From the smallest regional bank to the largest multinational, every institution must perform a balancing act between AML compliance and the experience of their customers. Institutions face the dual pressures of providing convenient, diverse services to their customers, while maintaining robust KYC and customer due diligence programs. At the same time, many customer-facing employees may feel little connection with the “back-office” compliance functions of the AML team.
In this CrimeCast, ACFCS speaks with Glen Stover, who guides listeners on how to balance effective AML compliance with a solid customer experience. The Director of the Anti-Money Laundering Unit of Scotiabank, one of the largest and most international banks in Canada, he provides insight on how targeted, focused employee training can improve compliance and help staff connect the dots between AML and their day-to-duties.
He also offers practical advice on how and when to update the information gathered by KYC processes, discusses the growing importance of KYC and ongoing due diligence in light of new initiatives like FATCA, and gives best practices for exiting a customer relationship.