Financial Crime World

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Fighting Financial Crimes in the Netherlands

The Netherlands is one of the biggest hubs for financial crimes, with an estimated €1 billion lost to fraud every year. The country’s financial sector is a prime target for criminals seeking to exploit vulnerabilities and make a quick buck. However, law enforcement agencies and financial institutions are working together to combat this menace.

Financial Crimes in the Netherlands

According to recent statistics, the Dutch police have reported a significant increase in financial crimes, with 10% of all reported crimes related to fraud. The most common type of fraud is identity theft, followed closely by online scams.

Combating Financial Crimes

In an effort to combat these crimes, the Netherlands has implemented various measures to strengthen its financial system and prevent fraud. One such measure is the establishment of a Financial Intelligence Unit (FIU) which acts as a central hub for reporting suspicious transactions.

FIU Functionality

  • The FIU receives reports from banks, insurance companies, and other financial institutions about suspicious transactions.
  • The FIU’s experts investigate these reports to identify and prevent fraud.
  • The FIU also works closely with international partners to share intelligence and best practices in fighting financial crimes.

Regulations and Compliance

In addition, the Netherlands has implemented strict regulations on Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to prevent criminals from hiding their assets. Financial institutions are required to conduct thorough customer due diligence and report any suspicious transactions to the FIU.

IBM Services for Financial Crimes

IBM is working closely with financial institutions in the Netherlands to combat financial crimes using advanced technologies such as artificial intelligence (AI), machine learning (ML), and cognitive analytics. The company offers a range of services, including:

  • Digitalize KYC and AML: Lower costs and start your digital transformation in AML with IBM’s expertise
  • KYC 2.0 - Enhanced Due Diligence: Reduce workloads for know-your-customer analysts using natural language processing (NLP) and graph analysis
  • Learning AI for AML and KYC: Engage in an interactive learning experience to understand the benefits, value, and pitfalls of AI in the AML domain
  • Enriching Transaction Monitoring Alerts: Apply cognitive layer analytics with graphs to enrich customer risk rating (CRR) and reduce workload for transaction monitoring analysts
  • KYC Next Gen Payment Fraud: Protect all forms of payment using cognitive AI and third-generation counter fraud
  • Trade Base Money Laundering (TBML): Enhance detection of suspicious TBML scenarios with enhanced data and applied analytics
  • Optimize Customer Onboarding Process: Improve customer onboarding processes while focusing on customer satisfaction and risk scoring

For more information, please contact Misha Krung, Client Partner | Banking at IBM Global Business Services.