In this month’s newsletter, we focus on all things AML, LIBOR, and compliance.

Specifically, we will look at the latest movements within UK compliance, hear what industry leader Sujata Dasgupta, Global Head of Financial Crimes Compliance Advisory at Tata Consultancy Services Ltd, has to say about the world of financial crime, and focus on the first-ever Credit Strategy Question Time, where we addressed Collections and Compliance – Balancing the challenges of COVID loan repayments and impactful compliance.

Advertised as credit-free with 0% interest rates, many believe more regulation should be developed in order to combat future fines and potential mass remediation.

We recently sat down with Industry Leader Sujata Dasgupta, Global Head – Financial Crimes Compliance Advisory at Tata Consultancy Services Ltd.

In our fascinating discussion, Sujata gave us her industry-insider views on her in depth history working in the global financial crime sector as well as key industry updates.

With less than 6 months to now go until LIBOR’s cessation, there is currently a cautious sense of optimism with regards to reaching the deadline in a healthy and prepared manner for many market participants.

Working bodies and regulators have for some time of course been advocating the need for transitional efforts to be increased in time for the December deadline, and following the FCA’s announcement of March 5^th2021, LIBOR’s cessation became a tangible goal for many businesses to focus towards. The announcement provided market participants with much anticipated clarity by announcing the dates for the cessation of publication of, and non-representativeness of, various settings of LIBOR[1].

While many have turned to alternative benchmark rates, there are still challenges faced by many firms who are behind in their transitional efforts.

So exactly where is the market with regards to the looming deadline? And what should your firm do if they too are struggling to keep pace with the requirements to meet key-dates in this transitional process?

Balancing the challenges of COVID loan repayments and impactful compliance

As UK banks and other lenders seek repayment of £105 billion which was issued in COVID loans, collections teams must gear up to start or strengthen their collections efforts.

Watch the full event to learn how banks and lenders should be conducting their Covid backed loans collection efforts, with a key focus on risk, compliance, and the importance of placing the customer at the centre of their collection’s efforts.

In our recent poll, we asked insurers what some of their biggest challenges were with 41% of respondents stating that claims processing was their single biggest challenge followed by a tie with cyber risk and change management coming in second.

The post-COVID-19 world will present enormous amounts of opportunities for those who are prepared, and many are starting their preparations to transition into new market norms now, by equipping themselves with flexible, experienced, and effective contingent workforces.

To find out how Momenta can help you with your contingent workforce planning and resourcing, contact us today.