Financial Crime: An Evaluation into Current Risks, Detection Methods and Regulation

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Whitehead, Sarah I. (2020) Financial Crime: An Evaluation into Current Risks, Detection Methods and Regulation. [Dissertation (University of Nottingham only)]

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Abstract

This thesis examines financial crime in the global banking markets with specific focus on its risks, how institutions detect illegal activity and evaluates the associated regulatory environment. The study utilises empirical feedback from a number of industry experts to reinforce the findings of the extensive literature review.

It is the contention of this thesis that financial crime is a growing threat to the financial services industry. The advent of new market entrants as well as an increasing number of payment products, in both instances facilitated by new technologies, increases the potential for bad actors to infiltrate the system.

This thesis also contends that whilst the financial institutions have reacted to the increases in financial crimes by increasing staff levels in the compliance function, much more needs to be done. Thorough, institution-wide training of related staff as well as the introduction of intelligence-led data analytics will be key to being more pro=active in financial crime detection.

Finally, whilst acknowledging that regulation had progressed rapidly, the author believes that greater regulatory consistency between established market players (correspondent banks) and new entrants (FinTechs, MSBs and TPPPs) could be improved. Regulators should play a more decisive role in ensuring collaboration between market participants as well as providing pro-active advice in addition to their supervisory role. Additionally, where regulators have not been consistent in establishing principles or expectations, supranational industry bodies should provide guidance

Item Type: Dissertation (University of Nottingham only)
Depositing User: Whitehead, Sarah
Date Deposited: 14 Apr 2023 12:14
Last Modified: 14 Apr 2023 12:14
URI: https://eprints.nottingham.ac.uk/id/eprint/62632

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