Business

Data and the war on financial crime

FNB's Neil Solomon is focused on helping the bank identify, predict and investigate financial crime. Data holds the key.

14 February 2020

Money is the proxy for power and happiness in every society. Through the ages, banks, money's home, have been the prime target for criminals. The archetypal bank heist relied on meticulous planning and physical courage to get away with the goods. While the fundamental standoff between protectors and thieves remains as intense as ever, the conflict has become much more complex in today's digital world.

For one thing, banks have been co-opted into a broader effort to combat financial crime, and to prevent criminals from laundering their ill-gotten gains. Another key change is the speed at which the good guys have to react. The ability to identify when financial crime occurs, and investigate it, is obviously crucial, but there's growing emphasis on prediction.

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