AML KYC Banking Summit

Change is the one constant. Having said that, the amount of change due to the 2020 pandemic is massive in scope and unparalleled for most of us. While no one could foresee this black swan event, organizations that are adaptable and already have systems in place for ongoing change are better suited to handle this situation — and the new normal of upheaval that is upon us.

Consider the changes in Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations; jurisdictions around the world continue to modify and strengthen requirements, and organizations that can’t adapt successfully face fines, huge costs to overhaul systems and reputational damage.

If change management is simply reactionary, the organization will always be scrambling to catch up, always just meeting minimum goals. Organizations require a holistic approach to change, a systematic approach of assessments, adaptations, and other dynamic strategies and operational considerations.

How does an organization create and operate compliance systems that are robust and dynamic? How can organizations take a holistic approach to compliance?

These are some of the big topics for consideration in a keynote presentation by Trulioo COO Zac Cohen at the AML & KYC Virtual Banking Summits:

AML and KYC in a digital-only economy

The AML & KYC Summits will provide a virtual experience of live case studies, panel sessions, and Q&As to support the banking community tackle some of these changes and share insights from expert speakers on the AML and financial crime landscape.

One of the biggest outcomes of the pandemic has been the rush to digital onboarding. Many organizations already had digital channels before the pandemic, but now, in many cases, digital is the only channel, and those who don’t offer their products and services online are losing out on revenue opportunities. While physical locations might be on some schedule to reopen, will consumers be willing to visit them? Especially as many consumers experience the speed and convenience of new online methods and adapt, will they want to go back to in-person interactions when there’s no need?

Thus, organizations need to have systems that can handle the demand and deliver experiences that are efficient, safe and compliant.

New audiences, new opportunities and challenges

It’s important to note that these new audiences might not be the most tech-savvy or comfortable with a digital-only approach. Doing anything for the first time always presents a fear of the unknown. Considering that we are talking about personal financial situations and not really having a choice in the matter, there’s bound to be reluctance, fear and anxiety in the process.

Add to that, online fraud is a real concern. Unfortunately, the significant increase in new online activity and users is an opportunity for fraudsters. Security is fundamental, both to new users and organizations’ profitability.

However, security can’t be complicated or slow; the digital experience needs to be seamless and reasonably quick or consumers will abandon the process and move on the competition. More than three-quarters (77 percent) of consumers claim that the account opening process can “make or break” their relationship with a financial services brand.

The sweet spot, providing both a good onboarding encounter as well as security and compliance, is also a holistic, systematic consideration. An effective, holistic approach considers user journeys and back-end workflows, different risk profiles and jurisdictional considerations, and various use cases and markets.

Join Zac as he outlines the vision for an identity network that syncs with the present and future needs of virtual banking.

Join the presentation: AML and KYC in a digital-only economy

Register for the North America AML & KYC banking Summit today!
September 10, 2020
11:40 a.m. EDT

Transforming AML & KYC with AI & Automation

Anti Money Laundering (AML) and Know Your Customer (KYC) automation is rapidly changing the financial services’ industry, in the detection, prevention, and handling of financial crimes. AML is a complex and highly regulated field, and the use of AI, RPA, Machine Learning and IOT is starting to play a key role in transforming how banks manage and speed up their manual risk processes.

Join Trulioo VP of Growth Anatoly Kvitnitsky in this panel discussion as the speakers explore and share insight on how automation is improving compliance for AML and KYC in the banking sector.

Key areas that will be addressed include:

  • How is automation improving compliance for AML and KYC?
  • How is COVID-19 changing the automation of KYC processes?
  • Maximising the benefits of AI, RPA, and Machine Learning
  • What software is quickly detecting suspicious activities?
  • Why do you still need humans?

Register for the North America AML & KYC banking Summit today!
September 10, 2020
1 p.m. EDT

Trulioo will also have a virtual booth. Drop by and talk with one of our identity representatives, or schedule a meeting.