Teodora Christova provides expert insight into Refinitiv’s Global Financial Crime Report, which has exposed how criminals are becoming more connected and innovative. She states that “this highlights the need for businesses to ensure that they’re maximising the use of tech, trusted data and the expertise of their people”.
Teodora also believes that the combination of emerging technology, innovation and new collaborations will help turn the tide against financial crime and says that the overarching message to come out of the research is that, “almost every respondent sees technology as the greatest enabler to facilitate the fight against financial crime”.
In the podcast, Charles Delingpole acknowledges that there’s “a huge underlying problem, in terms of the vast manpower required to manage the obligations regarding financial crime”.
He goes on to speak about his experience with compliance teams and says that he advises those coming up against financial criminals to “implement a platform” and work collaboratively to tackle the problem.
In addition, both parties believe that the evolution of technology can be a solution and play a key role in enabling businesses to avoid financial criminal activity more efficiently, and work more more accurately and without any human bias or error.
To make the most of technology, data must not only be trusted and reliable but structured and de-duplicated.
In reference to COVID-19, she mentions that the global pandemic “has caused a rapid shift towards non-face-to-face and digital financial services, which, in turn, has triggered a great new wave of interest in digital ID solutions”.
She also notes:
The private sector is the first line of defence when it comes to financial crime and, during this pandemic, many people have embraced digital methods to handle their money.
With more individuals declining cash transactions, increasing large withdrawals and more people requesting loans, we are all more susceptible to crimes, so security and regulation is more important than ever.
Listen to this month’s episode of RegTech 20:20 in full here.
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