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OpenGov Asia is pleased to invite you to an exclusive OpenGovLive! Virtual Breakfast Insight aimed at imparting knowledge on how financial institutions can apply real-world AI & analytics applications to ensure a world-class integrated banking system that contributes to improve customer experiences, enterprise profitability, manage risks, strengthen regulatory compliance, decrease the cost of compliance and create value from data.
In today’s global economy, financial institutions face an ever-changing and increasingly complex regulatory environment. The current pandemic is highly likely to compound the situation, bringing yet-another consumer credit crisis and several high-profile compliance breakdowns after that.
With increased emphasis on consumer protection, the regulatory agencies are focused on institutions’ customer practices and regulatory compliance performance like never before.
Over the past few years, the volume of regulations has risen dramatically. Larger multinational banks have to comply with enormous complex national and international regulations that in some cases get even more complicated due to individual regulator’s discretion and judgment. Even local and smaller banks face the same dilemma.
Many regulations are broad and still evolving and yet, have stringent implementation guidelines mandated.
Moreover, compliance failure can result in litigation, financial penalties, regulatory constraints, and reputational damage that can strategically affect an organisation.
This points to questions:
To meet increasing compliance expectations, financial institutions need to focus on building a well-structured compliance management model that can deal with evolving regulations, identify unknown risks, harness the benefits of technology and reduce the cost of compliance.
Enhancing AML Monitoring and Driving Operational Efficiency
Digital transformation and artificial intelligence are undeniably changing the Anti-Money Laundering landscape. The need to modernise AML processes, coupled with a regulatory push towards innovation, is driving financial institutions to enhance AML monitoring & drive operational efficiency.
The manual and semi-automated nature of current AML compliance efforts slow down processing timelines and impact business productivity.
The immense volume of data that financial institutions are expected to comb through to meet regulatory requirements to detect and report suspicious activity becomes a daunting challenge.
The data is usually diverse and subpar. It’s common for systems to use only a subset of available data when generating alerts. Traditional transaction monitoring systems are unwieldy to maintain and rely on rules and thresholds that are easy for criminals to test and circumvent.
Investigation processes tend to be highly manual, from gathering the supporting data for a case to submitting a complete SAR (suspicious activity report). Meanwhile, the money launderers are working night and day to remain hidden, constantly engineering new ways to conceal the flow of funds.
Traditional anti-money laundering (AML) and combating the financing of terrorism (CFT) tools and tactics take longer and cost more than they should.
To fortify the defense, financial institutions need ways to:
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Very welcoming professional staff organising an online event. The contents of the event is very useful and clearly explained
Krung Thai Bank PCL
The session is good and it is a new experience for myself
Government Savings Bank, Thailand
Good to make it a short and productive session
CIMB Thai Bank PCL
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