INNOVATION AND THE FIGHT AGAINST FINANCIAL CRIME: HOW DATA AND TECHNOLOGY CAN TURN THE TIDE

Refinitiv (the company behind the widely-used World-Check) has produced a report looking at how emerging technologies and new collaborations are helping to turn the tide against financial crime.  It starts by saying that, with the UN estimating that just 1% of criminal funds flowing through the international financial system every year are detected and dealt with by law enforcement agencies, new approaches are clearly needed.   Refinitiv has undertaken an independent survey of over 3,000 managers in compliance-related roles about the current and potential uses of such emerging technologies.  The survey undertaken by the company appears to show that innovation is already having an impact with organisations that use new technologies being almost twice as successful at performing KYC checks on the identity of clients.   However, as with previous surveys, this survey reveals that many companies still need to address fundamental risk management issues.

https://www.refinitiv.com/en

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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