At this current moment , neither of these things are happening .
FM : Will FSIs need to restructure in order to cope with the evolution of regulations ?
HNT : I don ’ t think they will need to restructure but rather evolve and educate their organisations . Knowledge of compliance and financial transactions is already ingrained in them . However , the same cannot generally be said about technology . Therefore , upskilling the organisation in this area will be important .
FM : Regarding compliance , is there anything that ’ s not receiving much industry attention that you ’ d like to highlight ?
HNT : Most people are unaware of new risks . Compliance , for example , would be around Know Your Customer ( KYC ), Anti Money Laundering ( AML ), etc ., but what about the rise of cryptocurrencies ? How do you identify the beneficial owner ? What ’ s the risk of identity theft on a large scale ?
Digital introduces a lot of new areas that are in the realm of ‘ unknown unknowns ,’ so it ’ s important for the industry to move quickly to ‘ known unknowns ’ and then finally ‘ known knowns ’ in the field of compliance .