Summary
What this article covers in 30 seconds
- Financial crime is no longer a siloed compliance issue.
- Fraud, scams and money laundering are increasingly interconnected.
- Fragmented operating models create gaps in visibility and weaken controls.
- Firms need integrated, enterprise-wide oversight and clearer outcomes.
Joe Norburn, CEO at Recordsure, said financial crime is no longer a siloed compliance issue but a system-wide risk.
As fraud, scams and money laundering become increasingly interconnected, firms are still responding through fragmented operating models, with responsibility split across teams, systems and data.
Connected oversight
This fragmentation is now a risk in itself, creating gaps in visibility, weakening controls and slowing response.
With the regulator placing greater emphasis on outcomes, the Consumer Duty and collective defence, firms are expected to move beyond isolated controls and demonstrate integrated, enterprise-wide oversight. The firms best positioned to respond will be those that can bring together data, oversight and decision-making, improving visibility across the organisation and enabling clearer, more consistent outcomes.
Financial crime no longer sits neatly within one team or function. Firms need to operate as connected systems if they want to keep pace with how risk is now evolving.
Frequently asked questions
Financial crime is now a system-wide risk rather than a siloed compliance issue.
Fragmented operating models create gaps in visibility, weaken controls and slow response.
Firms should bring together data, oversight and decision-making to improve visibility and outcomes.