“Financial Crimes” is a term used to describe a variety of criminal acts including money laundering; terrorism financing; bribery; corruption; sanctions violations; proliferation financing; cyber financial crime; various types of fraud (securities fraud, insider trading, market manipulation, bank fraud, insurance fraud, payments fraud, health care fraud, medical fraud, credit card fraud, cheque fraud, corporate fraud, and other types of frauds and scams); and other crimes against property.
In recent years, financial crimes have become a multi-billion dollar global phenomenon with criminal methodologies adapting and changing faster than governments, legislators, enforcement agencies and businesses can keep up. The associated risks to business and financial institutions are very real and can lead to regulatory fines, reputational damage, loss of customer base and even imprisonment.