Harnessing Data to Combat Financial Crime: Insights from Industry Experts

In the ever-evolving battle against financial crime, the role of data has never been more critical. A recent panel discussion, chaired by Mike Harris of FCC Consulting, sponsored by Neotas, brought together industry experts to delve into this crucial topic of Financial Crime. The panel, consisting of Linda Basket from Computer Share, Sam Haslam from Neotas, and Tom Hammond from PWC, shared their insights on the current state of data usage in anti-money laundering (AML) compliance, the challenges organisations face, and the potential for new data sources and technologies to revolutionise the fight against financial crime. 

Through this discussion the panel focussed on how to move an organisation from a rules-based to an outcomes-based culture with data. Rebuild the compliance operation to become ‘lean and mean’ as budgets are constrained yet regulation and financial crime is on the rise. 

This webinar is of interest to anyone who either works in AML compliance operations, holds responsibility for compliance, FIU’s, MLRO’s and Data Officers. 

Takeaways from the Webinar: 

The webinar highlighted the significant reliance on traditional data sources like PEPs, sanctions data, and adverse media sources in AML compliance. However, experts pointed out the limitations of these sources, including data governance issues, the dynamic nature of risk, and regulatory constraints. The discussion also touched upon the potential of new data sources, such as open-source intelligence and unstructured data, to enhance financial crime detection and prevention. The panelists emphasised the importance of a risk-based approach, effective data management, and the use of advanced technologies like machine learning and AI in leveraging data more effectively. 

Key Insights: 

• Traditional Data Sources and Their Limitations: Current AML practices heavily depend on traditional data sources, which often provide a snapshot in time and may not accurately reflect the dynamic nature of financial crime risk.
• Data Governance Challenges: Organisations face challenges in managing vast amounts of data, ensuring its quality, and navigating regulatory constraints that limit data sharing and usage.
• The Potential of New Data Sources: Open-source intelligence, unstructured data, and technology-driven insights offer new opportunities to understand and detect financial crime more effectively.
• The Importance of a Risk-Based Approach: Prioritising risks and focusing on higher-risk areas can enable more efficient use of resources and more effective financial crime prevention strategies.
   
• Leveraging Technology: Advanced technologies like machine learning, AI, and data analytics can significantly enhance the ability to detect and prevent financial crime by analysing data more effectively and identifying patterns and anomalies.
• Collaboration and Information Sharing: Improved collaboration between public and private sectors, including data sharing initiatives, can bolster efforts to combat financial crime.

Watch the Webinar Recording

Cracking the Financial Crime Code

The Speakers: 

➤  Linda Baskett, Global Head of Financial Crime, Computershare
➤  Tom Hammond, Director Financial Crime Technology, PWC
➤  Sam Haslam, Research & Development Head, Neotas
➤  Michael Harris, Financial Crime Risk Specialist, FCC Consulting

The panelists’ insights underscore the critical role of data in the fight against financial crime. As the landscape continues to evolve, so too must the strategies and technologies we employ to harness this data effectively. The shift towards more innovative data sources and advanced analytical tools represents a significant opportunity to enhance AML efforts and ensure a more robust defense against the financial crimes that threaten our global financial systems. 

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• See Our Solutions in Action: Get a live walkthrough of the Neotas platform, and explore how our tools and features can address your specific compliance challenges. 
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