Nasdaq’s CEO and chair, Adena Friedman, has highlighted three ways that regulators can assist banks in the fight against financial crime. Speaking at Bloomberg Invest in New York, Friedman stated that, globally, around $4tn is laundered through financial systems, but only 1% of that is usually detected. She argued that data sharing between financial firms was essential since criminals do not only use a single bank. However, while data sharing is legal in the US, such regulatory permission is lacking in Europe due to privacy concerns. Friedman also cited AI and also providing regulatory feedback to financial firms as being key in the battle against financial crime.
3 Effective Measures to Combat Financial Crime as Outlined by Nasdaq’s CEO
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