Successfully manage AML, KYC and Risk during a time of COVID-19
Financial crime is an ever-present threat to Financial Services businesses, but it's not the only risk being faced right now. In this environment, the ground is shifting and businesses need to keep up.
Scams, redundancies, down-sizing, different investment options and good old-fashioned money laundering are a huge challenge and pose risks to financial services businesses.
The stakes have been raised by the current economic and social turmoil caused by COVID-19 and the situation has changed for everyone. So, how do you keep up?
Now is the time to calculate risks and how to counter them.
We wanted to create a deeper understanding in 3 areas of risk and compliance relevant in this current financial climate.
- AML: Navigating uncharted waters
- KYC: Do you really Know Your Customers right now?
- Successfully managing risk
The sessions were designed to support financial services professionals with practical advice to help weather the current financial storm and protect businesses.
Our aim was to mitigate the risks firms may face, so they could stay ahead in a changing situation.
1) Fraud and anti-money laundering
Thinking about the different types of fraud and risks of money laundering in the current operating environment, Donald Gillies, PassFort co-founder, Freddy Kelly, Credit Kudos, and Joshua Deeks, N26, took a deep-dive into:
- How fraudsters are exploiting the current situation to launder money?
- Which businesses are most likely to be at risk, and how this presents itself?
- What measures can be put in place to control the threat of fraud and money laundering.
- The barriers and considerations when it comes to businesses strengthening their approach to AML.
A playback of webinar 1 on AML is available now.
2) Know your customer
In this session, Donald Gillies, CEO of PassFort, and Quinn Dempsey, Management Consultant at OpTechs, covered:
- How the stakes have been raised when it comes to KYC due to Covid-19
- The new pitfalls around onboarding that businesses could fall into due to current circumstances
- The best protocol for re-running or controlling KYC checks
- How technology can support KYC and KYB processes
An on-demand playback of webinar 2 is available now.
3) Successfully managing risk
PassFort teamed up with Tom McGilloway, Financial Crime Manager at iwoca, and Jan Philippaerts,VP of Compliance Operations at Currencycloud, for the last webinar in our series.
Find out more about:
- How they are adapting their approach to risk management in light of COVID-19
- The new indicators of threats they are looking out for
- How they are balancing people and technology to monitor ongoing risk
- And the importance of getting KYC right at the point of onboarding
Get in touch
If you would like to talk to us about any aspect of these webinars, or discuss collaborating on an event, please email us - we would love to talk.