Combating financial crime: The increasing importance of financial crimes intelligence units in banking

Combating financial crime: The increasing importance of financial crimes intelligence units in banking

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Failing to contain financial crime hits banks with the double impact of crime-related losses and fines imposed by regulators and law enforcement agencies. Fines can run into hundreds of millions of dollars – and even higher in exceptional cases.

But banks are rising to this challenge by investing heavily in staff and technologies to run their financial crimes intelligence units (FCIU). 

Their FCIUs aim to mitigate reputational and regulatory risks associated with being implicated with high-profile fraud and corruption scandals such as the Panama Papers, the FIFA case and the Bernard Madoff Ponzi scheme.

This white paper assesses how aware banks in Europe and North America are of FCIUs and what measures they have been taking to be more prepared for full implementation of their own FCIU. Understand the importance of banks’ FCIUs and potential central intelligence services will offer to the banking industry and to crime prevention.

 

Vendor:
SAS
Posted:
02 Sep 2016
Published:
01 Aug 2016
Format:
PDF
Type:
White Paper
Language:
English
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