COVID-19 – Innovation in the Financial Sector and Compliance Challenges
Join a cohort of our global student community to explore some of the key legal issues arising from the changes in our world.
The school of law are delighted to invite you to our online summer school.
COVID -19 – Innovation in Financial Sector and Compliance Challenges
Sheetal Bharadwaj , Financial Crime Expert, Bank of New Zealand
Pradeep Janardanan , Unit Head – Transaction Monitoring in Standard Chartered Bank.
With people worldwide facing confinement or strict social distancing measures, in-personal banking and access to other financial services have become complex, and innovation has become the key to meet evolving consumer demands and expectations. The International regulatory bodies are encouraging contactless payments and digital onboarding. As such, the use of financial technology (Fintech) provides significant opportunities to manage some of the issues presented by COVID-19. In line with the FATF Standards, the FATF encourages the use of technology, including Fintech, Regtech and Suptech to the fullest extent possible. The FATF recently released Guidance on Digital ID, which highlights the benefits of trustworthy digital identity for improving the security, privacy and convenience of identifying people remotely for both onboarding and conducting transactions while also mitigating Money laundering /Terrorist Financing risks.
As more and more companies adapt to the new business methods, numerous companies cannot keep up with the pace of change. Criminals and terrorists are exploiting the COVID-19 pandemic to carry out financial fraud and scams, including promoting and trafficking counterfeit medicines, offering fraudulent investment opportunities, malicious or fraudulent cybercrimes, fundraising for fake charities, and various medical scams targeting innocent victims. Companies are seeing far more sophisticated fraud and money laundering schemes and require help to address these unique challenges.
Due to the above situation, the responsibility of the Compliance functions across businesses has significantly increased to ensure that financial institutions can plug the gaps and weaknesses in their anti-money laundering/counter-financing of terrorism (AML/CFT) regime/systems. They must keep themselves up to date and be in touch with international bodies, regulators, financial intelligence units (FIU’s), and law enforcement agencies. It will help them to adapt and address key Money Laundering risks, particularly those related to fraud and financial crime risks linked to COVID-19.
Date: Tuesday, 29th June, 2021
Time: 14:00pm – 15:45pm GMT
The Zoom link to access the session will be provided in the confirmation email, under the additional information once the ticket has been booked.