The New Normal: How Digital Payments are Changing BSA/AML

Featured Speakers :
WHEN : 09/16/2021 1:00 pm ET

Complimentary webinar, presented by Silent Eight

Not too long ago, a banking client who relied heavily on mobile payment services to move large sums, used government stimulus checks to day-trade GameStop and AMC stock, and routinely transacted in multiple cryptocurrencies, would have been labeled a high-risk individual. Today, they’re called your average consumer.

In this new era of fast-proliferating electronic payment schemes, t’s getting harder and harder to get a handle on what normal activity is — let alone truly “risky.” Accenture predicts US$7 trillion in consumer spending will shift from cash to cards and digital payments by 2023, and the digital payments marketplace is set to grow globally at 19% CAGR between 2021 and 2028, with companies like Apple, Venmo and Square leading the way.

For banks trying to create meaningful risk profiles, the rate of change is rapidly outpacing their ability to adapt. What do these enormous changes mean for those in the financial services industry?

In our upcoming webinar, we will explore how these changes impact BSA/AML teams at today’s leading banks. We’ll address the challenges and struggles presented by the shift to digital, explore what the new “normal” is, and how it affects both customer expectations and internal bank processes, such as onboarding.

Our panelists include Anthony Fenwick, Global Head of the AML Risk Management Compliance department, Citi; Megan Hodge, Executive Compliance Director, BSA/AML Officer, Ally Financial and Ally Bank; Kim Lacey, Chief AML Officer, KeyBank; and SVP, BSA/AML Investigations & SAR Filing Manager, Regions Bank.

In this webinar you will learn:

  • How is the rapid movement to digital payments changing BSA, and what is the New Normal?
  • What have some of the world’s leading banks done to adapt to these changes?
  • Where are banks struggling today, and why?
  • How did 2020 change the game?
  • What processes and tools are banks putting in place as a result?