Without all necessary information, it is impossible to see the forest for the trees, especially when it comes to financial crime.

We can define "necessary" as both the information in front of our computer screens as well as external information that fills in the gaps. That external information includes all of the normal due diligence, monitoring, and investigative information, as well as supplementary information from other institutions, agencies and governments.

Access to comprehensive information helps us paint a better financial crimes picture, a la Bob Ross, and turn information into actionable intelligence that may enable:

  • better suspicious activity reporting
  • robust customer profiles
  • transaction reviews in full context
  • reducing redundant compliance activities and costs
  • addressing more complicated financial crime methodologies

The Financial Action Task Force's (FATF) recommendations for information sharing provide a solid, necessary framework as a starting point to mitigate data privacy concerns while better fighting financial crime with more happy little information trees.