EFTs and the Development of Compliance - Part 2

Welcome to Crosstalks, Conversations that Drive Innovation. In this episode, we continue our exploration of compliance development in in the Money Transfer & Remittances industry with renowned payments expert Hugo Cuevas-Moore.

The episode delves into the early AML measures enacted in Colombia and Latin America during the early 90s, highlighting the challenges faced in implementing KYC and transaction monitoring. Discover how intuition and manual processes were vital in detecting suspicious activities before the advent of sophisticated technology.

Marcela Gonzalez shares her experiences and insights, illustrating how financial institutions navigated compliance without modern tools like AI. The narrative also touches on the complexities and dangers associated with money laundering prevention and the evolution of risk matrices in managing these risks.

Join us for an eye-opening discussion on the journey of compliance in the remittance industry, from manual vigilance to algorithm-based decision-making systems, and the ongoing need for robust risk management tools.