The banking sector is facing a dire situation with respect to rising fraud and money laundering amid the coronavirus pandemic. Sujata Dasgupta explores how COVID-19 is impacting fincrime compliance (FCC) and shares strategies financial institutions can employ to protect their FCC frameworks when future disasters strike. This new year was special: It heralded a brand-new decade that promised progress and development in...

Sujata Dasgupta provides an analysis of the upcoming Dutch AML utility – currently under feasibility study – and how it can open up a new world of possibilities in unified transaction monitoring. In the wake of rapidly rising financial crimes, regulators across the globe have toughened their stance on compliance violations and are scrutinizing banks more closely. Penalties on banks are mounting,...

As customers increasingly prefer to do their banking via smart devices, it’s time for banks to modernize their approach to customer due diligence. Financial crimes compliance expert Sujata Dasgupta provides a deep dive on smart ID&V solutions for KYC compliance. Know your customer (KYC) forms one of the strongest pillars of financial crimes compliance, from customer identification and acceptance to monitoring customers’...

Cutting-edge technologies create footprints in all aspects of life, and banking compliance is no exception. Financial crimes compliance expert Sujata Dasgupta looks at the daily impact these technologies have on banks and financial institutions. Financial crimes across the globe have steadily risen in the last two decades – not just in volume, but also in terms of complexity and sophistication. In pursuit...

Financial crimes compliance has historically been solely the realm of banks and financial institutions. Sujata Dasgupta discusses how and why customers are taking a larger role in ensuring their own compliance. Financial crimes compliance (FCC) in banks has traditionally been an internal function, spread across front, mid and back offices. Customers have never been involved in this function, unlike the other banking...

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...

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...

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...

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...