Report

Aite Impact Report: Financial Crime Convergence

Aite Impact Report: Financial Crime Convergence: Think Collaboration, Not Consolidation

Financial institutions have long had invisible silos in place that kept their organization’s fraud, AML, and cybersecurity teams separated from each other. These silos are fraudsters’ best friend, enabling criminals to exploit fragmentation to evade detection. 

The Aite Impact Report, Financial Crime Convergence: Think Collaboration, Not Consolidation – based on input from 18 financial services executives across the U.S. and Canada – highlights the importance of organization-wide financial crime collaboration and alignment is for financial institutions to address new financial crime risks.

Findings in the report include:

  • 94% of FIs are actively pursuing increased convergence;
  • 44% of respondents indicated they are bringing different units under a common organizational head;
  • Key differences between segregated, partially integrated, and fully integrated models.

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