Research by Datanomic has shown that financial services companies typically waste 75% of their time each month dealing with recurring ‘false positives’ produced by inefficient and ineffective matching of their customer records with lists of known or suspected criminals and politically exposed persons (PEPs). In spite of their efforts, this research suggests that an alarming number of companies in the financial services sector are unknowingly doing business with criminals, terrorists or money launderers. The typical number of suspicious activity reports (SARs) that a money laundering reporting officer (MLRO) raises following an audit by Datanomic on even in just a sub-set of a financial services company’s data is between five and nine SARs. For example, a recent review of 30% of customer data from a large London-based investment house resulted in seven SARs. Typically, a Datanomic audit reveals around 4% of an organisation’s customers are matches to World-Check’s Watch & PEP List, and a quarter of these relate to financial crime.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.