As well as balancing an innovative digital agenda with managing the cyber threats, banks also need to be able to keep up with the compliance demands they face. Speaking to this point on the second day of LARC, Sandra DePoalo, Managing Director, and Global Head of AML with BNY Mellon said that the compliance team needs to engage with the business team in a bank to understand new clients before the onboarding process begins. She said that AML compliance in the bank could call a similar person in the potential client organisation at the start of this process, for example. DePoalo added that it is important to find out if correspondent banks have similar controls in place. If a bank is making repeated requests for information that go unanswered from its correspondent, red flags can be quickly raised.

https://www.finextra.com/newsarticle/33898/innovation-driving-digital-acceleration-in-latin-america