In this insightful discussion, Sverker Tornhagen, Head of Financial Crime Prevention at Finshark, delves into the complexities and nuances of combating financial crime in the banking sector. With two decades of experience, Tornhagen brings a deep understanding of the historical and technological evolution in the field, particularly in the context of open banking.

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What we discuss:

  • Sverker’ background and entry into financial crime prevention.
  • Changes in the FCP landscape over the past 20 years.
  • How digitalization has shifted the methods of money laundering.
  • The impact of technology on enhancing financial security measures.
  • How open banking can revolutionize the approach to financial crime prevention.

Professional journey and personal motivation.

Entering Financial Crime Prevention Tornhagen shares his accidental yet fateful entry into the world of Anti-Money Laundering (AML) at Swedbank in Copenhagen, marking the start of a lifelong career in financial crime prevention that spans over two decades.

From manual processes to advanced technology.

 Reflecting on the early days of his career, Tornhagen discusses the initial lack of structured AML processes and how the discipline has evolved into a sophisticated field powered by advanced technology and significant personnel resources in major financial institutions.

Digital transformation in the financial crime landscape.

The conversation turns to how digital commerce has transformed the arena in which money laundering operates, moving away from traditional methods to more complex, technology-driven schemes.

Innovations driving change.

Tornhagen emphasizes the dual-edged nature of technological advancements: while criminals have become more sophisticated, the tools to combat financial crime have also improved, highlighting the critical role of data and holistic approaches in effective prevention strategies.

Open banking’s role in enhancing security.

A significant focus of the discussion is on how open banking can be leveraged to improve financial crime prevention. Tornhagen points out that open banking offers a new dimension of infrastructure that allows for a comprehensive view of a client’s financial activities across various institutions, enhancing the ability to detect and respond to suspicious activities effectively.

Data sharing and industry collaboration.

One of the major hurdles in financial crime prevention that Tornhagen identifies is the insufficient sharing of data between entities. He advocates for enhanced collaboration within the industry and with public authorities to strengthen the ecosystem against financial crimes.

Conclusion: The road ahead in Financial Crime Prevention.

Sverker Tornhagen wraps up the discussion with a strong endorsement of open banking as a transformative tool in the fight against financial crime. He calls for a proactive approach, utilizing verified data and innovative technologies to build more robust defenses, ensuring the integrity of financial systems on a global scale.

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