Technology is an ever-changing driver used to assist with the convenience and overall efficiency of business processes. Technology allows companies to conduct business internationally from their offices, homes and other remote areas. This particularly important driver can aid in the fight against Financial Crime (ML, TF and PF) which can alter the integrity of all financial and non-financial institutions. Below are five areas in which technology can be useful in this on-going battle against Financial Crime:

1. AML Onboarding & Screening Software

This type of software allows for Compliance professionals to conduct searches on possible high net-worth clients as part of their contracted CDD practices. Subsequently, it assists in identifying background information on potential customers and any adverse media that are attached to their names/companies that can destroy an organization’s reputation.

2. Document/Record Management Systems

Online record keeping aids in monitoring customer transactions in order to detect any behavioral patterns and changes that can be useful in identifying suspicious activity and combatting against financial crime. Furthermore, it allows for the storing of all customer information such as names, addresses, occupation, photo id and information for corporate companies such as letters of incorporation and by-laws which are useful to assess, to determine if an organization is compliant to the regulatory guidelines. A robust management system makes it easier to monitor and track for AML purposes.

3. Virtual Platforms

Technology permits one to connect to multiple persons at the same time around the world. The use of technology for the Compliance sector is vital because professionals can share information by conducting webinars and training sessions to educate persons on the different types of financial crime, how they are carried out and the policies and procedures to implement in order to mitigate such risks.

4. Security Cameras

Security cameras are key for fighting against Financial Crimes, for instance the installation of cameras within the Banking sector especially at ATM machines. These cameras allow the bank to review footage if a suspected account has been tampered with in order to identify the perpetrators. In 2019, Barbados had a case of ATM skimming fraud. Two men from Bulgaria used a skimming device to read persons' ATM card information at the machines and later made a cash withdrawal from their accounts. Fortunately, with the aid of security cameras the banks were able to provide a photo and footage of the men found guilty of this act to the authorities and afterwards the authorities released the photos to the public.

5. Micro-Computer Chip Technology

Chip technology improves credit/debit card security because it provides an encryption mechanism for card transactions (one-time unique codes). One-time codes make it more difficult for skimmers to steal card information because they are more difficult to track.

The use of technology in this fight is crucial, without technology the damages caused from the effects of Financial Crime would be detrimental not only at a business level but also from a personal level. Each piece of technology has its advantages and disadvantages therefore the training of all employees and the use of human intellect is of upmost importance to detect and report all suspicious activity.