Douglas Wolfson, LexisNexis Risk Solutions on Best Practices for Managing Trade Compliance amidst the Global Pandemic

Course Duration: 15 minutes
Course Points: 

Learn from Fintelekt Academy Partner Accuity, a LexisNexis Risk Solutions Company, through this video course on Best Practices for Managing Trade Compliance amidst the Global Pandemic.

In this video, Douglas Wolfson, Director – Financial Crime Compliance, LexisNexis Risk Solutions presents the results of a recently concluded Accuity survey on Global Trade Compliance, which attempts to understand how banks, corporates and non-banking financial institutions (NBFIs) are tackling trade compliance.

Douglas explains the trade compliance priorities of these different types of institutions, as well as key improvements that need to be made to the supply chain to track criminal activities. He provides insights based on the survey around current processes and pain points and the impact of the global pandemic on trade and evolving TBML risks.

He then goes on to discuss how trade compliance can be used as an enabler for business and to build competitive advantage. 

Conversations: Bharath Vellore, LexisNexis Risk Solutions

Course Duration: 32 minutes
Course Points: 30

This week on Fridays with Fintelekt, Shirish Pathak, Managing Director, Fintelekt is in conversation with Bharath Vellore, Managing Director, APAC, LexisNexis Risk Solutions on a variety of issues within financial crime compliance and the role of technology.

Some insights shared from Bharath’s decade-long experience working with Accuity and now with LexisNexis:

– There is a lot of progress in the awareness of money laundering risks across sectors and across types of institutions. While banks have had years of experience and knowledge around compliance, the intent to comply is present within newer sectors like fintechs or DNFBPs. They may have a much shorter learning curve to reach the maturity level of banks.

– Now more than ever, technology is becoming the most important tool in the kit to address compliance, and to gain on 3 Es – viz. Efficiency, Effectiveness and Explainability.

– There is growing awareness amongst banks as well as freight forwarders and cargo companies on the risks from trade, but there is more to be done on digitising trade information flows.

– Mule accounts are risks of a unique kind that overlay the world of fraud and financial crime, and will require efforts and information flow across these two departments, often working in silos in financial institutions.

– A collaborative approach by regulators is the best way for them to get a deeper understanding of emerging technologies in the fintech or crypto industry, and for industry players to get the confidence of being aware of the risks, the gaps, and the compliance required.

For many more interesting nuggets, listen to the entire episode. 

LexisNexis APAC 2020 True Cost of Compliance – Key Findings

Course Duration: 15 minutes
Course Points: 15

The cost of financial crime compliance has risen significantly according to the 2020 LexisNexis Risk Solutions True Cost of Financial Crime Compliance Study, Asia Pacific (APAC) Edition. Across all financial institutions in Asia-Pacific study countries of India, Indonesia, Philippines and Singapore, the annual projected cost of financial crime compliance is $12.06B for 2020, with the greatest year-on-year increase being shouldered by larger Filipino and Singaporean financial institutions.

In this course, Douglas Wolfson, Director of Financial Crime Compliance Commercial Strategy, LexisNexis Risk Solutions presents the key findings of 2020 True Cost of Financial Crime Compliance Study for Asia Pacific (APAC) as well as for four countries within APAC – The Philippines, Singapore, India and Indonesia.

To download the report, visit: https://risk.lexisnexis.com/global/en/insights-resources/research/true-cost-of-financial-crime-compliance-study-apac

Expert Speak: Douglas Wolfson, LexisNexis Risk Solutions

Course Duration: 23 minutes
Course Points: 20

Douglas Wolfson, Director – Market Planning, FCC & Payments, LexisNexis Risk Solutions speaks about KYX – Know Everything in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Expert Speak: Douglas Wolfson, LexisNexis Risk Solutions

Course Duration: 18 minutes
Course Points: 15

Douglas Wolfson, Director – Financial Crime Compliance, LexisNexis Risk Solutions speaks about Know Your Customer and Due Diligence for Financial Institutions in this presentation from Fintelekt’s South Asia AML/CFT 10th Annual Summit 2020 held virtually from December 7-9, 2020.

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