Our client, a working group for a large European government authority, was tasked with enhancing Europe’s financial crime monitoring and prevention capabilities on the heels of an upswing in threat activity. Here, our client wanted to better understand the modern payments market in all its facets and how criminals could use payments in general and digital payments, such as cryptocurrency and online payments, in the particular to transfer illicit funds. We assisted the European government authority in question by providing them with an overview of various payments systems and delivered policy advice, resulting in improved policies and monitoring systems for financial crime prevention.
Our approach centred on giving our client a better understanding of the payments market. This included providing an overview of how criminals transfer funds and how the growing payments digitization affects this activity. Additionally, we highlighted the noteworthy points in the payments chain most pertinent for financial crime and terrorist financing and indicated which systems could be used to monitor such transactions.
The motivation behind providing our client with this analysis of the payments market was to give them the information necessary to create more effective policies and systems to thwart financial crime.
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