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Adopting an Integrated Approach to Fraud and AML Compliance

Ovum report on Convergence in Financial Crime

Adopting an Integrated Approach to Fraud and AML Compliance

Assessing best practice in tackling financial crime

Analysts/ Partner Collateral

This whitepaper presents the findings of an independent research project carried out by Ovum on behalf of FICO. Over 100 banks were interviewed about their plans to bring their financial crime compliance and fraud functions closer together.

Financial crime, whether fraud against bank customers or use of the financial system to support criminal activity such as money laundering or terrorist financing, is an underlying challenge for the banking sector. Such activity is becoming ever more sophisticated and organized; the range and volume of attacks is diversifying, while banks face escalating pressure to tackle this crime from regulators, customers, and shareholders.

The resulting impact of these pressures is now leading institutions to consider a fundamental question: Is the current approach to tackling financial crime sustainable or should they seek a more integrated approach to fraud and anti-money laundering (AML) compliance in this area? To assess this, Ovum surveyed 114 retail banks on their priorities, challenges, and plans for financial crime, looking to assess the maturity of the sector in tackling financial crime and its ambitions toward integration.