Bringing It All Together
Bringing it all together
The Financial Fraud Enforcement Task Force has created some infrastructure to ensure cross-agency collaboration to identify links between fraud and financial crime. Financial regulations are going through the greatest transformation in a generation to help address the alarming rate of fraud that we have seen in recent years.
The challenge faced by the Financial Fraud Enforcement Task Force is daunting, but technology is driving common practices and transparency across organizations that will enable the regulators to identify risks, fraud and financial crime more effectively and efficiently. Financial institutions can now complete the entire on-boarding process for new clients in less than half the time that it used to take. This includes meeting all due diligence requirements by risk, product and customer type, and assigning a risk rating for all new customers.
Though fraud schemes will continue to evolve and pose new threats moving forward, rules-driven, process-centric technology is providing the Financial Fraud Enforcement Task Force and our financial institutions with the ability and agility to adapt to emerging risks and new processes, as well as develop regulations to curb ever-increasing threats and minimize the threat of severe disturbances to the overall financial system.
In this scenario, organizations are implementing systems that effectively manage risk and compliance while also creating a framework that delivers better, timelier customer service. It's a win-win proposition for the organization and its clients.
Reetu Khosla is the Director of Financial Crime Solutions at Pegasystems. She has several years of regulatory experience in the banking and non-banking sectors, specializing in financial crimes and AML-compliance, operations and management. Reetu has implemented, developed and managed international Suspicious Activity Report (SAR) programs, sanctions, high-risk customers (foreign financial institution and private banking), regulatory response and internal audit response management.
Reetu has been invited by the FBI and private sector to train financial institutions on building effective AML programs. Her most recent positions include director of risk at Fidelity Investments, consulting financial institutions on developing their AML/fraud programs and working with the Department of Justice on analysis for AML regulatory requirements. She can be reached at email@example.com.