“Criminals are smart and some of them are very global, so we need to collaborate to be smarter, to be efficient and to be cost effective”, says Linda Nielsen.
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And it is important to make the entire system safer, adds Satnam Lehal. Individual banks must be safe but ultimately fighting financial crime is about making the system safe and resilient.
“Every bank as an individual institution needs to be safer but actually we need to make the system safer. One organisation could become strong and very good but [in itself] that would just move the problem somewhere else. So we need a whole sector approach”, says Satnam Lehal.