Moody’s Talks: KYC Decoded

Is the future of financial crime prevention beyond traditional KYC?

Episode Summary

The positioning of “traditional” KYC against new and emerging methodologies creates opportunities to assess the most effective processes and technologies used to prevent financial crime. It raises the question: What transformative actions and AI implementations are needed to revolutionize a KYC framework, ensuring the industry is prepared for future advancement? In this episode of KYC Decoded, Hanjo Seibert, managing director and partner at Boston Consulting Group, and global lead for Compliance and Anti-Financial Crime (AFC) Technology Transformation joins our host Alex Pillow. Their insightful dialogue provides fresh viewpoints on questions such as: Are traditional KYC/AML methods sufficient to address the challenges professionals face today? How can rules-based and data-driven approaches combine to increase efficiency? How should professionals approach problem-solving: by prioritizing data first or by putting compliance considerations first? How can financial institutions ensure personnel are trained to effectively use new technologies against fraudsters who are also innovating rapidly? Will we continue to see multiple vendors providing diverse solutions, or is there a trend towards consolidating services into one-stop shops?

Episode Notes

The positioning of “traditional” KYC against new and emerging methodologies creates opportunities to assess the most effective processes and technologies used to prevent financial crime. It raises the question: What transformative actions and AI implementations are needed to revolutionize a KYC framework, ensuring the industry is prepared for future advancement? 

In this episode of KYC Decoded, Hanjo Seibert, managing director and partner at Boston Consulting Group, and global lead for Compliance and Anti-Financial Crime (AFC) Technology Transformation joins our host Alex Pillow. Their insightful dialogue provides fresh viewpoints on questions such as: 

• Are traditional KYC/AML methods sufficient to address the challenges professionals face today?
• How can rules-based and data-driven approaches combine to increase efficiency?
• How should professionals approach problem-solving: by prioritizing data first or by putting compliance considerations first?
• How can financial institutions ensure personnel are trained to effectively use new technologies against fraudsters who are also innovating rapidly?
• Will we continue to see multiple vendors providing diverse solutions, or is there a trend towards consolidating services into one-stop shops?

To find out more about the topics discussed in this episode - check out these resources: 

• Watch Hanjo’s Ted Talk: What you can do to stop economic crime
• Listen to the BCG on Compliance podcast: Apple, Spotify, Amazon
• Read Moody’s blog post: 8 best financial crime books

And if you would like to see how Moody’s compliance and third-party risk management can help with your approach to KYC, please visit our website or get in touch; we’d love to hear from you.