Nasdaq Releases First Global Financial Crime Report, Measuring the Scale and Human Impact of Financial Crime
January 16 2024 - 5:00AM
Today, Nasdaq released its 2024 Global Financial Crime Report, a
comprehensive new research initiative that provides insights to
help quantify the problem of financial crime globally, elevate
emerging threats related to this illicit activity, and uncover
potential solutions towards a more integrated approach in the fight
against financial criminals. This report brings together expert
research and data, industry perspectives, and the voices of
survivors to provide a unique view into the scale and impact of
financial crime.
“Financial crime exploits the most vulnerable members of our
society and underpins many of the world’s most destructive crimes,”
said Adena Friedman, Nasdaq’s Chair and CEO. “The fight against
financial crime is a fundamental part of Nasdaq’s strategy as we
partner with our financial services clients to advance the
integrity of the global economy. With the data and insights from
our new report, we look forward to expanding the global dialogue
across the private and public sector, and to finding new ways to
tackle this enormous challenge together.”
The 2024 Global Financial Crime Report found that more than $3.1
trillion in illicit funds flowed through the global financial
system last year alone. This includes nearly $800 billion in drug
trafficking, nearly $350 billion in human trafficking, and more
than $11 billion in terrorist financing. The report also reveals
that losses from fraud scams and bank fraud schemes accounted for
nearly $500 billion globally in 2023. In addition to spotlighting
the staggering scale of financial crime, the report provides
insights from industry professionals about how to address the
problem better, underpinned by a common belief that technology will
have a major role to play in the years to come.
“Financial crime is a multi-trillion-dollar problem, but it has
been difficult to measure the full size and scale of it,” said
Brendan Brothers, Nasdaq’s Executive Vice President, Anti-Financial
Crime and co-founder of Verafin. “This report is an important step
towards understanding the scope of financial crime. By bringing
together the numbers, with the perspectives of financial
institutions and stories of human impact, we now have a deeply
insightful view into the full scope of the problem. Financial
institutions are on the front lines of preventing financial crime
and protecting customers from harm — but they cannot do it
alone. It is why we are at the forefront of bringing the entire
ecosystem together to pioneer new ways to address this issue.”
Verafin, a Nasdaq company, has been a partner to the financial
industry for decades and provides industry-leading cloud-based
solutions to support financial institutions as they prevent fraud
and uncover money laundering. Focused on delivering innovative
anti-financial crime technology, today 2,500 financial institutions
representing $6 trillion in assets use Verafin to fight crimes such
as human trafficking, elder financial exploitation, and terrorist
financing. Verafin’s artificial intelligence-driven solutions help
banks optimize for efficiency by automating compliance workflows
and manual processes. This technology improves the effectiveness of
anti-financial crime efforts with targeted analytics for specific
financial crime typologies all powered by its unique consortium
data set.
The 2024 Global Financial Crime Report was produced by Nasdaq
and Verafin in collaboration with Celent and Oliver Wyman and
includes a custom data model of global financial crime developed
from public and private sources, interviews with anti-financial
crime professionals, and the stories of four courageous survivors
of financial crime.
The full report can be found on
https://www.nasdaq.com/global-financial-crime-report.
About Nasdaq: Nasdaq (Nasdaq: NDAQ) is a
leading global technology company serving corporate clients,
investment managers, banks, brokers, and exchange operators as they
navigate and interact with the global capital markets and the
broader financial system. We aspire to deliver world-leading
platforms that improve the liquidity, transparency, and integrity
of the global economy. Our diverse offering of data, analytics,
software, exchange capabilities, and client-centric services
enables clients to optimize and execute their business vision with
confidence. To learn more about the company, technology solutions,
and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at
www.nasdaq.com.
About Verafin: Verafin, a
Nasdaq company, offers enterprise Financial Crime Management
solutions, providing a cloud-based, secure software platform for
Fraud Detection and Management, AML/CFT Compliance and Management,
High-Risk Customer Management, Sanctions Screening and Management,
and Information Sharing. More than 2,500 financial institutions use
Verafin to effectively fight financial crime and comply with
AML/CFT regulations. Leveraging our unique consortium approach,
Verafin significantly reduces false positive alerts, delivers
context-rich insights, and more effectively fights financial crime.
To learn how Verafin can help your institution fight fraud, money
laundering, and crimes such as terrorist financing, drug
trafficking, human trafficking and elder financial
exploitation, visit www.verafin.com or email
info@verafin.com.
Media Contacts:
David Lurie Head of External Relations,
NasdaqDavid.Lurie@nasdaq.com(914) 538-0533
Andrea King Corporate Communications, Verafin,
a Nasdaq companyAndrea.King@nasdaq.com (709) 325-2385
-NDAQG-
Nasdaq (NASDAQ:NDAQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Nasdaq (NASDAQ:NDAQ)
Historical Stock Chart
From Apr 2023 to Apr 2024