This month, we will look at the latest movements in the world of financial compliance and track developments within the global AML/KYC space, with all new regulatory implementations and updates addressed and dissected.

Read on, for all the key market updates, trends, and industry leader insights that you need to know this month.

Following on from the recently issued ‘Dear CEO letters’, regulators have warned that financial crime control gaps need to be identified and mitigated this year, and if they are not, they will be issuing significant fines to unresponsive or uncooperative market participants.

Find out how utilising the expertise of contingent resourcing can offer many firms breathing space in terms of resolving any issues their AML controls or processes may have.

In this collection solutions podcast, we focus specifically on customer vulnerability. Patrick Vance, Vice President, Head of Risk and Regulation, Capgemini, tells us why in the post-pandemic environment it will be key for organisations to explore the socio-economic impact the pandemic has had on their customers, as well as really getting to grips with the various nuances of what vulnerability means in today’s society.

In the US, the LIBOR Legislation Bill has recently been passed by New York State, raising hopes of a smoother transition for tough legacy contracts in the US. In this latest Momenta insight, we dig deeper into the detail of the bill, and what it means for US firms as they navigate the LIBOR transition process during 2021.

The bill, it is hoped, will prove crucial to solving a key transition process challenge – minimising litigation risk. Prior to the bill being passed, both counterparties would have to agree on a benchmark rate, which is not as simple as it sounds. If one party does not agree on the change it could result in litigation, and with a looming deadline, it will be a herculean task to resolve – and one that will require additional time, money, and resource.

Antiquities dealers are now subject to the same regulations as financial institutions, but in a recent poll we asked if you thought this industry was ready to be fully regulated yet. 42% of respondents felt that the AMPs are not ready to be fully compliant.

With the aftershocks and wider impact of the pandemic on businesses still very much in the formative stages of being fully understood, enhanced rates of customer digital adoption amongst many industry sectors are a post-pandemic trend which is already clear to see.

Learn why many banks and other financial institutions are now fearing that they will lose market share if they are not fully digitised, as well as why the ‘digital rush’ in 2021 has seen record numbers of additional customer uptake of these services, particularly amongst sectors of the population who have previously been slower to embrace such digital solutions.

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.