British Banking Association: Future Financial Crime Risks

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Over the past few months, the BBA has been supporting work conducted by LexisNexis® Risk Solutions to develop analysis of the financial crime risks and challenges to banks.  The resulting Future Financial Crime Risks Report builds a picture of the current risk landscape, as well as looking to the horizon; reflecting on the challenges faced by institutions and their financial crime professionals. By examining future financial crime challenges, this report will help BBA members and public sector partners to consider proactive strategies and policies.

More than 200 compliance, financial crime and AML specialists were surveyed for this report, including in-depth interviews with senior banking professionals and law enforcement agents. From their feedback, four key themes crystallised:

  1. The expanding compliance burden passing the ‘tipping point’
  2. Concerns about increased liability in the compliance role
  3. The requirement and appetite for greater collaboration
  4. Digital technologies and changing criminal methodologies