Future of KYC Compliance | EP 6 - FIBA‘s David Schwartz: Regulation and Fines In The International Banking Landscape

David Schwartz is a lawyer by training with more than 30 years of experience in the banking world. He is the President and CEO of the Florida International Bankers Association (FIBA), a nonprofit trade association dedicated to fostering the growth of international banking through education, advocacy, and networking with a strong focus on compliance. David‘s trajectory and his deep knowledge of the international banking landscape give great insights into today‘s problems and challenges for financial institutions and what he sees as raising in the near future. Topics discussed in this episode: - FIBA‘s mission and emphasis on reaching out beyond borders and stopping money laundering at its source. - What challenges financial institutions are facing today - Complexities of the regulatory system - Financial penalties: effectiveness and international approaches - Regulators and their focus on bank and financial senior management - Why innovation is important in financial services - How collaboration is needed across small and medium organizations - The role global networks and cybercrime will play in money laundering and financial crime in the near future. - How education is vital to prevent financial crime