In a world where everything and everyone have a digital connection, crimes are growing in subtlety and sophistication and are becoming much harder for firms and the law enforcement authorities to detect. Tightening regulation, growing demands by customers for integrity in firms’ financial dealings and increasing criminal sophistication are combining to create an upheaval for the financial services sector. Current approaches remain a patchwork of fragmented, inefficient and, ultimately, ineffective efforts designed around compliance.
Traditionally, organisations have fought financial crime in silos, collecting and analysing data designed around a set of compliance chores. As a result, data is duplicated across different parts of the organisation, meaning financial crime analysts are struggling to connect the dots.
Taking a holistic and integrated view of financial crime breaks down the barriers that have previously prevented effective financial crime detection. Using a centralised analytics hub that collates separate financial crime data (e.g. AML, Sanctions, ABC, Fraud, Market Abuse and FATCA), we can help organisations to become proactive rather than reactive in detecting financial crime activity.
Firms need to invest in bringing their data together to create an integrated approach to financial crime. Such an approach will align all business capabilities, including strategy, people, processes, technology and data towards a more unified view of risk.