Podcast: Monetary companies companies have to digitize anti-money-laundering course of, survey finds

In our newest podcast, we take a look at the “2022 Thomson Reuters Anti-Cash Laundering Insights Survey”, and see how the monetary companies trade is responding to new threats.

Monetary establishments, massive and small, proceed to grapple with essential necessities associated to regulatory necessities, comparable to know your buyer processes (KYC) and buyer due diligence necessities (CDD). Within the banking world, it’s crucial you realize who your buyer is, so that you aren’t conducting enterprise with or facilitating the actions of economic criminals, terrorist organizations, or different unhealthy actors.

In our latest podcast, accessible on the Thomson Reuters Institute Market Insights channel, Gina Jurva, legal professional and supervisor of market insights and thought management content material for company and authorities on the Thomson Reuters Institute, speaks with Amanda Dupont, an legal professional and public data specialist at Thomson Reuters. Dupont has greater than 22 years’ expertise on this space, and is a Licensed Anti-Cash Laundering Specialist.



The podcast particulars a latest report, the 2022 Thomson Reuters Anti-Money Laundering Insights Survey, and Jurva and Dupont, one of many contributors to the report, focus on challenges posed by digital identification verification and different anti-money laundering (AML) processes. Respondents to the survey, who had been key decision-makers from the monetary companies trade, stated they use 4 new digital identification verification methodologies:

        • ID seize companies (with 22% of respondents saying they use this technique);
        • Digital footprint validation (21%);
        • Biometric authentication (15%); and
        • Optical character recognition (8%).

The podcast additional examines why the brand new strategies are sturdy indicators of a shift within the monetary companies trade towards digital instruments and methodologies. This shift is occurring partially as a result of these companies want instruments that accommodate each the requirements and the alternatives that accompany the transfer to digital.

The 4 new digital identification verification methodologies function only one instance of the vary of alternatives {that a} digital strategy supplies: new methodologies for uncovering tried fraud.

Within the podcast, Dupont and Jurva additionally focus on how essential the standard of knowledge is within the struggle towards monetary crime. Information drives selections, and the standard of a company’s decision-making processes is inextricably linked to the standard of its information. This 12 months, survey respondents had been requested how happy and assured they had been with the accuracy of knowledge acquired from their main information suppliers. The reply was, sadly, “not very.”

The pair additionally discuss concerning the significance of anti-financial crime work normally, and the revolutionary house through which monetary establishments at the moment discover themselves. As Dupont says, that is an trade the place the final word white hats are attempting to cease legal exercise within the monetary market. Those that work in anti-fraud roles are believers on this noble trigger, and all people must be pleased with their efforts, she provides.

Sadly, unhealthy actors are persevering with to maneuver quick with the occasions, they usually know methods to use expertise to scale their legal endeavors. To maintain up with the essential process of fixing monetary crime, the trade wants a clear system and high quality information.

Episode transcript. 

https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/podcast-2022-aml-survey/

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