AML and KYC Compliance in the COVID-19 Era
Leading the way in innovation for over 50 years, we build greater futures for businesses across multiple industries and 131 countries.
Our expert, committed team put our shared beliefs into action – every day. Together, we combine innovation and collective knowledge to create the extraordinary.
We share news, insights, analysis and research – tailored to your unique interests – to help you deepen your knowledge and impact.
At TCS, we believe exceptional work begins with hiring, celebrating and nurturing the best people — from all walks of life.
You have these already downloaded
We have sent you a copy of the report to your email again.
Adopting AI backed tools to proactively detect fraud and prevent losses
Lockdowns and social distancing restrictions imposed as a result of the COVID-19 crisis have resulted in financial institutions directing customers to digital channels. Increased usage of digital channels, disbursal of government aid through banks, staff shortage, and remote working models have created challenges around fraud and money laundering, adversely impacting anti-money laundering (AML) and know your customer (KYC) compliance in the COVID-19 era.
In our view, an assessment of banks’ supervisory and fraud detection processes will reveal gaps rendering them inadequate to deal with the prevailing situation. To contend with the impact of COVID-19 on money laundering and KYC compliance, banks must adopt intelligent technology backed solutions. Key measures that must form a part of strategies for AML compliance under COVID-19 include:
Replacing physical document verification with government issued digital IDs
Using virtual collaboration tools
Leveraging analytics to identify anomalies in customer behavior
Adopting mechanisms to track illicit activities