Ionela Emmett - Financial Crime: Strategies for Prevention, Collaboration, and Technology Integration

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Financial Crime: Strategies for Prevention, Collaboration, and Technology Integration

Financial crime prevention in banks is increasingly complex due to rising fraud, driven by technology and cryptocurrency, with the UK being a significant target due to perceptions of wealth. Banks face various financial crime risks, including money laundering and issues with Companies House registry, exacerbated by geopolitical conflicts and sanctions. To manage these risks, banks must create customized prevention frameworks based on their specific risk profiles, client bases, and services.

Aug 06, 2024

Ionela Emmett, Senior Manager, Financial Crime Controls, Risks and Policy & Advisory, ICBC Standard Bank

Financial Crime: Strategies for Prevention, Collaboration, and Technology Integration

Banks face various financial crimes, with fraud being a major concern, exacerbated by technological advances and cryptocurrency.
This trend has notably impacted the UK due to perceptions of wealth, though other countries are also affected.
Money laundering remains a persistent issue, intensified by recent geopolitical conflicts and evolving sanctions.
Effective crime prevention requires a tailored approach based on specific risks, client bases, and services.
Collaboration within banks is crucial, involving the first and second lines of defense to handle KYC processes and compliance.
Communication and training enhance effectiveness, while strong relationships with regulators and law enforcement are essential for adapting to new policies and directives.
Recent improvements in regulatory engagement and case studies help banks better manage financial crime risks, emphasizing the need for ongoing cooperation and intelligence sharing.