Should banks have a single fraud and AML department?

Fraudsters and money launderers constantly adapt their approach - when their crimes are stopped, they switch their focus to other products or channels and invent new ways to circumvent your controls. Caught in an arms race with the criminals, banks are investing ever more in IT systems and staff to tackle crime. This constant escalation doesn't work - a new approach is needed. By integrating their fraud and financial crime compliance functions, innovative banks drive down losses and increase cost-effective efficiency.