Fraudsters and financial criminals operate globally and the only way to fight this network is with a network.
Tracy Manning has over 25 years of experience driving data strategy, innovation and growth efforts within companies like AT&T, Cox, Twitter, Cincinnati Bell, and GroundTruth. She is now Director of Financial Crime Compliance at LexisNexis Risk Solutions.
In this episode, she shines a light on the challenges that KYC compliance teams have to catch up with current market trends and to move from controls that are largely manual, retroactive, and fully reliant on physical identity.
Topics discussed in this episode:
- How the controls related to KYC have not kept pace with changes in the marketplace
- The influence of digital adoption and transaction acceleration on new financial risks particularly sanctions risks
- The burden that alert volume and false positives exert on compliance teams
- How senior management understands the role of data in financial crime prevention and how they are integrating data into their strategies
- How banks and financial institutions are doing at implementing KYC processes
- Advice to compliance teams to future-proof their practices and what they should do to meet regulatory requirements
- Physical and digital identities: the importance of understanding the linkage between these two
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