While the world is coming together and fighting with Novel Corona virus, it has still managed to gulp millions under its impact, and it remains something that attracts most of our attention today. This creates an opportunity for the anti-social elements to exploit the situation.
World Bank, United Nations and other organizations are exploring opportunities such as Digital onboarding, Simplified due diligence etc. to manage some of issues like social distancing presented by COVID-19. FATF is no far and the international standards setting body that aims to combat illegal activities, recently encouraged governments to use the flexibility built into its risk-based approach to address challenges posed by the pandemic.
Emerging illicit finance risks:
Many regulators and banking watchdogs across the globe, from AUSTRAC to FINTRAC, have suggested the best practices to combat the possible surge in money laundering operations. This is critical than ever.
It is time for us to embrace Advance analytics and Artificial Intelligence in this space. Historically used rule-based approach may not act as effective as AI to counter this situation where criminals are notoriously flexible. AI comes as an aid here offering effectiveness in terms of complying by regulations and slashing the cost – mainly by reducing false positives. Key features where AI gets an edge over legacy systems –
On a lighter note, COVID-19 came with some brighter aspects also, mostly nature – from a peacock perching in Hyderabad’s urban jungle to a clear view of Himalayas from Jalandhar, Punjab.
Similarly, on AML front, it is an opportunity to make our digital platforms and customer engagement models robust and where possible educate customers. One such area can be Card-Not-Present (CNP) transactions.
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