Money laundering is an “invisible” crime that has massive global impact as organised gangs exploit online banking, cryptocurrencies and, most recently, NFT marketplaces, in order to wash dirty cash.
BAE Systems Digital Intelligence Product Director Peter Fisher explains how the latest tech safeguards can help insurers protect themselves against organised money-laundering operations and other fraudulent activity, and operate effectively within the ever-more-stringent compliance environment.
According to the National Crime Agency, it’s realistic to estimate that the scale of money laundering in the UK could reach hundreds of billions of pounds a year.
Insurers and other financial services businesses are front line targets because of the nature of their business, and are on the front line of the war against the money laundering operations that support global organised crime.
What makes it harder to tackle is that money-launderers’ tactics are constantly evolving as systems and technology moves on – but, fortunately, so is the anti- money-laundering and counter-fraud technology available to help safeguard businesses and their customers.
The real key to undermining the efforts of money launderers is to do everything possible to stop it happening in the first place – prevention is always better than cure.
TECH IS YOUR FRIEND
Technology like our NetReveal platform, which provides financial crime, risk management and fraud detection and prevention across insurance, banking and financial markets, offers robust protection for the financial services sector based on advanced data analytics which provide effective detection of anomalous behaviour.
It also saves money and resources, ending the need for analysts to spend valuable time accessing external resources – typically between three and seven – during the process of identifying, capturing and risk- assessing all the relevant information for anti-money laundering investigations.
And it can adapt to meet the evolving and diverse needs of the financial services sector, delivering power and flexibility in analytics, investigation, integration, security and total cost of ownership reduction for customers.
Collaboration – sharing information, expertise and learnings across countries, sectors, businesses and law enforcement agencies – is key to countering money-laundering and fraud.
And the same is true of commercial partnerships, where businesses can work together to design and build customer solutions benefitting from their joint strengths and expertise.
For example we’ve just announced new alliance with business data and analytics provider Dun & Bradstreet, which will help NetReveal clients to accelerate and enhance compliance and customer onboarding.
The integration of Dun & Bradstreet’s data and analytics with BAE’s NetReveal platform gives customers of both companies enriched and extended information, freeing up analyst time and arming investigators with a holistic view of customer risk to support fast and accurate decisions.
It’s the kind of partnership that will make a real difference to the industry as it faces increasingly inventive criminals, and increasingly rigorous compliance regulations
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