AML and Cybersecurity in Banking Industry: Challenges

Felix I. Lessambo ()
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Felix I. Lessambo: Fordham University

Chapter Chapter 4 in Anti-Money Laundering, Counter Financing Terrorism and Cybersecurity in the Banking Industry, 2023, pp 49-55 from Palgrave Macmillan

Abstract: Abstract Cyberattacks impair the ability of the bank to service running creditors. The banking industry relies heavily on technology. The sheer amount of transactions in modern banking makes the functioning of the financial sector infeasible without automated networking, information processing, and telecommunication services. Banks must identify the risks by fulfilling their AML obligations and taking necessary precautions. Like any operational risk event, a cyberattack can trigger a liquidity run and lead to solvency issues.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-031-23484-2_4

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DOI: 10.1007/978-3-031-23484-2_4

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