- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-01-17T22:45:00
A recent survey of financial crime professionals at U.S. banks and nonbank financial institutions found that while three of every four companies had more anti-money laundering (AML) employees in 2023 compared to 2022, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
The key to combating ever-increasing and complex financial crime attacks on their institutions, respondents to Nasdaq’s 2024 Global Financial Crime Report said, is to find and implement technology solutions that employ artificial intelligence (AI) and data analytics tools to detect fraud efficiently and effectively.
The size of the problem, of course, is almost incomprehensibly large. The report found $3.1 trillion in illicit funds flowed through the financial system in 2023, accounting for global fraud-related losses at more than $485 billion.
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The Financial Crimes Enforcement Network is warning financial institutions of counterfeit U.S. passport cards used to commit fraud and identity theft.
Bank Secrecy Act reporting data disclosed by the Financial Crimes Enforcement Network revealed a significant spike in the use of cryptocurrency to finance human trafficking.
Nearly 800 financial crime professionals said the biggest threats to the effectiveness of their anti-money laundering programs are budget cuts and their inability to keep pace with more aggressive and innovative uses of technology by criminals to commit fraud.
A new report on corporate whistleblowing and hotline trends in 2023 found reporting volume at an all-time high, with key disparities uncovered between reports filed by third parties and those filed by employees.
Many ethics and compliance programs have refocused their efforts away from bribery and corruption and onto data security and privacy, complex government regulations, artificial intelligence security, and other contemporary challenges, a survey from LRN found.
Compliance teams most often report to their firm’s legal department, our “Inside the Mind of the CCO” survey found. However, heavily regulated companies and those with fewer employees saw different trends emerge.
