Global regulators are continually increasing pressure on financial institutions to strengthen surveillance and monitoring detection, recognizing the links between different financial crime risks and demanding faster identification of financial crime risk, particularly given the significant increases in fraud volumes and proliferation of new money laundering techniques during the pandemic.
This has presented opportunities for bad actors to exploit criminal opportunities via digital channels. Institutions accordingly need to rethink the way they prevent, detect, and monitor suspicious activities across different financial crime threats. By transitioning to a future model of surveillance and monitoring, they can establish a competitive advantage. This paper explores a potential path going forward alongside the benefits and the challenges of this new model.
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