Course Duration: 63 minutes
Course Points: 60
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Fintelekt Advisory Services and Asian Bankers Association hosted a webinar on The Cost of Financial Crime Compliance in APAC on July 20, 2022.
The webinar was moderated by Arpita Bedekar, Director – Strategy & Planning, Fintelekt Advisory Services. The speakers were Sharon Pamplona, Head of Financial Crime and MLRO, ANZ Hong Kong, David Haynes, Vice President, Asia Pacific, LexisNexis Risk Solutions, David Zhuo, Market Planner, LexisNexis Risk Solutions and Rika Astari, AML/CTF Compliance Expert / Consultant.
The webinar included a presentation on the key findings of the True Cost of Financial Crime Compliance Study 2022 that was published recently by LexisNexis Risk Solutions.
The key issues that were discussed during the webinar:
- Sourcing the right compliance talent to deal with ongoing compliance complexities
- The volatile sanctions screening landscape due to the Russia-Ukraine war
- The risks emanating from digital payments
- The challenge of developing a single risk customer profile and maintaining an audit trail for transactions in a comprehensive manner
- Mechanisms that should be put in place to ensure that DNFBPs cannot abuse the banking system
- Areas in compliance screening operations facing the largest challenges and overcoming them
- Alert volumes and clearance time – has the pandemic contributed to this adversely; and what has been the impact on analyst teams’ productivity and the ability to file suspicious transaction reports in a timely manner.