FSO conducts third BCM webinar

SGV’s Financial Services Organization Banking and Capital Markets (FSO BCM) sector conducted the third part of the FSO BCM Webinar Series titled Reframing approach to financial crime compliance amidst the COVID-19 pandemic on 23 October.

FSO Leader Vicky Salas delivered the opening remarks and discussed the pandemic’s impact on financial crimes such as money laundering and terrorist financing. Anti-Money Laundering Council (AMLC) Secretariat Executive Director Atty. Mel Georgie B. Racela then discussed the actions that the AMLC has taken to respond to financial crime related threats caused by the pandemic.

Atty. Racela and CGL presenting at the webinar

Financial Services Consulting Partner and Government and Public Sector Leader Christian G. Lauron (CGL) provided an overview of trends in the financial services industry. He also spoke on how the pandemic has affected the different banking touch points and perspectives on regulatory compliance and reporting.

FSO Partner Veronica A. Balisi (VAB) provided an overview of global and local financial crimes. She discussed the top financial crimes in the Philippines and emphasized the emerging risks and vulnerabilities caused by the pandemic. She spoke on how banks have adapted and responded to the latest disruptions. She also provided insights on how they can reframe their approach to financial crime compliance across three dimensions: now, next and beyond.

VAB and Vikram presenting at the webinar

EY Financial Services Partner Vikram Babbar discussed financial crime compliance challenges in the banking industry, emphasizing key issues in AML Know Your Customer operations. He also spoke on how companies can effectively leverage on technology to manage financial crime risks and protect their organization’s financial system.

The webinar concluded with a question & answer portion. Participants included compliance, operations, risk, and internal audit professionals from covered institutions.