Financial Crime and Fraud Report 2022

Foreword

• The boundaries between the legal and illegal economies are blurring – The scale of profits generated by criminal drug organisations enables them to undermine governance and state institutions through corruption and intimidation and threaten the economic stability of entire states and regions.

• Our forests are illegally cut – Banks are obliged to have social-environmental policies and due diligence processes in place and to prohibit loans to projects in areas that are illegally deforested.

• Terrorist financing – Funding of terrorism has adverse effects on peace, security, and the development of regions affected by conflict. Money launderers and terrorist financiers exploit loopholes and differences among national AML/CFT systems and move their funds to or through jurisdictions with weak or ineffective legal and institutional frameworks.

• We need to recover our losses – Less than 1% of the worldwide flow of illicit money is captured and stopped, despite the industry spending tens of billions of dollars each year complying with the law, according to the united Nations.

Therefore, we encourage you to download our latest edition of our Financial Crime and Fraud Report 2022, where experts, industry asso ciations, top players, consultants, and financial institutions have joined forces to share valuable insights on these crucial themes.  They delve into topics such as creating safe digital economies using IDV solutions, the role of digital ID in establishing trust and  enhancing digital onboarding processes, BNPL fraud, corporate identity theft, the benefits of having a risk-based approach to prevent f incrime, regtech in the Metaverse and regtech trends, tackling fraud through collaboration, and many more...

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