September 2, 2020
Digitization has redefined the way banking is done today. It has enhanced the ease and speed at which funds are accessed and transactions are made. The digital payment methods have opened up new avenues for fraudsters to abuse banking system and clean illicit funds. Digital banking has increased AML risks across consumer and commercial banking with issues like impersonation frauds, money mules, complex forex transactions, third party funding and such other red flags. Banks are not equipped to address the new risks emerging from digital banking, while clear regulations for digital banking are still evolving.
- COVID-19 and boost in digital banking
- Money laundering using new payment methods (NPMs)
- Role of AI/ML in detecting money laundering & terrorist financing risks from NPMs
- Efficiency and limitations of current regulatory policies applied to NPMs in North America
Time to reform your compliances
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