AML Leadership
In conversation with Nikolo B. , responsible for Anti-Money Laundering, Transaction Monitoring and KYC Operations at GoTyme Bank
What? are the present and emerging ML/TF threats due to the rapid growth of digital banking in the Philippines, especially as customers in this model are likely to have no face-to-face contact with banks?
Digital banking offers convenience and accessibility to open a bank account. At the same time, the rapid growth of digital banking has introduced new challenges and opportunities wherein malicious actors are more prone to attempting circumvention of the onboarding process and its controls. Given the certain level of anonymity through digital transactions, malicious actors or criminals are constantly innovating their game as well to find a loophole.?
From my point of view, the misuse of available technologies is an emerging threat particularly the use of deepfakes and synthetic media that can create? fraudulent identities and manipulate financial transactions which most likely bypass onboarding controls of a financial institution.
What, according to you, are the areas that are likely to attract greater monitoring or scrutiny going forward from a regulatory point of view?
I think they would focus on enhanced data analytics for risk assessment, particularly how we identify patterns and anomalies in a customer transaction especially now with the availability of technologies like machine learning and AI.
While these technologies are powerful tools to improve our risk assessment, they also pose a challenge as criminals may also leverage on this technology to bypass our controls.
As technology evolves, criminals are finding newer and newer ways to misuse and exploit systems. What strategies are you implementing to mitigate the risks associated with the misuse of technology in customer onboarding and monitoring?
Without divulging too much information, we are utilizing and continuously enhancing our available resources in implementing our KYC and fraud controls during onboarding? and transaction monitoring controls to? verify the identity? of customers and detect suspicious patterns and anomalies in customer behaviour and transactions respectively.
More importantly, the tool is truly ineffective if the quality of review or investigation is inadequate therefore we provide ongoing training to relevant teams to keep them abreast on the latest AML? techniques and technologies.
In addition, Gotyme is collaborating with supervising agencies such as the Philippine National Police , National Bureau of Investigation and Department of Justice - Republic of the Philippines to intensify its fight against cybercriminals.
Ensuring ongoing training and awareness is critical to fostering a strong compliance culture. How are you promoting continuous education and embedding compliance values across your teams, especially within digital banks which are new entrants into the industry?
Information sharing on the latest guidelines and updates is critical. The knowledge gap between the first and second line of defence is critical in the execution of our controls. The lack of understanding in the rationale of the regulatory expectations for out of the box situations or undocumented processes can create a barrier and hinder people from carrying out their responsibilities adequately.
We have to ensure availability and constant promotion of our knowledge library or resource material where relevant people can look up existing operating procedures for their business-as-usual activities, which may include:
Role-specific training: Develop training programs that address the specific compliance requirements and risks associated with different roles within the bank.
Regulatory updates: Ensure that employees are up-to-date on the latest regulatory changes and industry best practices.
Case studies: Use real-world case studies to illustrate compliance concepts and their practical applications.
Cross-functional committees: Establish cross-functional compliance committees to oversee compliance efforts and provide guidance to different teams.
Regular meetings: Hold regular meetings to discuss compliance issues, share updates, and identify areas for improvement.
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Coming up next at Fintelekt
Workshop on Effective Sanctions Compliance: Priorities and Implementation (Trainers: Hon Chan and Dante Fuentes ), October 2, 2024, Manila, Philippines
Fintelekt - Asian Bankers Association Virtual Workshop on AML Risks in Private Banking (Trainer: Mathilde Swierczynska ), October 17, 2024
Fintelekt AML/CFT 13th Annual Summit (India) 2024, December 5, 2024, Mumbai, India
Head of Compliance and Government Relations at Xendit | Asia Top 15 Chief Compliance Officers (Asian Legal Business 2024)
1 个月Congrats Nikolo B. ??