Bringing it together: a unified approach to financial crime

The financial crime environment has changed markedly in recent years. Feverish regulatory activity internationally in the immediate aftermath of September 11th prompted hasty investment in systems, processes and technologies to support compliance departments that were reeling under the new anti-money laundering and counter terrorist financing (AML/CFT) demands. Unfortunately these were often deployed on an ad hoc basis within different geographies and business lines. For the lack of a coordinated approach many organisations now find themselves forced to support a multitude of systems and methodologies that duplicate effort and fail to recognise synergies. Rosemary Turley of Norkom Technologies looks at how results are being achieved nonetheless.

Rosemary Turley is a Director with Norkom Technologies, a specialist provider of financial crime technology. Contact Rosemary on tel: 00 353 1873 9600 or email: rosemary.turley@norkom.com

The need for enterprise-wide, effective, thorough and fast investigation of financial crime is intensifying as regulators expect firms to be able to view their clients’ activities and associations holistically, across product lines and geographies. For most it will mean consolidating their efforts and removing the technological and management barriers that have hampered their success to date.