12 April 2019
The International Compliance Association and ITN Productions Industry News launch “The True Cost of Financial Crime” a news and current affairs-style programme exploring the impact criminal activity has on both businesses and individuals. The film will showcase the important part that skilled regulatory and financial crime compliance professionals and technological advances play in combating this risk and catching criminals.
The annual cost of international corruption amounts to a staggering 3.6 trillion in the form of bribes and stolen money much of which moves around the world via the global financial system. Europol estimates that banks spend 260 billion dollars annually on fighting financial crime. It is an ever-increasing concern for financial institutions, the impact of which often extends beyond monetary losses. Shockingly, human trafficking and modern slavery are thought to be among the most widespread financial crimes in the world affecting up to 30 million people globally.
Limiting criminal activity through bribery, corruption, money laundering, human trafficking and fraud is an ongoing battle faced by the financial sector and beyond. In ‘The True Cost of Financial Crime’ national newsreader Natasha Kaplinsky hears from those on the frontline tackling this global issue and highlights initiatives that are bringing together organisations from around the world, harnessing advances in technology and data analysis and working to create a unified response to this escalating problem to ensure compliance professionals and businesses are empowered to fight these consistently evolving threats.
In an interview, Pekka Dare, Director of Training, Education and Development, International Compliance Association explains the prevalence and magnitude of global financial crime and highlights the expert training provided by the ICA to ensure regulatory and financial crime compliance professionals are equipped with the right knowledge and skills to tackle the threat.
Bill Howarth, ICA President, International Compliance Association said: “We’re pleased to be working with ITN Productions on a second film following the success of ‘Beyond Regulation’ in 2017. ‘The True Cost of Financial Crime’ highlights the issues that are at the heart of the ICA ethos: the importance of inspiring and educating compliance and financial crime prevention professionals to make a difference, at their firm but also in society as a whole”.
Vicki Clubley, Interim Head of Industry News, ITN Productions said: “We are delighted to be partnering with ICA again to highlight the ever-increasing widespread impact of financial crime and to raise awareness of the role compliance professionals play in driving change and protecting both customers and organisations.”
“The True Cost of Financial Crime” combines a series of authoritative interviews, reports, case studies and sponsored profiles from leading organisations who are driving change, improving standards and innovating within the sector:
The True Cost of Financial Crime | Official Playlist (2019)
The True Cost of Financial Crime | Official Trailer (2019)