COMBATTING THE CONVERGENCE OF ECONOMIC CRIME

Effective Practical Approaches to Breaking Down Silos Between Cyber, Fraud and Financial Crime Operations

June 16, 2022 1:05pm

Erika Postel
Director, AML Program Delivery – Consumer & Small Business
Scotiabank

Andrea Chedas, CAMS
Head of Corporate Security
Wealthsimple

Pierre-Luc Pomerleau, PhD, MBA
Partner
Vidocq Group

Moderator:
Cameron F head shot

Cameron Field, BA, MSc
Senior Manager I AML Intelligence Liaison and Special Initiatives I AML Financial Intelligence Unit
BMO Financial Group

The line between money laundering, fraud, and all other economic and cybercrimes is blurring. In order to address financial crime effectively, a coordinated approach is needed, one that breaks down the silos between cyber, fraud and financial crime operations.

  • Establishing convergence between cyber, fraud and financial crime operations to oppose economic crime
  • Developing open and transparent lines of communication and collaboration between departments
  • How to align risk governance and threat assessment approaches for maximum effectiveness
  • Establishing a common incident response approach
  • How to align risk governance and threat assessment approaches between departments
  • Sharing data and process controls activity
  • Creating a financial crimes unit within your organization responsible for monitoring and responding to all types of financial crimes