Financial institutions face an escalating and increasingly sophisticated threat landscape from financial crime , encompassing fraud, money laundering , and other illicit activities. Historically , Fraud and Anti-money Laundering (AML) functions have operated in isolation , leading to significant inefficiencies, fragmented insights, and critical vulnerabilities.
iFCC, a combination of all Fin Crimes Programs, is a modern day approach that represents the shift from separate teams to a holistic financial crime strategy. It acknowledges that fraud proceeds are often laundered, and money laundering frequently involves fraud. By merging data , systems and expertise , financial institutions (FIs) gain a 360 degree view of risks , enabling better detection, prevention , and response to financial crimes.
Find out more in our latest Point of view: An Integrated Approach for Financial Crime Compliance
