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Financial economic crime
Scale and impact of financial economic criminality are increasing
Financial economic criminality (FEC) is a serious risk for financial institutions. Money laundering, funding of terrorism, tax evasion and other forms of FEC can cause a lot of damage, both financial and reputation-related. Digitalisation has significantly increased the impact of financial economic criminality. Criminal activity can be more detrimental and of a much bigger magnitude when it takes place online. And the threat of FEC is greater now that banks, insurers, pension funds and trust office rely so heavily on digital systems.
‘How can your financial institution find an effective approach to financial economic criminality without losing sight of compliance-related costs?’
BriqBank helps with digital identity
Like many organizations, banks are confronted with enormous changes, such as digital transformation, changes in laws and regulations and cyber attacks. We also experience that digital identity is a key component to successfully navigate through these changes. We have developed BriqBank, a fictional bank that enables organizations to understand what an abstract topic, such as digital identity, can do to improve interaction with their customers.
‘Effective measures against FEC require an integral vision.’
Supervisory bodies expect tough measures
All these developments have resulted in stricter laws and regulations concerning FEC. Supervisory bodies expect financial institutions to take tough measures to tackle FEC. And severe penalties in the US and Europe show that regulatory bodies mean what they say.
How we can help you
Our team has considerable experience when it comes to the implementation of FEC-related laws and regulations at financial institutions. We also offer support when optimising existing processes, systems and policy. Our assistance also includes remediation and recovery after compliance incidents. And we also help to develop new operational models that allow you to comply with laws and regulations in an effective and cost efficient manner – for instance, when it comes to outsourcing or centralising operational processes.
Our FEC specialists can help you in the following areas:
- Systematic integrity risk analysis (SIRA)
- Know Your Customer (KYC), Customer Due Diligence (CDD), Ongoing Due Diligence (ODD), Client Activity Monitoring (CAM)
- Transaction filtering and monitoring, Client filtering
- Onboarding
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