Global Banking & Finance - Global Banking & Finance Review Issue 49

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Editor Wanda Rich email: wrich@gbafmag.com

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editor FROM THE

Dear Readers’

I am pleased to present Issue 49 of Global Banking & Finance Review. For those of you that are reading us for the first time, welcome.

This issue is filled with exclusive insights from financial leaders across the globe.

The global innovation-driven consumer group, Fosun International, has become known as a practitioner, promoter, and pioneer of globalisation. Headquartered in Shanghai, and with a vision to create an ecosystem that fulfils the needs of worldwide families in health, happiness and wealth. Turn to page 26 to read our exclusive interview with Co-CEO, Mr. Xu Xiaoliang.

In “Navigating the sanctions strain: technology is transforming trade finance compliance processes”, Marc Smith, founder and director at Conpend, outlines how artificial intelligence is helping to build informed risk profiles and combat maritime fraud. (Page 34)

We strive to capture the breaking news about the world's economy, financial events, and banking game changers from prominent leaders in the industry and public viewpoints with an intention to serve a holistic outlook. We have gone that extra mile to ensure we give you the best from the world of finance.

Send me your thoughts on how I can continue to improve and what you’d like to see in the future.

Enjoy!

Wanda Rich Editor

Stay

FINANCE

Navigating the sanctions strain: technology is transforming trade finance compliance processes

TECHNOLOGY

Making the leap: Why the missing link between ambition and action is key to next-level insurtech

Yann Gautier, President EMEA, Appnovation

Can digital B2B payments help ease financial pressures?

Andy Downman, Director at B2B payment specialist, Adflex

Beating inflation over the long term: compound interest and tax efficiency

How financial institutions can chart a roadmap to postquantum security

Ben Packman, Senior Vice President of Strategy, PQShield

Protecting your customers: Mitigating cyber-threats in the financial sector

Thorsten Stremlau, Co-Chair, TCG Marketing Workgroup

Marc Smith, Founder and Director, Conpend

Jatin Ondhia, Co-Founder and CEO, of Shojin

Risky Business: FATF Short Lists

Identify Global Anti-Money

Laundering Deficiencies

Adam McLaughlin, Global Head of Financial Crime Strategy & Marketing, AML, NICE Actimize

read it on page 10

The Role of Trust in the Shift to Sustainability

Helena Müller, VP Banking Europe, Diebold Nixdorf

read it on page 24

FEATURE INTERVIEW

Fosun International: A Forward-Looking Strategy for Sustainable Momentum; Focusing on Core Businesses and Streamlining the Organization

Xu Xiaoliang

Co-CEO

Fosun International

read it on page 26

Risky Business: FATF Short Lists Identify Global Anti-Money Laundering Deficiencies

Three times a year, the Financial Action Task Force (FATF) identifies and documents countries with strong AML controls relating to the FATF 40 recommendations and those without. Those countries with sufficient cause for concern that they have insufficient controls but are committed to improving their controls are added to the FATF watch list, referred to as the Grey List. Countries that do not conform to the 40 FATF recommendations and are making no attempts to conform are added to the Black List, a list no country wants to be on. FATF’s objective is publicly to identify countries with weak AML/ CFT regimes.

As of February 2023, FATF has reviewed 125 countries and jurisdictions and publicly identified 98 of them. To date, of those 98, 72 have since made the necessary reforms to address their AML/CFT weaknesses and have been removed from the process.

What are the implications of being grey-listed, the step right before total backlisting? A country that is added to the FATF Grey List knows that that this identification has far-reaching ramifications both reputationally and financially. Any country being considered as a new addition to the grey list will try desperately to ensure they’re not added. Showing up on a FATF Grey List can adversely impact investment into the country, overall growth, and it can affect the country’s currency—making goods and services more expensive.