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Banks have come very far in their approach to financial crime compliance and prevention. But they still only confiscate about one percent of the proceeds of crime. Enterprises have vast amounts of data but often lack the software to maximize the value of all this information – resulting in missed risk. There is too much time chasing what David Howes, Global Co-Head of FinCrime Compliance at Standard Chartered Bank (SCB), calls “chasing the innocent around the system.” Many banks lack the capability to pursue actual crime cases.
For Standard Chartered Bank, the answer was investing in data analytics, and learning how to apply years of data and machine learning to the task of identifying cases that deserve the most attention. The data analytics technology, along with training, has given the bank a distinct advantage in tackling financial crime.
In this video, Quantexa CEO Vishal Marria talks to Howes about SBC’s successes in tackling financial crime, how the bank has made huge strides to harness the power of data to revolutionize financial crime investigations, and how the bank is using Decision Intelligence to enhance investigations.
In this video, learn how SCB is using contextual data to:
Balance data analysis with customer privacy
Gain higher yields for successful cases
Provide top investigators with high-value data feeds
In this episode, Vishal Marria speaks with Jennifer Calvery, Head of Financial Crime at HSBC, to see how the bank is using technology to manage its data effectively and improve financial crime detection to tackle horrific crimes, from terrorist financing and human trafficking.
The risk landscape has evolved dramatically over the last 10 years. monitoring risk in the Financial Services industry.
To maximize the value of data, enterprises need to have the right IT infrastructure in place. Learn how Danske Bank is resolving legacy challenges around data, improving collaboration between business and IT, and the future of cloud adoption.