Better by design? Re-thinking AML in a digital age

Rapid and widespread digital adoption by banking customers, and accelerated digitalisation across financial services in response to Covid-19, have expanded the opportunity for fraud, with criminals exploiting gaps between digital solutions, banking systems and customers. Chief among them, money laundering, has grown rapidly as regulation and bank processes fail to keep pace with the rise in criminal innovation. In fact, Anti-Money Laundering (AML) compliance breaches in the first six months of 2020 outstripped the total for 2019, with fines during that six-month period 40% higher than for the whole of 2019. While fines may be small relative to industry revenues, the damage caused to customer trust and business disruption are considerable and opportunities to leverage operational efficiencies from automated compliance processes are overlooked. Join Banking Circle and an expert panel who will challenge some traditional assumptions around cleaning up the business of AML: • Is complying with regulatory rules enough? • Should the responsibility for AML be limited to the compliance team? • Which essentials should be part of your AML arsenal for the future? • What is the role of AML in the broader context of digital transformation? • Can combating digital crime be designed to complement, not conflict with, banking business lines? Panellists: • Dr Louise Beaumont, Chair, Open Banking and Payments, techUK (moderator) • Livia Benisty, Global Head of Business AML, Banking Circle • Dave Burns, Chief Revenue Officer, Napier AI • Chris Caruana, VP of AML Solutions, Feedzai • Jane Jee, CEO, Kompli-Global