After decades of status quo, it's now time for banks to rethink how to fight financial crime more effectively.

Today, banks and financial institutions are exposed to more diverse and complicated criminal threats. Money laundering techniques are expanding. Criminal activities have become more complex.

However, existing approaches to tackling financial crime are growing increasingly outdated. For example, most of the current anti-money laundering program is based on a decade-old risk assessment approach. And it is not specifically designed for financial crime risk.

That's why banks need a threat-based, data-driven risk identification approach to better understand the evolving risk landscape in today's world.

In addition, the optimization of financial crime control has huge potential. The rise of data analytics and Reg-tech makes it possible to have targeted and even preventive investigations. It can also make financial crime control management more effective, with lower costs and higher productivity.

At Oliver Wyman, we work with our clients to build the next generation of advanced analytics to identify and manage financial crime risk with greatly improved efficiency.

Hello, my name is Lilian He, and I'm a Principal at Oliver Wyman in Hong Kong.  

Together, let’s accelerate breakthroughs.