The challenge of speed in financial crime compliance

In the ever-evolving landscape of financial crime compliance and control functions, one challenge stands out above all: speed. The speed at which regulations emerge, the pace at which technology advances, and the agility required of compliance experts to keep up with both.

As highlighted in a recent interview, by Patricia Pinto, Imerale’s CEO: 

"I'm always thinking in terms of speed, the speed at which regulations arrive, the speed at which technology evolves, and being in the position of a control expert, whether internal or external, means always being faced with these challenges of speed and adaptability."

Today, compliance officers must navigate a rapidly shifting environment where adaptability is key. A striking example of this is the evolution of Know Your Customer (KYC) processes. Traditionally, verifying identity documents was sufficient to ensure legitimacy. However, the rise of deepfake technology is transforming this landscape entirely. Now, compliance teams must go beyond checking ID cards, they must verify that the individual presenting them is truly who they claim to be.

Artificial intelligence (AI) further complicates the challenge by reshaping how customer data is managed and assessed. The sheer speed at which AI-driven developments are occurring poses a significant challenge for corporate control functions. Companies must now integrate advanced detection mechanisms, stay ahead of evolving fraud tactics, and ensure that compliance measures remain effective in the face of these rapid changes.

Ultimately, financial crime compliance is no longer just about following regulations, it’s about staying ahead of them. As technology continues to redefine the field, firms must embrace agility and innovation to safeguard their operations against the ever-accelerating risks of financial crime.

Discover the full answer here or read below (in French and English)!

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Français

Question : Quels sont les challenges à venir en termes de conformité en matière de criminalité financière et des fonctions de contrôle ? 

Réponse : Moi je pense toujours à la vitesse, la vitesse à laquelle la réglementation arrive, à laquelle la technologie évolue, et être dans la situation d’un expert de contrôle, interne ou externe, c’est être toujours face à ces challenges de vitesse, d’adaptabilité. On a des exemples assez précis que ce soit aujourd’hui avec le KYC, qui est complètement bousculé par des technologies comme le Deep Fake. Alors jusqu’ici on était hyper bien capable de vérifier toutes les cartes d’identité etc, à savoir que c’est véritable. Et maintenant il va falloir aussi pouvoir détecter que la personne est véritablement la personne qu’elle dit qu’est est. Donc ça c’est est une. Et puis l’IA qui apporte beaucoup de challenges aussi au niveau de la donnée client. Et donc la vitesse à laquelle ça va, c’est un vrai challenge pour les contrôles des entreprises. 

English

Question: What are the challenges ahead in terms of financial crime compliance and control functions? 

Answer: I'm always thinking in terms of speed, the speed at which regulations arrive, the speed at which technology evolves, and being in the position of a control expert, whether internal or external, means always being faced with these challenges of speed and adaptability. We have quite specific examples of this today with KYC, which is being completely overturned by technologies such as Deep Fake. Up until now, we've been able to check all identity cards and so on, just to make sure they're genuine. And now we're going to have to be able to detect that the person is really who they say they are. So that's one. And AI also brings a lot of challenges in terms of customer data. The speed at which this is happening is a real challenge for corporate controls.