Financial Crime: A Threat to Global Financial Systems - OCC Reports Over 5,000 Instances in 2019

The Office of the Comptroller of the Currency (OCC) has released new data on the increasing prevalence and complexity of financial crimes, threatening the safety and soundness of financial systems worldwide. In 2019 alone, the regulatory body reported over 5,000 instances of financial crime.

The Prevalence and Complexity of Financial Crimes

Financial crime is a significant threat, ranging from simple operations by individuals or small groups to sophisticated rings seeking funding for criminal enterprises or terrorism. The OCC highlights the importance of awareness and proactive measures to prevent these attacks.

Risks Extend beyond Banks

These crimes pose a risk not only to banks but also to national security. Reported cases have included money laundering, fraud, and cybercrime, which can compromise the integrity of the financial system and have potentially harmful consequences.

Combating Financial Crimes

In response to the escalating threat, the OCC collaborates with law enforcement agencies and other regulatory bodies to combat financial crimes and protect the financial system.

Robust Supervision and Enforcement

Through robust supervision, regulatory actions, and public awareness campaigns, the OCC aims to minimize the risks and negative impacts of financial crimes.

Public Resources

BankNet and HelpWithMyBank, other websites operated by the OCC, provide valuable resources for those seeking answers to banking-related questions or career opportunities within the agency.

Collective Efforts to Thwart Financial Crimes

Although financial criminals are well-organized and persistent, the collective efforts of regulatory bodies, law enforcement agencies, and the public can make a significant difference in thwarting attempts to harm the financial system.

Stay Informed and Aware

By staying informed and aware, we all play a role in ensuring the security and stability of our financial systems.

Additional Resources

Visit the OCC’s main website, BankNet, and HelpWithMyBank for more information.