Daniel Tannebaum Shares Insight On Fighting Financial Crime

The frequent instances of money laundering, fraud, and trafficking are clear indicators that around the world, financial crime activity is growing. In order to combat this, governments must align and collaborate to stop the flow of criminal activity through global economies according to a new report by Nasdaq and Oliver Wyman.

Regulators, law enforcement, and financial institutions can coordinate more easily to hault financial crime by data-sharing, yet there are a lot of steps to take to acheive a modernized information sharing stream among parties.

"Getting regulators, law enforcement and financial institutions to share information in a timely way is one of the main obstacles to fighting fraud and financial crime," said Daniel Tannebaum, a contributor to the report and partner in Oliver Wyman’s Risk and Public Policy Practice, when he spoke with American Banker. "When banks file suspicious activity reports to regulators, they often don't receive feedback on whether the report led to catching a criminal — and if they do hear back from the agency, it's often not until much later."

Read the full article here (paywall).