Syedur Rahman | 8 October 2024
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The Banker asked Syed Rahman about how banks could keep pace with criminals’ innovative attempts to evade sanctions.
In an article that highlighted banks’ struggles to play catch-up with the criminals, Syed explained that financial institutions need to be seeking informed legal advice about the dangers they face.
He added: “Early involvement of the legal department is essential, allowing for timely legal guidance on identified risks.”
Syed said that banks can also use AI-led solutions that can detect variations in the spellings of names and entities, maintain up-to-date sanctions lists and screen transactions instantaneously.
The full article can be read here (subscription required).
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