In an interview with Bloomberg TV Malaysia, FICO’s Subhashish Bose talks about the recent cyberheist of the Bangladesh central bank where criminals routed stolen funds to a casino in the Philippines as a way to launder money. He explains that rules and policy are important but meaningless if organizations aren't following them or they aren't enforced. Bose also emphasizes that cross-border fraud is a problem because criminals look for the weakest links and try to exploit them. Bose says this makes the FATF (Financial Action Task Force) frameworks and recommendations especially important. Adopting a risk-based approach to certain types of transactions ensures banks are able to better manage and more closely monitor suspect dealings.
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