While some banks fret on how to fight and file on fraud when it comes to suspicious transaction reports (STRs), the first mistake is not seeing fraud and AML as interlinked, part of the same continuum of illicit.
To be effective professionally and programmatically, compliance teams need to know both to communicate, coordinate and be a true ally of law enforcement. Banks are breaking down silos between fincrime departments, so a diverse skillset is not only a bonus – it could help futureproof your career.
Remember that we mentioned silos are crumbling and AML and fraud should be seen as interwoven threads of the same criminal cloth? Get ready to bone up on your cybersecurity credentials.
As hackers, criminal groups and foreign nation-states engage in ever more aggressive cyber-enabled frauds – think ransomware, business email compromise and phishing fusillades – that means your counter-crime teams must be more aligned than ever before and speak the same language.
To respond to tech savvy criminals, banks are employing things like artificial intelligence, machine learning and automation to create, capture and analyze data as never before.
What does that mean for you as a job seeker or even someone who wants to stay employed?
Don’t leave all of the systems engineering, data analytics, transaction monitoring tuning or cyber-sleuthing to the external vendors or internal eggheads. Learn how technology empowers your program so you don’t have egg on your face when regulators resume their rigor in a post-pandemic world.
But also remember to be self-sufficient when it comes to software snags. That can include something as simple as understanding how to unlock your PC or get back on your wi-fi – without a call to your “systems” guy or gal. Read more via ACFCS