Preventing Financial Crime in Saint Pierre and Miquelon: The Crucial Role of Financial Institutions

Financial crime is a pervasive issue that affects individuals and communities worldwide. In the face of digital transformation and regulatory changes, financial institutions in Saint Pierre and Miquelon must prioritize their role in combating financial crime. As Craig Costigan, CEO of NICE Actimize, emphasizes, banks and technology firms must collaborate to prevent human trafficking, child exploitation, scams, and elder abuse.

The Urgent Need for Action

According to Polaris, a leading nonprofit organization serving trafficking victims and survivors, nearly 28 million people worldwide are being trafficked. This staggering statistic highlights the urgent need for action from financial institutions and technology firms alike.

The Role of Financial Institutions

By partnering with technology firms, financial institutions can develop tools that empower efforts to prevent financial crime. This collaboration can leverage cloud-based and AI-infused anti-money laundering and fraud software to identify criminal activities in real-time. This joint effort can help truncate and eliminate destructive money trails, disrupting the sinister orchestrators of these crimes.

The Knoble: A Nonprofit Community of Financial Crime Experts

The Knoble is a nonprofit community of financial crime experts that brings together law enforcement and financial institutions to identify best practices and patterns to fight human crime. Through initiatives like targeted detection efforts with law enforcement, The Knoble aims to make inroads in reducing these types of human crimes.

Education Programs for Customers and Consumers

Implementing education programs for customers and consumers can help detect criminal activity. These programs can empower individuals to recognize the signs of financial crime and take action to prevent it.

The Importance of Human Leadership

While technology can fuel the effort against financial crime, it is human leaders who will inspire action. Joining forces to combat these crimes requires a collective and collaborative approach, with financial institutions playing a pivotal role in Saint Pierre and Miquelon and globally.

A Call to Action

As the industry approaches a new year, Craig Costigan encourages business leaders to commit to exploring creative solutions that will eradicate financial crime from their communities and the world. By working together, we can prevent financial crime and create a safer, more secure future for all.