Re-thinking Financial Crimes and Compliance

Compliances are non-negotiable to insulate the customers from online and digital financial frauds. While some organisations look at keeping the direct cost of compliance, their overall cost of compliance picture hits the roof.

Some of the moot questions are:

What are the key components that affect overall compliance costs and how do you control them while being compliant.

To what level should the BFSI sector engage with Fintechs? This is in view of the fact each segment namely banking, finance, and insurance—follows strict statutory regulations and global compliance norms. However, the fintechs don’t follow these norms. Both the technology providers and the largest customers in BFSI are witnessing transformation as per new-age trends and to meet demands from the millennials who are always online.

In this transformative phase, it will be interesting to hold a panel discussion on Re-thinking Financial Crimes and Compliance. The panelists included Vijayalakshmi Muydu, GM -Fraud Prevention &monitoring Dept, State Bank of India; Manish Agarwal, Head – Credit intelligence Control, HDFC Bank; Sunder Natarajan, Chief risk officer, IndiaFirst Life Insurance; Darshit Sheth, Principal office & MLRO, Thomas Cook India; Pramod Rao, Head Fraud and Risk, Axis Bank; Ajit Pillai, Country Manager India FCC, LexisNexis Risk Solutions and moderated by Babu Nair, Founder, and MD Banking Frontiers. Mr. Nair kickstarted the discussion by deep-dived into the DNA of emerging fraud patterns. Interestingly, experts on the panel agreed that the current frauds are more social engineering issues than compliance-related.