February 2025
Financial crimes, including money laundering, terrorism financing, fraud, and scams, have escalated in both complexity and scale, posing significant threats to global financial stability, integrity, and trust. Despite substantial investments in compliance and regulatory efforts, these illicit activities continue to proliferate, exploiting advancements in technology and the increasing interconnectedness of financial systems.
A recent roundtable organised by the Bank for International Settlements Innovation Hub (BISIH) at the Insights Forum™, held alongside the Singapore FinTech Festival 2024, sought to explore innovative strategies to counter these threats. The roundtable convened experts from financial institutions, payment networks, regulatory bodies, technology firms, academia, and international organisations. Key insights from the discussion highlight the necessity for a holistic and collaborative approach, leveraging advanced technologies, data sharing, behavioural science and regulatory support.
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