AML Conversations Financial Crime in Europe: What are the Key Trends?
Apr 21, 2025
Stephanie Champion, EVP and Head of Financial Crime Technology at NASDAQ Verafin, dives into the 2024 Global Crime Report, revealing alarming trends in money laundering across Europe. She discusses the critical role of financial institutions in combating fraud and the evolving landscape shaped by the rise of cryptocurrency and real-time payments. The conversation emphasizes the need for better feedback mechanisms in crime reporting and the importance of collaboration, technology, and training to effectively tackle these challenges.
AI Snips
Chapters
Transcript
Episode notes
Massive Money Laundering in Europe
- Over $750 billion in money laundering flowed through Europe's financial system in 2023, with $100 billion lost to fraud.
- A quarter of fraud losses involve cross-border crimes, highlighting the need for cross-border monitoring.
Personal Impact of Elder Abuse Scams
- Stephanie shared that even her parents fell victim to scams, reflecting widespread elder abuse issues.
- The problem affects vulnerable populations personally and professionally.
Resource Gaps in AML Professionals
- Less than 25% of AML professionals feel adequately resourced to combat rapidly evolving criminal tactics.
- Technology like AI co-pilots is critical to scale teams and keep up with criminal sophistication.