Navigating the ever‐changing/dynamic financial services industry successfully for most institutions translates into growing revenue while simultaneously controlling costs. In today’s context, it is imperative to align business goals with risk profiles to provide an integrated, consistent view of risk across an enterprise. And, this includes financial crime. Fraud and money laundering are the two most common crimes seen in the financial sector, resulting in financial institutions placing financial crime and associated compliance requirements, including combating money laundering and fraud high on their agenda.
An enterprise‐wide approach to risk and compliance is fast beginning to gain a firm foothold in most organizations and most companies today are consolidating their AML efforts into a single department to adopt technology enterprise‐wide, while also managing global efforts at compliance centrally. More importantly, the sharp realization that financial crime has moved from being a post‐process activity to an in‐process requirement for early detection has set in. Read more.