Financial criminals have entered the “Era of Innovation” and industry’s anti-financial crime endeavors must do the same or otherwise risk losing the battle to fraudsters and money launderers.
The unfortunate reality is that an individual financial institution’s efforts to combat today’s highly organized and sophisticated financial crimes can be significantly disadvantaged when conducted through the narrow lens of a single institution’s vantage point.
The innovative adoption of cross institution analysis, however, can be pivotal in helping financial institutions assume a game-changing advantage in their fight against financial crime.
The complex intricacies of identifying and quantifying new and evolving financial crimes often cannot be unravelled by looking at one bank’s data in isolation. The analysis of anonymized collective data from multiple institutions, however, can make those same attacks stand out and substantially increase the likelihood of discovery especially financial crimes committed against multiple institutions.
Learning Objectives:
Walk through of a real-life fraud ring case to illustrate how financial crimes are being perpetrated across multiple institutions
Six key challenges that individual institutions face in their ability to detect financial crimes
High level overview of how cross institution analysis can facilitate the detection of suspicious activity that might otherwise remain undetected and enable multiple financial institutions to mitigate money laundering risk and prevent fraud losses
(Original Broadcast Date: May 14, 2014)
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ACAMS – Association of Certified Anti-Money Laundering Specialists says
October 26, 2015 at 11:05 AM