They may lack the name recognition of higher-profile institutions, but Caribbean credit unions are a vital cog in the region’s economic engine, comprising $8.5 billion in assets and 2.6 million members. But even in the best of times, effective AML is a costly proposition for these comparatively small organizations. And 2020 brought the added stress of the Covid crisis, which decimated tourism, crimped expat remittances and increased fraud risks. In this webinar, Caribbean credit union compliance specialists share practical insights and creative solutions for keeping AML and anti-financial crime programs rigorous amid unprecedented challenges.
Adjusting risk management to address unique pandemic challenges such as managing remote workforces, conducting digital onboarding and targeting Covid-related fraud scams
Developing collaborative efforts with professional peer groups, law enforcement and regulators to keep current on AML trends and leverage oversight resources
Conducting an institutional risk assessment to establish AML priorities, rationalize resource allocation and identify cost-effective opportunities to outsource oversight functions