#12 Are we fighting crime or ticking boxes? | Oonagh van den Berg
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Discover what FSIs can do (and should do) but don't do, to fight crime.
This episode with Oonagh van den Berg of Raw Compliance takes a bold step in re-looking at how we comply with our AML regulatory requirements.
Oonagh argues that many current control frameworks are not fully fit for purpose as they were designed for a slower financial world and struggle to keep up with instant payments, embedded finance, crypto, and AI-driven fraud. While these frameworks may be technically compliant, they lack operational effectiveness.
The conversation covers issues of overregulation, data fragmentation, the disconnect between compliance and business operations, and the limitations of Financial Action Task Force (FATF) evaluations.
Oonagh advocates for a shift from rule-based to data-first, dynamic, and tech-enabled frameworks that can adapt to evolving criminal behaviours. She stresses the importance of compliance officers developing skills in data analytics, technology, and business understanding rather than focusing solely on regulatory knowledge
This episode with Oonagh van den Berg of Raw Compliance takes a bold step in re-looking at how we comply with our AML regulatory requirements.
Oonagh argues that many current control frameworks are not fully fit for purpose as they were designed for a slower financial world and struggle to keep up with instant payments, embedded finance, crypto, and AI-driven fraud. While these frameworks may be technically compliant, they lack operational effectiveness.
The conversation covers issues of overregulation, data fragmentation, the disconnect between compliance and business operations, and the limitations of Financial Action Task Force (FATF) evaluations.
Oonagh advocates for a shift from rule-based to data-first, dynamic, and tech-enabled frameworks that can adapt to evolving criminal behaviours. She stresses the importance of compliance officers developing skills in data analytics, technology, and business understanding rather than focusing solely on regulatory knowledge
Chapters
- 00:02 Introduction to financial crime framework challenges
- 02:27 Are current financial control frameworks fit for purpose?
- 05:02 The impact of overregulation on risk management
- 07:08 Principles-based vs rules-based regulation
- 09:53 Data fragmentation and its impact on financial crime control
- 12:59 AI implementation challenges in financial institutions
- 16:35 Excessive complexity in compliance processes
- 21:00 Practical challenges in compliance requirements
- 25:18 Bridging the gap between regulation and business
- 34:14 FATF evaluations and effective enforcement
- 39:08 Final advice for compliance professionals
