Tagged: Financial Crime


Understanding Financial Crime, its Implications & How to Combat it

Financial crime is a serious criminal offense that is escalating at an alarming rate. Worldwide losses due to financial crime have been estimated to have crossed 3 Trillion USD. Banks worldwide have been struggling to identify and combat financial crime in order to minimize risks. Let’s have a look at the most common kinds of financial crime prevalent today and their magnitude of threat:- Account Takeover: Account...

Bank Compliance and Cost!

Bank Compliance and Cost!

Who expected that one terrorist attack will bring in a humongous change in the way financial institutions were functioning. Even in the past, financial institutions have been accused of being used as a medium for anti-social activities; however, this attack in particular changed many things. It was found that the September 11, 2001 hijackers used U.S. and foreign financial institutions to hold, move, and retrieve their money....