Nasdaq Report Raises Awareness and Scope of Financial Crime
Over $3 Trillion of illicit funds went through the banking system last year
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- Written by Banking Exchange staff
According to a report by NASDAQ, over $3 Trillion of illicit funds went through the banking system last year that included human trafficking, terrorist funding, and drug trafficking just to name a few.
Fraud was also on the rise with almost $500 billion in estimated bank fraud and scams, a statistic that bank fraud is skyrocketing. A Nasdaq spokesperson also stated that there was even more crime that did not get reported.
The statistics could very well be much higher as this report only surveyed financial institutions of $10 billion in assets or more.
Calls to take the issue of financial crime as serious as any other issue facing the world banking system and that banks work together to find solutions.
Nasdaq bought an anti-financial crime software company for almost $3 billion in 2020 called Verafin and has been an extremely successful acquisition.
Tagged under Risk Management, Duties, Feature, Feature3, AML & Fraud, BSA/AML, Security, Cyberfraud/ID Theft,
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