Recently, Group Head and Chief Risk Officer at Scotiabank, Daniel Moore was interviewed by McKinsey. During the interview, Daniel Moore spoke about the analytics in AML, due diligence, and several other things.
While he was asked, “How is the industry doing at
maintaining that customer trust and managing the money-laundering risk?”, he
replied by stating the fact that banking has worked at this for years, and it
takes a long time to move beyond regulatory compliance and into effectiveness.
He further added the regulatory environment is changing, and keeping pace with
both (regulatory frontier and supervisory) effectively isn’t always easy to
When he was questioned about the future of analytics in AML,
he said the collaboration will be vital for the financial-services industry, government,
and law enforcement as it will produce better outcomes for all stakeholders.
To read the complete interview click here.
Source - McKinsey & Company
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