respective institutions have updated their KYC and onboarding processes. While 55%
said they have had revised their risk scoring models or thresholds due to the Covid-19 pandemic.”