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The rapid rise of challenger banks has reshaped financial services, bringing innovation, agility, and increased competition. But as recent events have shown, scaling at speed without robust financial crime controls can expose firms to significant risks.
In 2024 Citigroup faced significant regulatory scrutiny due to persistent issues in its compliance and data management systems. Whilst in August Nordea Bank was fined $35m by state regulators in New York for AML compliance failures.
In the UK several banks faced heavy fines for deficiencies in financial crime controls including Starling Bank. It was fined almost £29m in November 2024 for failings related to its financial sanctions screening, with the FCA pointing to deficiencies that occurred that measures to tackle financial crime did not keep pace with its growth.
The need for robust compliance, risk management, and data integrity. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have consistently emphasised the need for strong controls, accurate data, and proactive risk management. Yet, many firms struggle to identify and mitigate emerging risks, especially as financial crime threats evolve.
The FCA recently stated that banking sector financial crime controls which had not kept pace with business growth was a particular area of concern. At a recent speech FCA Executive Director Sarah Pritchard emphasised her belief that innovation is key to preventing the threats posed by abuse of the financial services sector and urged banks to adopt a more integrated and targered approach to tackling financial crime. There's no time to waste.
Join us for an exclusive roundtable event - Governance, Risk and Data Integrity in Financial Services: Meeting Regulatory Expectations
The Starling Bank case serves as a critical lesson for financial institutions navigating commercial onboarding while ensuring compliance. With increasing regulatory scrutiny, banks must stay ahead of compliance challenges to maintain trust, customer satisfaction and operational stability.
So, join us and AFB for an in-depth discussion on how your organisation can harness latest advances in technology to strengthen governance, risk management, and data integrity to meet regulatory expectations.
During this 2-hour session you'll learn how to:
- Scale responsibility and achieve digital excellence without compromising regulatory obligations
- Simplify fragmented workflows and tech chaos
- Tackle inconsistent and harmful applications of policy and regulation
- Put in place best practice strategies to safeguard against financial crime exposure
Our previous AFB Practice Roundtable on Identity Verification was highly acclaimed for its depth and practical insights. Rated at an all time high of 9.8, it explored:
- Flexibility and Customisation: FullCircl's supplier-agnostic platform lets banks tailor workflows to their needs.
- Seamless Integration: We ensure smooth incorporation into existing banking infrastructure with minimal disruption.
- UBO Identification: FullCircl provides top-tier tools and data to simplify and improve accuracy in identifying UBOs
- Regulatory Compliance: With KYC coverage in 246 countries and market-leading orchestration, we help you navigate AML/KYC regulations effortlessly.
- Cultural Sensitivity: Our Solutions balance regulatory requirements with user experience across diverse markets.
- Global Reach: With 6,000+ accepted identity documents, FullCircl enables secure onboarding anywhere.
Building on this topic, we invite you to join this upcoming discussion.
When, where and who
Location: ABC International Bank, Arab Banking Corporation House, 1-5 Moorgate, EC2R 6AB.
Date: Tuesday 29th April 2025
Time: 15:30-17:30 (Arrivals and coffee 15:30-16:00)
Who: Heads of Compliance, Product Owners, Operations, Risk and Technology Professionals as well as Front-Line Leaders
Capacity for the event will be limited to 30 people, please reach out to amy.swain@foreignbanks.org.uk to register your interest in attending.
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