By Dan Byrne for AMLi
MORE THAN HALF of financial crime investigators have seen their productivity stagnate or go down in the last year, according to a new report.
Research from web-based security and risk firm Authentic8, in concert with the Association of Certified Financial Crime Specialists (ACFCS), has found that across 150 worldwide organisations, most are ‘treading water’ when it comes to the caseload of investigations. Other findings were:
- 57% of investigators surveyed said that, at best, they can handle the same number of financial crime cases as they could the previous year.
- 90% agree that more investment is needed so that the time taken to analyse a case towards a concrete conclusion will decrease.
“Stagnant or declining caseload productivity is not just a matter of investigator frustration; it can also lead to increased organisational risks,” the report finds.
Those risks include – but aren’t limited to – additional costs, not meeting compliance standards, decreased brand trust, profitability, and the increased chances of criminals changing their techniques before investigators catch up.
They hark back to some of the most recent issues in developing defences against financial crime.
Experts have previously commented that criminals are regularly steps ahead of regulators and investigators, and that even the volumes of potential cases contained in reports can often be overwhelming.
The lack of adequate technology to match the capabilities has also been cited as a stumbling block for AML experts, something which the report also highlights.
“Trying to keep up with evolutions in criminal tactics, techniques and procedures, as well as changes in technology ranks as the top challenge for investigators,” the report said.
“They are struggling to get the specialised training they need to successfully perform investigations in the most efficient manner.”
Another common issue identified in the research was the fact that investigators valued anonymity greatly while conducting their work. Losing it meant taking the risk that “cases could be blown, further hampering productivity,” according to the report.
Meanwhile, investigators have also pointed to the ‘dark web’ as an area they need to access more.
‘Dark web’ refers to corners of the internet shielded by specific software requirements and configurations so that users can count on more anonymity in their activities there. It is a popular setting for financial criminals to seek clients and do business.
“46 per cent [of respondents] are not able to follow leads into the dark web,” the report said. “Limiting investigator access… is hurting the efficiency and effectiveness of their investigations.”
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