Risk-based approach: Implementing better detection
Financial Services Organizations (FSOs) are expected to meet strict financial crime regulations, regardless of their size. For organizations that are growing but struggle with smaller budgets and fewer resources, this is increasingly more difficult as regulations, guidelines and threats continue to evolve. The current pandemic presents another opportunity for criminals to target organizations who have vulnerabilities in their controls.
Regulators also expect FSOs to use a risk-based approach with their AML compliance resources. Also, the OCC prescribed a framework for fraud risk management that is strongly aligned to the AML risk management framework.
In this webinar, we’ll discuss the basics of the Risk-based Approach, and focus on the AML and Fraud controls that you need to have in place for your digital banking and payment products such as instant P2P.
- Adopt the risk-based approach beyond “checking the boxes”
- The importance of real-time fraud detection
- Explore the level of sophistication needed in customer risk ratings
- Understand what AML systems need to detect
- Operationalize on a unified case management system