Optimising Ecosystems For Scale
FutureCIO, Monday, August 14,2023
With the digital upgrades and innovations in payments, crimes in the industry rode the digital wave as well. A study entitled, True Cost of Financial Crime Compliance Global Report, by LexisNexis Risk Solutions reports, 'financial institutions are being exposed to an increasing level of various types of financial crime, including those involving digital payments, cryptocurrency, third parties and trafficking of proceeds'.
These unlawful activities could jeopardize the trustworthiness of financial institutions, a 'multi-layered solution approach to financial crime compliance and identity proofing is essential as criminals become more sophisticated,' the LexisNexis study added.
Amidst the huge changes in the financial landscape in the past few years, LexisNexis Risk Solutions vice president, APAC, Nick Wilson, believes that there is a need to adapt to new trends and advancements in technology, especially in securing and protecting from unlawful financial activities.