Banks need to fight back with advanced analytics as COVID-19 helps fuel financial crime

Bank Negara confirmed in July 2020 that banks and other financial institutions could deploy eKYC as part of the onboarding process.

Many banks currently experience significant struggles modifying their existing rules-based anti-money laundering (AML) compliance system

Cosmos Bank recently had $13.5 million siphoned off by hackers linked to the Lazarus Group in North Korea. These attacks emphasize the need for layered fraud defences and controls that effectively mitigate such risks.