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Combating Financial Crime: The Increasing Importance of Financial Crimes Intelligence Units in Banking

October 4, 2017 No Comments

Nearly one in five of the respondents surveyed of 120 banks say they have been fined by regulators or law enforcement agencies in the past three years.

Depending on the magnitude of a bank’s failure to stem financial crime, fines can run into hundreds of millions of dollars – and even higher in exceptional cases. Banks are rising to this challenge by investing heavily in staff and technologies to run their financial crimes intelligence units (FCIUs).

This white paper assesses how aware banks in Europe and North America are of FCIUs and what measures they have been taking to be more prepared for full implementation of their own FCIU. It examines how FCIUs are managed and staffed, and what resourcing challenges they face as they expand. It also investigates how banks and regulators interact and whether the way they communicate with each other and with law enforcement agencies needs to change.

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Screen Shot 2017 10 04 at 11.17.34 AM 300x161 Combating Financial Crime: The Increasing Importance of Financial Crimes Intelligence Units in Banking

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