AFC CHALLENGES
BUY NOW PAY LATER copious amounts of transaction data while highlighting unusual patterns , trends and anomalies that could indicate BNPL fraud .
Last , FIs , BNPL providers and regulators can stay ahead of financial crime trends by collaborating and sharing information . Collective vigilance , continuous learning and timely action build resilience for the financial crime detection and prevention community to combat BNPL concerns .
Jonathan Estreich , CAMS-Audit , CFE , founder , Natfluence , New York , NY , USA , editor @ acams . org , 1
“ U . S . Identity Theft in 2021 : Adapting and Evolving ,” GIACT , https :// giact . com / us-identity-theft-adapting-and-evolving-report /
2
The term “ financial crime ” as used herein refers collectively to money laundering , sanctions exposure and terrorist financing .
3
“ Buy Now , Pay Later : Market trends and consumer impacts ,” Consumer Financial Protection Bureau , September 2022 , https :// s3 . amazonaws . com / files . consumerfinance . gov / f / documents / cfpb _ buy-now-paylater-market-trends-consumer-impacts _ report _ 2022-09 . pdf
4
“ Buy Now Pay Later Market ,” Precedence Research , June 2023 , https :// www . precedenceresearch . com / buy-now-pay-later-market
5
Ibid .
6
“ BSA / AML Risk Assessment ,” Federal Financial Institutions Examination Council , https :// bsaaml . ffiec . gov / manual / BSAAMLRiskAssessment / 01
7
“ CFPB Study Details the Rapid Growth of ‘ Buy Now , Pay Later ’ Lending ,” Consumer Financial Protection Bureau , September 15 , 2022 , https :// www . consumerfinance . gov / about-us / newsroom / cfpb-study-details-the-rapid-growthof-buy-now-pay-later-lending /
8
“ Regulating Buy Now , Pay Later in Australia ,” Commonwealth of Australia , https :// treasury . gov . au / consultation / c2022-338372
38 acamstoday . org