MonetaGo’s Post

‘Seven out of ten (70%) respondents say fraud is a significant risk to their company’s receivables finance business.’ We’re revisiting Lenvi’s European Fraud Readiness Report - and key findings like these - as a reminder that the digitalisation of trade documents and adoption of standards-based technology helps trade finance lenders to de-risk their business. 'What is most striking is that respondents describing their anti-fraud strategies as predominantly based on manual input are much more likely to describe fraud as a highly significant risk (57% compared to just 19% of those with predominantly tech-based strategies).' Catch up on the report, available via the link in comments. #receivablesfinance #digitalisation #fraudprevention #antifraud #tradefinance #securefinancing

Navigating the world of banking isn't just about numbers, it's about commitment to compliance too! Ensuring we stick to legal and industry standards is not just a necessity, it's our strategic advantage. By prioritizing ethical practices, we're not only safeguarding our reputation, but also fueling innovation and sustainable success.

Today, our colleague Alexandra Manciulea took the stage as a speaker at the ZF (Ziarul Financiar) Bankers Summit. 𝐒𝐡𝐞 𝐬𝐡𝐚𝐫𝐞𝐝 𝐡𝐞𝐫 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐞𝐠𝐚𝐥 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐟𝐚𝐜𝐞𝐝 𝐢𝐧 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬, 𝐞𝐦𝐩𝐡𝐚𝐬𝐢𝐳𝐢𝐧𝐠 𝐭𝐡𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐜𝐞 𝐨𝐟 𝐭𝐡𝐨𝐫𝐨𝐮𝐠𝐡 𝐝𝐮𝐞 𝐝𝐢𝐥𝐢𝐠𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐫𝐨𝐛𝐮𝐬𝐭 𝐥𝐞𝐠𝐚𝐥 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤𝐬. 📚⚖ Alexandra also addressed the risks associated with cross-border banking transactions, offering strategies to mitigate these risks. She highlighted the necessity of understanding diverse regulatory environments and implementing comprehensive risk management practices. 🌐🔍 Furthermore, she explored the impact of current regulatory changes on banking transactions and provided her perspective on the future evolution of this dynamic landscape. Alexandra stressed the importance of staying adaptable and informed amidst these changes. 📈🔄 In her concluding remarks, Alexandra discussed how new technologies and open banking are transforming the legal landscape of banking transactions. She pointed out both the potential benefits and challenges that these advancements bring to the industry. 💡💻 Read more - https://lnkd.in/d88B4HfP #ZFBankersConference #BankingTransactions #LegalChallenges #RegulatoryChanges #openbanking #FilipandCompany #ZF

The Proposed Rule is part of a broader overhaul to the U.S. anti-money laundering regime that includes the now-effective Corporate Transparency Act and upcoming rulemaking to enhance the Customer Due Diligence Rule (“CDD Rule”). https://lnkd.in/eyRGSqex

Geoffrey Wynne was interviewed together with Claudia Hussy, Head of Trade Finance Unfunded Product Management & Automation Lead, Deutsche Bank and Chris Southworth, Secretary General ICC UK by Clarissa Dann, Editorial Director, Deutsche Bank for Trade Finance TV. The discussion focuses on the tell-tale signs of trade fraud to look out for, what more can be done as we digitalise trade finance to make it harder for fraudsters to penetrate daily transactions and the interviewees give examples of trade-related fraud and the measures available to stay one step ahead of the criminals. Click below to watch. #WhatsYourNext #TradeFinance

📣 Our first blog of 2024 is here! Dive into the insights as Richard Devine explores the pervasive impact of money laundering and shares why investing in anti-money laundering procedures should be a non-negotiable priority for every forward-thinking organisation. 💡   Money laundering isn't just a regulatory hurdle; it poses a substantial threat to the financial health and viability of your business. The consequences ripple far beyond legal repercussions, affecting customer trust and the overall integrity of your operations.   By prioritising robust anti-money laundering measures, organisations not only safeguard themselves from legal pitfalls but also cultivate an environment of financial transparency. ✅   Read our latest blog: https://lnkd.in/ewnxeFfV #Compliance #AntiMoneyLaundering #MoneyLaundering #AMLprocesures #AML #ComplianceIn2024

Geoffrey Wynne was interviewed together with Claudia Hussy, Head of Trade Finance Unfunded Product Management & Automation Lead, Deutsche Bank and Chris Southworth, Secretary General ICC UK by Clarissa Dann, Editorial Director, Deutsche Bank for Trade Finance TV. The discussion focuses on the tell-tale signs of trade fraud to look out for, what more can be done as we digitalise trade finance to make it harder for fraudsters to penetrate daily transactions and the interviewees give examples of trade-related fraud and the measures available to stay one step ahead of the criminals. Click below to watch. #WhatsYourNext #TradeFinance

Combatting financial crime is a top priority for financial firms in 2024. Leveraging technology and AI solutions for compliance, monitoring fraud with increased vigilance, and strengthening operational resilience are key steps to protect customers and the financial system. More recently, fraud has become a hot topic—with criminals looking to capitalize on economic instability. Australians lost a record sum of more than US$2b to scams in 2021, scams are made possible by a wide variety of technologies. Bank transfers accounted for the majority of scam payments. This is an area of much deeper management and concern for the financial system, especially at the retail level. Firms are preparing for a rise in fraud and investment scams as economic stress pushes customers toward risk-taking behavior. More in our latest article: https://lnkd.in/ettCN2WR #EYFinancialServices #FSregulation #financialcrime #fraud