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Articles by Adam Krug
Why Technology Will Be at the Forefront of Fighting Financial Crime
There’s been a lot of talk about the link between technology and the financial sector over the last couple of decades, and the synergy between the two is very obvious at this point. However, technology didn’t just make things easier – it also introduced some new problems. Thankfully, it’s also shaping up as the main answer to the big questions looming on the horizon right now.
How too much compliance might actually increase the risk of financial service companies?
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How to prevent factoring and invoice finance fraud during the current COVID-19 crisis
In the current period of economic uncertainty, increasing pressure on businesses is making fraudulent activity an ever-present risk for lenders – a trend not only troubling for the affected company or companies, but also for the wider economy. In particular, corporate fraud has the potential to dissuade banks from lending - a dangerous outcome during a global crisis which has significantly constrained liquidity and limited funding for businesses.
Synthetic identity fraud: What is it and how can we stop it?
As technology constantly evolves, becomes simpler and more cost effective, it is also simultaneously becoming more accessible to fraudsters. This means we’re seeing a surge in fraud cases. The latest tactic these bad actors are turning to is synthetic identity fraud. In the US, it’s already the fastest growing type of financial crime according to McKinsey – and it won’t be long until it makes an impact on our side of the pond.
IBOR transition update: EuroSTR has an August holiday?
After the recent uptick in EuroSTR (a.k.a. €STR) volumes in late July driven by the major CCPs switching from using EONIA to EuroSTR for discounting all Euro OTC interest rate products we looked at August data to see if this was just a blip or whether EuroSTR in fact held its increased share of the market throughout August. In June, prior to the CCP discounting switchover, which took place over the weekend of 25 July, EuroSTR had made up just 4.1% of all Euro OIS trades.
6 Ways to Create a Frictionless Client & Investor Lifecycle Journey for Asset Servicing Firms
As digital transformation continues to impact the financial services sector, Asset Servicing (AS) firms are under significant pressure to modernize their processes. To transform successfully, they need to work closely with their clients to create frictionless alignment during the end-to-end investor lifecycle journey. 1.
Is Straight Through Processing the silver bullet for reducing false positives?
“How can we reduce false positives?” is the million-dollar question facing the banking industry. Costly and potentially harmful from a customer service perspective when a legitimate account is frozen unnecessarily, the silver bullet is yet to be found.
Collaborating through the Pandemic,
The importance of Regtech to navigate through the haze of regulation, criminality and bad shopping choices in the Covid era. Living with the new-norm You’re on Mute! Cleary the phrase of the summer as millions of us descend to the dining tables, garden rooms, loft, home office or whatever space you can find amidst the fun and games of kids taking instructions from a teacher during a Zoom class whilst jumping around on all fours.
Key Questions to Ask When Investing in a Client Onboarding Solution to get it right first time
Written by Adam Krug & James Monaghan 30 years ago, financial services built everything in-house. Nowadays, with so many off the shelf software products for trading and transaction systems – accounting, HR, CRM to name a few – the challenge now is which vendor to select. In the words of Tony Soprano, “Believe none of what you hear and half of what you see.” When it comes to investing in new KYC & CLM should we be taking a leaf out of Mr Soprano’s book?
The Shareholder Rights Directive II due to go live on the 3rd of September 2020
SRD II won’t be postponed! The verdict came from the European Commission earlier this month! Despite the joint letter sent by several post-trade groups and the call to postpone the deadline of SRD II and the Implementing Regulation, the European Commission decided earlier this month to go ahead with the implementation of the directive as originally planned this year on the 3rd of September 2020.
KYC & CLM: Key Questions to Ask When Investing in a Client Onboarding Solution to Get it Right F
Written by Adam Krug & James Monaghan 30 years ago, financial services built everything in-house. Nowadays, with so many off the shelf software products for trading and transaction systems – accounting, HR, CRM to name a few – the challenge now is which vendor to select. In the words of Tony Soprano, “Believe none of what you hear and half of what you see.” When it comes to investing in new KYC & CLM should we be taking a leaf out of Mr Soprano’s book?
Could selfies be the key to fighting COVID-19 fraud?
From social media scams to fake government texts, phishing links in business emails and false phone calls, fraud has risen sharply since the start of the COVID-19 pandemic. More than 2,500 scams had been reported to investigators in the UK by the start of April alone. The threat doesn’t show signs of slowing down either. By early May, more than 160,000 suspect emails had been flagged to Action Fraud over a two-week period.
Will Anti-Money Laundering Compliance Still Apply After Brexit?
On the 31st December 2020, the UK will complete its transition period to leave the European Union (EU), with or without a trade deal agreement in place. Whilst we anticipate that Brexit will affect regulatory compliance for many sectors, the full extent of the impact is somewhat unclear until negotiations have been finalised. In this article, we discuss the potential influence of Brexit on Anti-Money Laundering (AML) compliance and the 5th and 6th Money Laundering Directive.
Video KYC: A Big Step towards Digitalization
A commonly heard term in the banking industry is KYC (Know Your Customer). KYC is the process or step in which there is an assessment of the customers’ profile. It evaluates the risk of the customers of a bank or financial institutions to ensure that they comply with the Anti-Money Laundering (AML) laws. With the emerging technologies like Artificial Intelligence (AI), UIDAI Biometrics, machine learning, face matching and recognition, the concept of Digital KYC took birth.
Case Management for solving Fin Crime Risk
2019 saw the FCA dishing out the highest level of fines ever, totalling nearly £400m in a twelve-month period. This included hefty penalties relating to anti-money laundering failings.
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