Fahim Miah, Client Relationship Director at Brighter Consultancy, assesses the Financial Crime landscape in 2021.
Financial crime occurs in many different forms, across many different borders and is often discreet and well hidden. However, the impact of financial crime is often hard to measure. The social cost of financial crime are very real, ranging from increased violence, rising health care costs, loss of and diversion of tax revenue from areas of social benefit to counteract financial crime, increasing political corruption and much more.
The complex nature of financial services combined with an increasingly global and ever changing economy, makes understanding financial crime compliance overwhelmingly difficult at the best of times.
With the pressure of an increased regulatory landscape, public scrutiny, and FCA enforcement, institutions struggle to make risk based decisions that effectively and efficiently mitigate their financial crime risks. Ranging from assessing the financial crime risks specific to the organisation, implementing new global standards or performing remediation projects, Brighter Consultancy has designed and delivered a wide range of solutions for a variety of clients.
Brighter has extensive experience of working with organisations at varying points on their regulatory journey and we have deep experience and insight of the unique risks that face every institution. But what are these risks?
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