Money laundering soared to record highs in 2020 and criminals deployed ever more sophisticated methods to achieve it. How can banks, online brokers and other regulated companies protect themselves from the huge financial and reputational risk of money laundering? How can you know for sure who your customers are - and keep the ones you do trust happy - while also meeting increasingly stringent regulations?
‘Risk & Compliance’ is an e-magazine dedicated to answering questions like these, bringing the latest developments in corporate risk management and regulatory compliance to its 250,000 readers across Europe. Published quarterly by Financier Worldwide, it draws on the experience of leading experts in the field to deliver insights into the myriad risks facing global companies today, the insurance solutions available to mitigate them, and the in-house processes and controls companies must adopt to manage them.
The magazine recently caught up with Fourthline’s Co-founder and CEO Krik Gunning. He discusses how criminal activities are evolving in the money laundering arena, how regulated institutions can capitalize on the latest technological advancements to combat these threats, and how to prepare for the future using digital identification solutions. There has never been a more crucial time to act, says Krik:
Our internal data showed identity fraud attempts surging by 15 percent during the year
“Our internal data showed identity fraud attempts surging by 15 percent during the year, much of it driven by new opportunities arising from the pandemic and subsequent lockdowns. Social engineering surpassed counterfeit documentation as criminals’ preferred form of identity fraud in 2020, which confirms the criticality of holistic data checking as opposed to simple document verifications.”
Download and read the full interview here