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Modernizing the fight against financial crime: Exploring the Evolving Challenges of CyberFinancial Crime Through Partnerships and Technology By Standard Chartered Bank

Criminal groups are increasingly leveraging online capabilities as a means of supplementing traditional illicit
techniques, such as money mule networks. They do this by either employing individuals with technical skills (the use
of Cyber-as-a-Service) or by increasing their own capabilities. This expanding nexus between cyber and ‘traditional’
criminal activities means that suspicious financial activity will often have both a cyber element (e.g. the use of
cryptocurrencies to launder illicit proceeds) and a traditional element (e.g the use of money mules to move and convert
illicit proceeds). Cyber criminals continue to seek new methods to ‘cash out’ their ill-gotten financial gains and, while
often moving swiftly to adopt new technologies, will still need to place these funds back into the financial sector. The
knowledge and understanding Banks have of the financial system is a crucial component in understanding the overall
picture of cyber criminals’ activity. The agility of cyber criminals and the pace of change in new technologies places an
increased importance on public-private sector collaboration in order to better understand and combat these ever
evolving threats. We believe banks, industry, government, and law enforcement need to continue working together to
explore, leverage, and develop new and better tools, skills and frameworks to tackle illicit activity and recover the
proceeds of crime.

Read the paper here

By | 2018-11-08T07:21:47+00:00 November 8th, 2018|Blog|Comments Off on Modernizing the fight against financial crime: Exploring the Evolving Challenges of CyberFinancial Crime Through Partnerships and Technology By Standard Chartered Bank