Financial crime compliance remains one of the major areas of focus for financial institutions. They have the difficult task of identifying the greatest risks to themselves and to their customers, safeguarding both parties whilst satisfying regulatory requirements. Complicating the task is the changing nature of financial crime: those looking to take advantage of control weaknesses become savvier by the day. Financial institutions must continuously evolve their controls and processes to keep up.
In today’s world Financial Crime can be viewed as a double-edged sword. It presents both the challenge of compliance but also the opportunity to take advantage of new technologies to streamline processes and reduce costs.