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| ComplyAdvantage Releases State Of Financial Crime Report For 2021 (Graphic: Business Wire) |
Designed as a strategic guide for global compliance teams, the report lays out the many emerging threats that governments and financial institutions will face this year, along with prescriptive recommendations for implementing best compliance practices for combating financial crimes.
The research on which The State Of Financial Crime 2021 report is based was administered in November and December last year, according to a statement.
Interviews were conducted with 600 C-suite and senior compliance decision makers across North America, Europe and Asia Pacific, while the respondents represented enterprise banking, investments, crypto, insurance organisations, and fintechs.
ComplyAdvantage has dedicated its resources and anti-money laundering (AML) expertise in order to help compliance executives mitigate regulatory risks related to the most extreme AML financial crimes.
The report delves into the most important financial crime trends that Compliance Officers are most concerned with, in the coming year.
These trends include increased fraud related to COVID-19 relief; risk vulnerabilities related to inconsistencies in global AML and counter financing of terrorism system; and, the growth in sophistication of computer and mobile-enabled cybercrimes via payment systems.
A sample of key insights from the report include SARs filing was on the rise with 74 per cent of respondents saying they filed more SARS in 2020 than the previous year; 93 per cent of respondents stated that real-time AML risk data would improve their compliance operations; and 62 per cent of respondents plan on upgrading their legacy systems in 2021.
ComplyAdvantage uses machine learning and natural language processing to help regulated organisations manage their risk obligations and prevent financial crime.
-- BERNAMA
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