Sujata Dasgupta is the Practice Head for Financial Crimes Compliance in Tata Consultancy Services Ltd. and is based out of Stockholm, Sweden. She is an experienced industry consultant in banking risk and compliance (R&C), with a demonstrated history of working in banking, IT services and consulting, having worked for global banking clients in all major financial hubs, viz. New York, London, Singapore, Hong Kong, Frankfurt and now Stockholm. She also authors articles on risk and compliance in international banking R&C journals.
The Changing Landscape As AML regulations are getting more stringent globally, criminals are focusing on using countries with lowest risk categorizations and intermediary banks with high credibility to launder money. The latest victims of this crime are the Nordic banks, which were until recently among the safest and most stable banks in the world. In this article, Sujata Dasgupta explores what these...
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A Tectonic Shift in Operating Models? Financial services has always been a heavily regulated industry. And while anti-money laundering and counter-terrorist financing regulations are getting more stringent by the day, financial criminals continue to find ways to bypass the strict monitoring rules employed by banks. Banks face increased regulatory scrutiny, heavy fines for compliance breaches and reputational harm in the event of...
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A Digital Transformation Increased sophistication in technology platforms, banking channels and digital initiatives has ushered in transformation in the banking industry. But these changes have also brought about increasingly sophisticated financial crimes. Bank fraud is now being committed by tech savvy criminals who find means to bypass the fraud detection rules bank platforms employ. Introduction The last two decades have seen phenomenal...
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Are Banks Bracing for Tougher Compliance? Every new AML regulation – or update – is meant to prompt banks and financial institutions to improve their compliance efforts. The latest announcement by the New York State Department of Financial Services (NYS DFS), enacting Part 504, is another such regulatory measure. Initially the impact will be felt only in New York, but we suspect...
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