Research Syndicate – The Changing Face of Financial Crime

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You are invited to join other leading industry players to support the production of an authoritative White Paper on Financial Crime.

The White Paper will highlight how the nature, scale and sophistication of financial crime and the people behind it are changing. It will also determine the true cost of financial crime and what should be done to reduce it.

A Growing Threat

The nature of financial crime is changing rapidly. As technology advances, criminals become more sophisticated and effective. A recent Thomson Reuters survey highlighted that the estimated aggregated loss of turnover from financial crime is $1.4 trillion. Furthermore, 3.1 percent of respondents’ annual turnover is spent combatting financial crime, representing an aggregate of $1.28 trillion for the organizations surveyed.

In addition, there is a growing threat to core banking systems being targeted by a large-scale financial crime. Such a crime would result in large fines being paid by systems operators and significant reputational damage being incurred by the banking industry.

There is also a concern that the current controls that address financial crime are simply a compliance-led response to the regulator’s requirements. Such controls might enable a financial institution to be technically compliant, but do not actively address the threats posed by financial crime. And without proactive monitoring activity and effective screening of transactions and customers, and in the absence of collaboration to share financial crime intelligence within and between the private and public sectors, the current system appears to be inadequate.

The White Paper – The Changing Face of Financial Crime

The Emerging Payments Association’s (EPA) Project Financial Crime sets out to deliver community-driven solutions that address the problems posed by digital and financial criminal activity and positions the EPA and its members as leaders in tackling financial crime.

The EPA’s Project Financial Crime is publishing a White Paper called The Changing Face of Financial Crime. Authored by a leading consultancy, the report will highlight the findings of our research that will include:

  1. Desk research (informed by Thomson Reuters’ survey, ‘The Trust Cost of Financial Crime’)
  2. Qualitative depth interviews (comprising of individuals from across the payments ecosystem including subject matter experts, users, institutions and syndicate members)
  3. Half-day scenario planning workshops, in which vulnerabilities within the payments process are identified and different ‘what if’ scenarios are explored
  4. Quantitative research focussing on threat responses and the forthcoming changes to fraud reporting in the UK

These findings will then be synthesised into an authoritative and accessible whitepaper containing clear recommendations and proposed policy statements.

The key research questions, among others, will include:

  • Does the publicly reported data on financial crime accurately represent the true scale of the problem?
  • How are those behind financial crime changing, in type, quantity, professionalism and style?
  • How are institutions such as law enforcement and international financial monitoring coping with the changing face of financial criminals?
  • To what extent do the changing trends in financial crime represent a real and present danger to the financial services system
  • Has the impact of AML on where the money is held been seriously considered?
  • How can we more effectively share intelligence and data for financial crime?
  • How are the forthcoming changes to fraud reporting likely to impact on both reported and actual fraud levels?

The report will feature an EPA Financial Crime policy statement. It will also state the EPA’s and the wider financial services industry’s recommendations on how we can address the scaling problem.

Promoting the report

Our Syndicate Lead, Thomson Reuters Financial & Risk (to be Refinitiv from October 1st) will promote the report at the World Economic Forum Annual Meeting in Davos-Klosters in January 2019. The World Economic Forum brings together some 2,500 top business leaders, international political leaders, economists, celebrities and journalists for up to four days to discuss the most pressing issues facing the world.

We will also host a formal press launch in the UK – held at the EPA office in London Bridge – to bring together both the payments industry press and national media to discuss the findings of the report, featuring a presentation from the Syndicate lead. All syndicate sponsors will be invited to attend and be available for comments to best represent their brand. EPA Advisory Board members will also be encouraged to attend the press launch.

The EPA will also run a 3-hour Hot Topic Briefing on Financial Crime in January for its members to engage with this topic in light of the White Paper’s findings. At this event we will actively promote and distribute the report to all EPA members and will utilise the expertise and network of our external PR-agency, SkyParlour, to drive maximum press coverage of the report. The report will be promoted over the EPA’s social media channels, including Twitter and LinkedIn. Furthermore, all syndicate members, EPA Ambassadors and Advisory Board members will promote the report and its findings to their network.

Join the EPA Research Syndicate

As a member of the EPA Research Syndicate you will benefit from:

  • Shaping our approach
  • Contributing to the research at the interview stage
  • Enhancing awareness of your brand and company as a provider of knowledge and guidance on how the industry can proactively address the problems posed by financial criminal activity
  • Generating interest from those seeking services that can address these problems

There are three ways to join the syndicate.

1. Syndicate Leader 

The Syndicate Lead will receive Syndicate Member benefits (see below) plus:

  • A short (300-word) welcome/introduction on the Inside Front Cover opposite the Contents Page with a picture and the company logo and website address
  • Logo on Front Cover, larger than Syndicate Associates and Syndicate Member logos
  • Company name included in White Paper title, e.g. “The Changing Face of Financial Crime in association with [Company names]”

2. Syndicate Associate (up to four companies)

The Syndicate Associates will receive Syndicate Member benefits (see below) plus:

  • A short (100-word) introduction to one of the main sections in the report with the company’s logo and web address
  • Logo on Front Cover, alongside the other Syndicate Associate’s logo and larger than and above Syndicate Member logos

3. Syndicate Member (up to ten companies)

Syndicate Members will receive:

  • Research interview with our researchers to take on board your thoughts around key questions and areas to be covered in the report
  • Ability to submit comments on the White Paper for consideration before publication
  • Logo on Front Cover of report
  • Logo, 50-word company description and web address on page four of the report
  • Brand recognition in all press releases and PR on the report in mainstream press, Trade Press, and political groups
  • Brand recognition on all promotion via existing EPA communication channels, including EPA Insights newsletter, web site, LinkedIn and Twitter
  • Rights to share White Paper and use it in marketing activities

Costs  

Non-Members  EPA Members (20% discount)
Syndicate Lead: £9,400 £7,500
Syndicate Associate: £6,200 £4,950
Syndicate Member: £5,000 £3,950

Invoices for these costs are issued on commission, payable by return. Plus VAT.

Note: unless we secure commitment from 10 companies to join the Syndicate, we have the option to cancel the report and all outstanding invoices will be cancelled or funds already received will be credited against future invoices.

Why join the syndicate?

In joining this syndicate, you are associated with driving the change necessary for the payments industry to survive and adapt to a scaling problem.

As a syndicate Lead, Associate or Member your brand will be highlighted to regulatory and governmental bodies, your clients and prospects, as well as the payments and Fintech industry; you will be showcasing your current products and be positioned as offering products that can solve their needs in addressing financial crime.

Furthermore, your organisation’s expertise and insight will be positioned as industry-leading, ahead of your peers and competitors at an event that is the foremost creative force for engaging the world’s top leaders in collaborative activities to shape the global and industry agenda.

For more information please contact Peter Cocks at peter.cocks@emergingpayments.org

If you would like to circulate this information, please download the document via the banner below:

Syndicate lead