Fintech Forward Newsletter - Issue 8
13 November 2024
From rudimentary phishing attacks to sophisticated money laundering operations that fuel organised crime and terrorist groups, financial crime is an ill that contaminates every aspect of modern life. It can wreak havoc on individuals, cause mission critical failures for businesses and even contribute to the destabilisation of governments. In this week’s newsletter, we take a look at the damage that is caused by financial crime across industries, the technology that can assist in reducing it, and the penalties for failing to do so.
With trade-based financial crime alone costing the global economy $1.6 trillion and the likes of Metro Bank being hit by a £16 million fine for failing to monitor transactions effectively, advanced technology solutions that can increase resilience and identify nefarious activity are critical.
It’s also incumbent upon regulators to ensure they are equipped with the technology that enables them to uncover poor governance with regard to monitoring and reporting financial crime, which we explore with our ‘Top Tip’ and featured webinar.
Unveiling the hidden threat of trade-based financial crime
Trade-based financial crime costs the global economy $1.6 trillion annually, with internal fragmentation often hindering oversight and allowing criminals to exploit data gaps. However, using AI and automation can help institutions detect risks and turn compliance into a competitive advantage.
Datos Insights: Financial services battling evolving financial crimes and cyber threats
The financial services industry faces a critical challenge as evolving technology drives increasingly sophisticated financial crimes and cyber threats. This includes scams, cyberattacks, synthetic identity fraud, and money laundering, creating a rapidly shifting and unpredictable landscape for crime prevention.
Metro Bank fined £16m after AML software failure
The UK’s Financial Conduct Authority has fined Metro Bank an eye-watering £16 million after its anti-money laundering (AML) technology failed to monitor 60 million transactions—worth up to £51 billion—over four years.
Trends
Is modern technology the answer to swift digital investigations?
Financial crime can impact government revenues and national security, meaning that swift and accurate investigations are essential. This article shows how modern technology can help investigators process large volumes of data efficiently, enabling faster, more targeted financial crime investigations.
Webinar
AI and automation: Elevating compliance and data management
Artificial intelligence, process automation and strategic data management can together effectively combat financial crime. This webinar sheds light on the pivotal role of technology in enhancing compliance monitoring for financial institutions.
Report
Metia Insight Studies
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