United We Stand The potential for integrated FinCrime teams and controls

The problem of fragmentation affects the world of FinCrime in many ways. Within compliance and risk management functions, the past isolation of AML, fraud and sanctions teams has led to key risks falling between the institutional gaps – a problem exacerbated when the teams use different platforms and data streams.

FinCrime measures as conventionally applied also have temporal as well as organisational gaps, with retrospective monitoring leading to delays in suspicious activity reporting, and slow KYC refresh cycles meaning that customer risk profiles remain woefully out of date.

Many businesses are thus now seeking ways to make their FinCrime frameworks more responsive to real-time demands. Some larger financial institutions have restructured their FinCrime ‘estates’ to bring previously separate teams together and deployed new technologies to create a more integrated approach: concepts such as ‘seamless AML’ and ‘perpetual KYC’ have now started moving from idea to reality.

In this panel, our experts will investigate the problems of fragmentation and delay in traditional FinCrime frameworks and explore the progress that innovators in the financial services sector have made so far in creating a more coherent response, especially with new technologies. They will also consider where such changes are leading, and whether it is realistic to expect we can make our own frameworks as agile and coherent as those of the financial criminals themselves.