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Streamlining Global Financial Crime Detection and Prevention Efforts

Explore the challenges and potential future developments in consolidating financial crime detection and prevention efforts on a global scale. Understand the varying regulatory standards and expectations, differing views on privacy and information sharing, and the evolving landscape of AML in the insurance sector. Discover the increasing political will and cross-border focus to combat fraud, corruption, tax evasion, market manipulation, and ID theft through enhanced automation tools and centralized approaches.

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Streamlining Global Financial Crime Detection and Prevention Efforts

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  1. Where do we stand? • Little motivation to consolidate financial crime detection/prevention silos • - That’s not how we are regulated or examined • Very hard to have a global approach • - Regulatory standards/expectations vary greatly • - Differing views on privacy, information sharing • - Immaturity of AML in the insurance sector • Technical, silo’d, local compliance is the easiest approach

  2. Where might we be heading? • Increasing political will to consolidate financial crime detection/ prevention efforts • - Fraud, corruption, tax evasion, market manipulation, ID theft • Increasing cross-border focus by regulators • - Bribery laws, tax evasion, information-sharing initiatives • Ever-improving automation tools, facilitating: • - Consolidated financial crime approach • - Centralized/ global approach

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