The discussion covers reasons for creating new, sector-specific guidance, key differences between wealth management and retail banking, and the importance of a risk-based, proportionate approach. The speakers highlight the necessity of integrating Know Your Customer (KYC) data with transaction monitoring, the role of risk assessments, and how to design effective monitoring frameworks without unnecessary over-engineering.
Automation, manual processes, and hybrid approaches to transaction monitoring are examined, along with the future potential of AI in this domain. Essential takeaways include ensuring ongoing effectiveness and adaptability of monitoring frameworks, understanding the purpose of financial crime controls, and maintaining evidence-based decisions. Listeners are encouraged to read the newly published guide and consider its practical steps for improving their compliance frameworks.
