The International Labour Organisation says there are 40 million people trafficked every year. The proceeds of this traffic need laundering through the financial system. If you're new to such financial crime-related stats, you'd be forgiven for thinking the world has gone slightly mad. Aren't banks investing billions in detecting financial crime within their payment flows? And what is the actual impact of regulations such as the US Anti-Money Laundering Act of 2020 and the 6th Anti-Money Laundering Directive in Europe?
In this episode of After Hours by RedCompass Labs, Andrew Davies, talks about why the whole financial services industry needs to put resources to work and how driving collaboration while leveraging data, intelligence and technology play a crucial role in combatting these insidious crimes. Andrew is Vice President of Global Market Strategy for Financial Crime Risk Management solutions at Fiserv, a global leader in payments and fintech.