Financial crime remains a trillion dollar issue and one of the key risks faced by both the financial services industry (FSI) and society today despite significant investment in detection, prevention, and deterrence capabilities.

This report considers how firms can deploy technology in the fight against financial crime to lift efficacy and improve the quality of outcomes, while increasing efficiency and reducing costs in the long-term. We showcase five case studies from across the Asia Pacific (AP) region, providing industry practices and insights into how technology is being used to prevent and detect financial crime.

While organisations are at different stages of adopting technology and have varying appetites and budgets to take on projects, all firms can benefit from the adoption of technology solutions. Moreover, the benefits of technology can be bolstered by embracing their use holistically across the entire customer lifecycle.

Key Takeaways

Firms can, in some instances, ‘supercharge’ their financial crime management processes by implementing a portfolio of RegTech solutions to reap the most significant benefits.

In order to gain the biggest return on their investment, firms will need to ensure that their technology solutions are designed with consideration to data, infrastructure and talent and supported by a robust governance framework.

Key considerations when implementing technology solutions:

1. Assess data quality and readiness
2. Know your systems
3. Ensure compliance through design
4. Form a robust governance framework
5. Ensure stakeholder buy-in
6. Establish diverse cross-functional, cross-regional teams
7. Thoroughly scrutinise third-party vendor
8. Arm the organisation with knowledge.
    

Looking to the future

Wherever you are in the RegTech journey, these emerging trends will help you to better understand and manage risk:

Don’t have time to read the whole report?

Watch our short video to hear what Lisa Dobbin, our Financial Crime Lead Partner for Australia and Asia-Pacific has to say on some of the key issues relating to transforming financial crime risk management through technology, including:

• Key takeaways from this report
• What we see as some of the biggest current challenges for financial crime prevention and detection
• What technological developments have the greatest potential for financial crime risk management
• What are some of the problems relating to financial crime risk that clients are solving using technology, and
• What clients should consider when using technology to transform how they manage financial crime risk.