Fighting Financial Crime in Turbulent Times
Industry Resource
The Fiserv-authored white paper "2009 Financial Crime Outlook: What to Expect in a New Political Season with a Financial Sector in Crisis, an Economy in Recession and a Regulatory System in Need of Reform," discusses potential causes for the financial sector dilemma and the resulting fallout with respect to maintaining a rigorous fraud prevention strategy.
The paper asserts that one factor could be an outdated U.S. financial regulatory system that is ill-prepared to deal with modern financial conglomerates and the complex products they provide. A Senate hearing in January 2009 discussed that very issue, proposing systemic changes for addressing mortgage regulatory gaps and "reorganizing a fractured regulatory system."
The paper offers insightful analysis of past bills, reports and statements from President Obama, as well as many of his top financial advisors and cabinet picks, in order to gauge future regulatory expectations. Other topics discussed in detail include financial crime and efforts to combat it, improving efficiencies to mitigate financial crime risk, exploiting synergies between anti-money laundering (AML) and anti-fraud efforts, and smart transaction monitoring software.
In light of the current environment, the paper expresses a very candid bottom line: "It is clear that the financial industry is on the brink of many changes. Regulators are redressing the balance between risks and rewards. Financial institutions will most likely have to adjust to a brand new regulatory framework, which may possibly even include having to answer to a new regulator. While long-term shifts among government officials who oversee AML and counter terrorism financing (CTF) regulation remains to be seen, new regulations for some industries are on the horizon."
Fiserv Resource
AML Manager and Fraud Risk ManagerTM from Fiserv are part of an integrated Financial Crime Risk Management suite of comprehensive fraud and compliance solutions. Fiserv solutions deliver improved risk protection and management across disparate anti-fraud and anti-money laundering silos boosting results with combined intelligence and operations.
AML Manager delivers robust anti-money laundering and counter-terrorism financing (CTF) detection and case management functionality. The solution is designed to meet evolving regulatory requirements around the world, giving financial institutions the powerful tools to implement a risk-based approach to AML compliance.
