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Combating illicit finance

Organised against crime

Deirdre Carwood, Partner, Financial Advisory, and Laura Wadding, Partner, Risk Advisory, Deloitte Ireland, consider why all industry players must collaborate better to be effective in the fight against financial crime

As criminals become increasingly sophisticated, they’re finding new ways to channel illicit money through legitimate banks. In the process, they’re managing to stay one step ahead of the industry. This has a potentially significant impact on Ireland, given its role as a dynamic international financial services hub: a leading player for wholesale banks and investment funds and part of a heavily intermediated international financial landscape.

Over the past two decades, financial institutions based in Ireland have spent a lot of time raising their standards to comply with increasing anti-money laundering (AML) regulations, keeping customer documentation up to date, and remediating issues as they arise. Every year, financial institutions invest a large proportion of their costs into maintaining this regulatory compliance.

Simply complying with regulations doesn’t prevent a bank from becoming a victim of crime.

Deirdre Carwood, Partner, and Laura Wadding, Partner, Deloitte Ireland

And the fight against financial crime has become fully digital, following the changed working models after COVID-19 leading to an accelerated shift towards fully digital environments. But have the banks’ systems kept pace?

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