EY: Harnessing innovation to disrupt financial crime
Financial Crime is regarded as one of the largest systemic risks to the global economy, with over $2T of illicit funds in circulation. As a result, the scale, complexity and associated costs of mitigating this risk and maintaining market integrity, is quickly becoming unsustainable, and one that banks are seeking to transform. Achieving this transformation will require banks and the financial industry as a whole, to rethink how they approach challenges such as know your customer (KYC), transaction monitoring, sanctions, fraud and market abuse. To support this transformation, EY is leveraging our market strengths to create a suite of innovative technology assets to help clients address the challenges associated with financial crime. EY’s aim is to evolve our own business, and the industry, from human capital to technology-enabled. Through our efforts to drive collaboration and innovation across the industry we are together disrupting financial crime.