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:
- 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.
- 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.