Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. The Growing Case for Fraud and AML Convergence

The Growing Case for Fraud and AML Convergence

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
12 January 2021
Neil Katkov

Financial institutions maintain two large and complex operational regimes dedicated to fighting financial crime. Both are laden with technology operated by armies of professionals dedicated to rooting out criminal activity. Why not combine them and reap the benefits in increased efficiency, lowered costs, and improved analytical insights?

Convergence of fraud and anti-money laundering (FRAML) technology and operations has been somewhat of a Holy Grail for financial institutions for at least a decade. While the concept has its promoters and detractors, FRAML makes sense to many in the industry. A number of technology providers have offered FRAML features in their financial crime solutions for some time already.

Now is a good time to take stock of where we are with FRAML. Regulators have come to understand that fraud and money laundering are intrinsically connected and are starting to ask financial institutions to coordinate their fraud, AML, and even cybersecurity efforts. The pandemic year has seen significant increases in fraud volumes and a proliferation of new laundering techniques. This has all played out against a backdrop of increasing technological sophistication on the part of fraudsters and money launderers to exploit the criminal opportunities that abound in digital financial services channels.

Access More

Comments

  • Thank you Neil Katkov...very relevant topic and the need of the hour for the financial institutions....
    Given the proximity of both the AML & the Anti-Fraud teams rolling up to the same executive leadership....the convergence may be possible....but however the security information may be under a different senior - CISO team.....this will not be so easy....
    but noticed your point on the banks based out of EU region have converged all the 3 units.....- can you pl throw some light around the EU banks convergence aspect....

    thank you...

    Venkatesh Balasubramaniam