Why successfully disrupting financial crime needs a new collaborative approach

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9 minute read 21 Jan 2019
Authors

Hamish Thomas

EY EMEIA Payments Leader and UK Advisory Banking Technology Leader

Transformation leader in payments and open banking. Passionate about technology’s potential to create opportunity and manage risk. Optimistic runner. Film enthusiast.

Steven Beattie

EY Global Financial Crime Operations and Advisory Leader

Industry leader in financial crime solutions and interventions. Entrepreneurial and innovative solution maker. Father, volunteer and airplane pilot.

Jake Jacobson

EY US FS Managed Services CIO and Chief Product Officer

Product and technology innovator, helping clients effect meaningful business outcomes through technology, business model, and process innovation.

9 minute read 21 Jan 2019

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EY’s Financial Crime leaders, Hamish Thomas, Steve Beattie and Jake Jacobson, discuss how collaboration is key to tackling financial crime.

In a complex, connected and ever-changing world, known and unknown risks proliferate. Financial crime is one such risk. In fact, it's one of the largest systemic risks to the global economy – with devastating impact for businesses and communities around the world.

Financial crime: high frequency, high risk, high cost 

Every day, 1.2 billion transactions take place in the global financial system. Spotting which of these is connected to crime is incredibly difficult – especially so when these transactions take place in fraction of a second and are then followed almost instantaneously with yet more related transactions. But disrupting financial crime is not just challenging. It’s expensive too: a global bank’s average budget for disrupting financial crime is over $1b a year.

Annual cost

US$3.5 trillion

The amount that money laundering and associated crimes can cost the global economy each year

Over this series of videos, some of EY’s Financial Crime leaders, Hamish Thomas, Steve Beattie and Jake Jacobson, discuss the challenges facing financial institutions as they tackle financial crime and its ensuing risks, the technologies that are assisting in the fight and how collaboration across the ecosystem is driving change.

Summary

Financial institutions are tackling financial crime through collaboration across the ecosystem.

About this article

Authors

Hamish Thomas

EY EMEIA Payments Leader and UK Advisory Banking Technology Leader

Transformation leader in payments and open banking. Passionate about technology’s potential to create opportunity and manage risk. Optimistic runner. Film enthusiast.

Steven Beattie

EY Global Financial Crime Operations and Advisory Leader

Industry leader in financial crime solutions and interventions. Entrepreneurial and innovative solution maker. Father, volunteer and airplane pilot.

Jake Jacobson

EY US FS Managed Services CIO and Chief Product Officer

Product and technology innovator, helping clients effect meaningful business outcomes through technology, business model, and process innovation.