Fraud and AML compliance – Time for a joined-up approach?

CR1 2016-09-28T14:00:00.000Z

roomCode
CR1
Room
Conference Room 1
Date
-
Kavita Maharaj
Former Anchor Bloomberg, CNBC, ITV
tbc
Deloitte
Ben Hargreaves
Director, Global Head of Anti-Fraud
Credit Suisse
Cate Kemp
Group Payments Compliance Director
Lloyds Banking Group
Jeremy Warren
Managing Director, Head of CIB Global Financial Crimes Compliance
J.P.Morgan

Financial institutions face ever-increasing pressure to implement and demonstrate robust anti-fraud and anti-money laundering (AML) controls and procedures – from end-point and session monitoring, to payment pattern controls, as well as analytics and intelligence. Many institutions currently separate their anti-fraud and AML units, even though the objectives of both disciplines are very similar – staying on the right side of the law while preventing financial losses and reputational damage from criminal activity. Should anti-fraud and AML divisions consider a more unified approach, since they already use similar data and tools and face the same need to succeed in the face of rising costs and regulatory focus? Are there opportunities for synergy? What barriers exist, if any, to a more joined-up approach?

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