David Savage recently took part in a webinar organised by FS Tech, discussing the financial crime regulations with which financial services firms must comply. The panel also discussed how criminals are exploiting the Coronavirus crisis.

Regardless of size or sector, financial services firms are expected to meet strict financial crime regulations. For those with smaller budgets and fewer resources, this is increasingly difficult as regulations, guidelines and threats continue to evolve.

Criminals have shown sophistication by targeting organisations that have vulnerabilities in their controls. To keep their business and customers protected, it’s imperative that financial services companies leverage modern technologies and implement programs that incorporate artificial intelligence, automation and the cloud in a practical manner.

The webinar discusses how to meet anti-money laundering (AML) and fraud management obligations while empowering core businesses units to remain competitive and innovative.

The panel also discussed how criminals have been taking advantage of the Covid-19 crisis, and what businesses can do to ensure they are maintaining their threat monitoring and operational resilience while staff work remotely.

David explained that there is more pressure on businesses, and they are likely to come under increased scrutiny about what they have done to counteract the new threats that have been identified during the crisis. He said:

“Both Interpol and the NCA have recently published information regarding the fraud typologies they are seeing and their expectations of businesses in the continuing fight against financial crime. Invoice frauds, telephone fraud and phishing in relation to medical supplies and global health authorities are becoming increasingly prevalent, which means businesses should be actively monitoring fund transfers to reduce the risk of processing criminal proceeds. Systems and controls need to be constantly tweaked to adapt to the changing threats, both in respect of Covid-19 and more generally.”


The recording

To view a recording of the webinar, please click here.

The webinar is free to view but standard registration details are required.



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