AFB Practice Roundtable: How UK-based foreign banks can navigate the regulatory requirements for identity verification

Keeping pace with the rapidly evolving UK regulatory landscape is no mean feat for UK-based foreign banks, especially when it comes to anti-money laundering (AML) compliance.  

Financial institutions reported a 64% increase in fraud attacks in 2023, with most noting that financial fraud is becoming more sophisticated, and more challenging to tackle.  A significant emerging threat is identity fraud, thanks to the rise of generative artificial intelligence (AI) tools.  Indeed, identity fraud now accounts for 64% of all fraud losses in the UK, a pattern that is similar across the globe.

This poses a huge challenge for non-UK banks trying to balance frictionless customer onboarding experiences with financial crime mitigation and regulatory compliance.

So, how can identity verification (IDV) be integrated into the compliance initiatives of non-UK banks?

Register for our upcoming Association of Foreign Banks (AFB) Practice Roundtable, hosted in association with Habib Bank, to find out.

The role of IDV explained

IDV is a critical process for non-UK banks to ensure that the individuals or entities they are dealing with are who they claim to be. The process is designed to ensure that the bank is not inadvertently facilitating money laundering, terrorist financing or other financial crimes.

In this roundtable you’ll learn how to:

• Combine data and a document-led approach to onboarding as an effective method to navigate regulatory requirements

• Balance a compliant onboarding journey with a positive customer experience

• Tackle the ongoing requirements of UK and global regulation and challenges associated with cross-border legislation

It’s also a great opportunity to network with like-minded peers and share perspectives with industry experts on the regulatory challenges your bank currently faces.

Secure your place at the table

This one-off event is taking place from 15:30 hrs -17:30 hrs on Tuesday 9th July 2024 at Habib House, 42 Moorgate EC2P 6JJ.  Light refreshments will be included

Places are limited so register early to avoid.