Model Risk in Financial Crime
By Steve Lindo, Vesna McCreery & Raj Shah
A featured article of our February 2021 edition of PRMIA's Intelligent Risk quarterly newsletter
Financial crime is an industry. Like many other industries, the forces that shape its evolution include supply and demand, technology, competition, regulatory hurdles, return on investment, and risk management. Financial crime has grown exponentially in both volume and sophistication in the past 20 years. As a result, banks, the primary conduit for global transactions and, therefore, a necessary ingredient for laundering criminal proceeds, have been forced to increase the scale and sophistication of their financial crime detection and prevention methods.
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