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Introduction

This report examines the key industry dilemma of whether the current approach of separately tackling fraud and AML compliance is sustainable, or whether institutions need to, and are moving toward, adopting an integrated approach to tackling finance crime.

Highlights

  • Only a quarter of retail banks have adopted an integrated approach to financial crime systems, but active collaboration between functions is now the norm.
  • Seventy percent of banks are looking to achieve integration synergies and are seeking to do so within three years.

Features and Benefits

  • Compares regional trends in bank strategies between North America and Europe.
  • Understand priorities and investment strategies for tackling financial crime.

Key questions answered

  • What are the current top business concerns in tackling financial crime?
  • What are the main operational challenges for anti-financial crime functions?

Table of contents

Summary

  • In brief
  • Ovum view
  • Key messages

Enhanced effectiveness key to financial crime functions, but resulting workloads strain retail banks

  • What drives banks' financial crime strategies?
  • Resource requirements are an ongoing challenge for tackling financial crime, exacerbated by technology platforms

Cost synergies and detection benefits drive an integrated approach to tackling fraud and AML compliance

  • Strong synergies already drive a high level of collaboration between fraud and AML compliance functions
  • Majority of banks have strategic and near-term plans to drive toward integration

Technological strength underpins the maturity of banks in tackling financial crime

  • North American banks claim to be more mature in tackling financial crime than European counterparts
  • Key challenges with existing platforms lie in adaptability and speed, with banks looking to AI to improve effectiveness

Appendix

  • Methodology
  • Author

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