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Professor Sue Lynch, Director, MS Financial Crime and Compliance Management presents on Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations

Professor Suzanne Lynch

Professor Suzanne Lynch, Director, Financial Crime and Compliance Management, recently spoke at a Mastering AML & KYC global event hosted by Financial Times Live and The Banker. Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have become a key concern for the banking community. Compliance costs are rising sharply and errors can result in billions of dollars in fines. The growing burden of AML and KYC regulation requires a dual approach from the banking community:

  1. Organizations must recognize that AML and KYC are no longer compliance-only issues, but instead impact every area of the business including operations, legal, risk and tax.
  2. Banking sector must foster collaborative relationships on KYC and AML because it will take a coordinated response for banks to mitigate the rising cost of compliance.

Professor Lynch's panel specifically discussed the area of Customer Identity and answered questions around:

  • ::  What is the definition of identity? How is it validated? Who decides what the right level of information is, when identity checks are made?
  • ::  How far should institutions go when capturing customer data and information?
  • ::  Are there alternative, more intelligent and less invasive ways of identity checking?
  • ::  How do banks ensure they are retaining "good" customers, and what is the definition of a "good" customer?

To learn how our Executive Master in Financial Crime and Compliance Management online program addresses these AML & KYC topics, Request More Information or call us today toll-free at (866) 295-3106 to speak with a Program Manager.