Belleron has knowledge on Fighting Financial Crime and successfully executed dozens of projects globally since 2012 by implementing monitoring systems in customer environments fighting fraud, advanced persistent threats (APT), money laundering (AML) and cybercrime. Download our latest papers & reports from Belleron on Fighting Financial Crime.
DOWNLOAD; while banking processes move towards real-time and cloud technology, data lakes / warehouses are filled with historic data and becoming more difficult to maintain due to GDPR, quality validation and ownership of the data. This makes it apparent that the anomaly detection mechanisms need to focus on the data sources themselves in real-time.
DOWNLOAD or VIEW; "The siloed approach is not working. A typical financial crime division is plagued by operational inefficiencies. Compliance departments have ballooned in size and budgets have risen dramatically. At the crux of the problem is the industry’s stubborn siloed approach to managing risk. Banks continue to operate monitoring and detection systems with limited and rigid rules by channel or product or risk domain."
DOWNLOAD; we highlight that open innovation stimulates hostile actors to be creative and brilliant in yet unknown ways. They will not only target banks directly but will also target 'the path of least resistance'; like early start-ups and other consumer facing service providers that interact banks, all based on PSD2 and Open Banking.
DOWNLOAD; most banks put a tremendous effort in preventing identify theft, financial fraud, money laundering, terrorist financing and other risk sensitive customer activities. The question is if these account centric detection systems are relevant for detecting a financial terrorism attack, aimed at disrupting the financial system.