Financial crime prevention

Financial crime prevention covers the strategies, techniques, and controls that institutions, organizations, and regulators use to stop illicit activity in the financial system. Its purpose is to protect the integrity, stability, and security of the global economy.

Example

Financial institutions such as banks, credit card issuers, and investment firms use a range of financial crime prevention measures to protect themselves and their customers from threats such as fraud, money laundering, identity theft, and cyberattacks. These measures can include customer due diligence procedures, transaction monitoring systems, AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance, cybersecurity controls, and employee training programs that help staff spot potential risks. By taking a broad approach to financial crime prevention, institutions can identify, investigate, and mitigate threats more effectively, protect their customers, and support the continued stability of the financial system.