Latest Financial Crime Threats with Richard Carrick


Ahead of the IDENTITY.i Virtual Summit we chat to our guest speaker, Richard Carrick, Former Regional Head of Financial Crime Assurance APAC at Barclays.


CGG: With the current COVID-19 crisis, what are the key impacts you have seen on the industry?

RC: The key impact is that financial crime is increasing do to the creation of more opportunities opened up by the response to COVID. Huge amounts of government assistance becomes a target for fraud and criminals have an opportunity to mimic government employees to get bank passwords on the pretence of paying benefits. Large demand for scarce goods such as PPE, sanitizer etc have opened up opportunities for counterfeiters and fraudsters taking payment and not delivering.

It is also changing the way money laundering is done. The previous cash intensive methods have had to move online. E.g. Hawala money changing methods are now having to transfer money electronically.


CGG: In your view, what is the greatest threat facing the market and what would be your recommendation to mitigate this?

RC: The single biggest threat in my opinion is that financial crime is likely to become a lot more sophisticated. A large proportion of ML is cash based using well established methods. Being forced on-line is driving innovation into new methodologies that will take quite some time to understand and counter.

Mitigation will come from increased use of data analytics that can take in large amounts of disparate data and even predict likely changes to existing typologies.


CGG: Could you tell us a little about the session you're presenting at IDENTITY.i?

RC: My session is covering the Latest Developments in Emerging Threats and Financial Crime Investigation. I'll cover some of the latest financial crime threats and typologies emerging from the pandemic as well as provide some insights on how to build a Financial Crime Investigation Framework.


CGG: Why would you recommend delegates attend IDENTITY.i and what are you most looking forward to at the Virtual Summit?

RC: The IDENTITY.i conference is a great opportunity for anti-financial crime professionals to get the latest insights into key issues that they will need to address the emerging risks arising from the COVID pandemic.

The summit should provide some guidance of how organizations can update their financial crime compliance policies, procedures, controls and systems in order to mitigate these risks.


To learn more from Richard Carrick and other experts at IDENTITY.i, register here to attend the Virtual Summit.

For more information about IDENTITY.i and to download the agenda: Click Here


About Richard:

In his previous capacity with Barclays Bank PLC, Richard was responsible for Financial Crime 2nd Line of defence Assurance ensuring that Barclay’s Asian businesses, (Corporate & Investment Banking, Wealth & Investment Banking), are in compliance with FCA and local regulatory requirements and to ensure that Asian business are updated in line with industry’s best practices.

Initiatives undertaken include Big Data Analytics, Continuous Control Monitoring and Emerging Risks Scanning.

He has 20 years experience covering a broad range of Compliance based roles for banks and consultancy services across Toronto, New York, London, Frankfurt, Hong Kong and Singapore. Areas covered include Sanctions, AML, KYC, Fraud, Bribery, Corruption advisory, target operating models, data analytics, systems selection, regulatory compliance health checks, and program implementation.

Education includes: BA Psychology (Canada), MBA (UK), Msc Marketing (USA), Diploma in Law Enforcement (Canada)

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