Contributed by Jarret Tham, Head of Compliance
FTI Consulting Inc Managing Director, Neha Parmar wrote an article on 19th July 2023 highlighting the key discussion points raised during the risk intelligence symposium held by LexisNexis. The theme of the symposium was “Innovative Ways of Working in AML/CFT – Collaboration Powered by Data, Technology and Analytics” and mentioned how the threats and methods used for money laundering and terrorist financing (ML/FT) have evolved to a point where traditional methods of detection and monitoring are no longer sufficient in keeping up with the speeds and volume of modern-day transactions.
New approaches are required—one that is based on collaborative efforts, technology-driven solutions, and updated skill training which are advocated in the article through the following key points.
Importance of Collaboration
Data Sharing and Analysis
Regulatory Challenges and Compliance
Enhanced Risk Assessment
Training and Skill Development
The article aims to educate its readers on how to effectively fight against ML/FT—that a collective effort is required where relevant parties can share information and act in a timely manner, and entities and individuals should constantly review and assess if their current technology, processes, and knowledge are effective in combatting financial crimes. Where deficiencies are observed, relevant parties should take steps in ensuring that these gaps are addressed to prevent malicious actors from exploiting them.
CYS Global Remit Pte Ltd (CYS) can proudly say that we have been a very active participant in the development and adoption of regulatory technology (Regtech) and supervisory technology (Suptech) into our current systems and processes. CYS also ensures that our employees are kept up to date with regulatory changes and developments in the AML/CFT field. Sources: mortgagestrategy