Financial Crime World

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Cyprus Turns to Technology to Combat Financial Crimes Worth Trillions

Cyprus is embracing cutting-edge technology to boost efficiency and effectiveness in identifying and mitigating financial crime risks. The increasing digitization of financial transactions, tech-savvy criminals, and regulatory scrutiny have driven the need for enhanced use of technology to prevent financial crimes.

Financial Crime: A Significant Threat

Financial crime remains a significant threat to both the financial services industry and society today, despite significant investment in detection, prevention, and deterrence capabilities. According to experts, firms can deploy technology to lift efficacy and improve the quality of outcomes while increasing efficiency and reducing costs in the long-term.

Technology Solutions for Financial Crime Prevention

Five case studies from across Asia Pacific showcase how technology is being used to prevent and detect financial crimes, providing industry practices and insights into effective strategies. While organizations are at different stages of adopting technology, all firms can benefit from the adoption of technology solutions, experts emphasize.

Here are some key takeaways from the report:

  • Assess data quality and readiness
  • Ensure compliance through design
  • Form a robust governance framework
  • Establish diverse cross-functional teams
  • Ensure stakeholder buy-in and arm the organization with knowledge

Looking ahead, emerging trends in RegTech will help organizations better understand and manage risk. These include:

  • Global partnerships and cross-organizational collaboration
  • Proactive financial crime prevention in the new digital era
  • A focus on the customer life cycle

In a recent video, Lisa Dobbin, Financial Crime Lead Partner for Australia and Asia-Pacific, highlighted key takeaways from the report, including:

  • The biggest challenges facing financial crime prevention and detection
  • Technological developments with the greatest potential for financial crime risk management
  • The problems clients are solving using technology to transform financial crime risk management