Financial Crimes Compliance 

Protecting your business against financial crime is more crucial than ever. In today’s complex financial landscape, sophisticated criminals constantly devise new methods to exploit vulnerabilities and extract value. Effectively managing FCC risks is becoming harder as industry forces pressure financial institutions across multiple fronts, including: 

Regulatory Scrutiny – 

• Fines for FCC-related offenses continue to increase in the aggregate and at the individual institution level 
• Regulators are deploying advanced analytics to monitor compliance and effectiveness, exposing institutions to additional scrutiny 
• Financial crimes regulators are continually increasing the scope of covered institutions and products 

Emerging and Digital Assets 

• Evolving regulatory framework 
• Supporting Digital asset service providers with their FCC obligations 

Evolving Criminal Behavior –  

• Criminals are leveraging technology to devise more complex schemes, including using generative AI to impersonate company principals and Ultra High Net Worth Individuals 
• Digital business models and products create more vulnerability to sophisticated criminals 
• Customer Due Diligence and monitoring are increasingly a real-time requirement 

Advanced Technologies –  

• AI and machine learning (ML) algorithms to increase automation and reduce false positives 
• Generative AI to help assist with high-context and judgement-oriented tasks, like investigations and SAR filing 

Aggregate spending by financial institutions to achieve and maintain compliance is growing faster than the underlying business, increasing pressure on compliance organizations to improve their efficiency and effectiveness. 

At Global Economics Group, we are dedicated to helping financial institutions navigate the complex landscape of financial crime compliance. Our team of experts offers a full suite of services and innovative technology solutions to ensure that your organization meets regulatory requirements and mitigates the risks associated with financial crimes. 

We help financial institutions move beyond core compliance by leveraging capabilities that can reduce cost, increase effectiveness, and generate ancillary value from financial crimes compliance investments, including: 

• People and Talent – As the FCC team has grown, it is critical that institutions invest in their people and capabilities to increase performance while controlling costs. 
• Cross-functional Collaboration: Encourage collaboration between compliance, legal, operations, and IT teams to break down silos and share crucial information. 
• Upskilling and Training: Regularly update employees on evolving regulations, emerging threats, and red flags associated with different financial crimes—train staff on data analytics tools, transaction monitoring systems, and other technology for detection and investigation. 

Process and Workflow – Streamlining the core FCC processes and workflows can significantly improve the team’s efficiency and effectiveness, including: 

• Convergence of fraud and AML process allows for better alignment and agility of the shared resources 
• Continuous Processes – help the organization move away from periodic refresh and allow for the real-time adjustment of the risk parameters applied to a client, product, or market segment 
• Collaboration Platforms: Implement secure communication platforms and data-sharing tools to facilitate seamless collaboration within the team and with other departments. 
• Benchmarking: Benchmark your team’s performance against industry standards and best practices to identify areas for improvement. 

Technology and Automation –  

• Streamlined Workflows: Automate repetitive tasks, leverage case management systems, and optimize procedures to improve efficiency and reduce manual workloads. 
• Data-Driven Approach: Analyze historical data and transaction patterns to identify suspicious activities and prioritize investigations. Invest in Artificial Intelligence (AI) and Machine Learning (ML) tools for automated screening and anomaly detection. 
• Streamlined Workflows: Automate repetitive tasks, leverage case management systems, and optimize procedures to improve efficiency and reduce manual workloads. 

How We Help Clients 

We provide comprehensive financial crimes consulting services, empowering you to proactively combat threats, minimize risk, and ensure the integrity of your operations. 

• Financial Crime Risk Assessments: We identify vulnerabilities, evaluate risks, and recommend tailored mitigation strategies. 
• Independent Review: We can conduct the BSA-required independent review function to meet your obligations and understand the program’s health and areas where it can improve. 
• Program Design and Implementation: We design and implement effective AML/sanctions programs that meet regulatory requirements and minimize regulatory risk. 
• Strengthen your defenses: We can provide the incremental expertise to enhance your ability to detect, prevent, and respond to financial crime threats, mitigate regulatory risk, and safeguard your reputation. 
• AI and Automation Strategy: We can help you leverage advanced AI models across the FCC value chain to reduce false positives, increase true positives, reduce the cost of being compliant, and effectively manage the risks associated with financial crime. 
• Training & Awareness Programs: We equip your employees with the knowledge and skills to recognize and report suspicious activity.