Since the financial crisis, Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have become a key concern in the boardrooms of banks. Compliance costs are rising sharply and missteps can result in fines of billions of dollars. The growing burden of AML and KYC regulation requires a dual approach from the banking community.
Firstly, individually, organisations must accept that AML and KYC are no longer compliance-only issues, and instead impact every area of the business including operations, legal, risk and tax. Secondly, as a sector, banking must learn how to collaborate on KYC and AML – for it is only through a co-ordinated response that banks can truly mitigate the rising cost of compliance.
Mastering AML and KYC, chaired by The Banker Magazine's Michael Imeson, will explore the challenges and opportunities of successfully integrating AML and KYC controls into operational structures. Importantly, it will also enable senior bank executives to identify prospective areas of collaboration and accelerate the emergence of an industry wide response.