The inadvertent use of the banking system for money laundering activities is a key challenge facing the financial services industry. In response, regulatory authorities have introduced anti-money laundering regulations to detect and prevent such activities. Complying with these regulations requires banks and financial institutions to implement an effective compliance system, along with appropriate tools and systems. Here we discuss the challenges before banks and financial institutions, prevailing industry trends, and how emerging technologies can be used to monitor transactions to identify suspicious activities.
Ms Neha Malviya works as Executive Director at Wilson Financial Services Pvt. Ltd., Mumbai. In a distinguished career spanning more than a decade, she brings unparalleled expertise in Compliance, Legal, Operations, Due diligence and Anti Money Laundering related matters across verticals including FPI, PMS, AIF, MF, Investment Advisory, Broking, DP, HFCs and NBFCs.