From Nasdaq Verafin 2024 Global Financial Crime Report
"The Global Scale of Financial Crime
In 2023, an estimated $3.1T in illicit funds flowed through the global financial system. Money laundering accounted for trillions of dollars in funding a range of destructive crimes, including an estimated $346.7B in human trafficking, $782.9B in drug trafficking activity, and $11.5B in terrorist financing.
In 2023, fraud scams and bank fraud schemes totaled $485.6B in projected losses globally.
Top Threats
Our research shows anti-financial crime professionals prioritized the threat of fraud on real-time/faster payment systems and complex typologies, such as money mule activity, drug trafficking, terrorist financing, and human trafficking as top concerns.
Current Challenges
The pace of innovation driving new threats and the growing complexity of financial crime and global regulatory frameworks are creating an increasingly challenging environment for financial institutions.
Opportunities and Potential Solutions
Innovating with Technology
In the face of these challenges, most respondents trust in technology, such as new solutions, artificial intelligence, data, and analytics to improve their financial crime prevention efforts."
WE SPEND HUNDREDS OF BILLIONS OF DOLLARS JUST TO BE HERE!
Financial Institutions: Financial institutions worldwide spend billions on anti-money laundering (AML) and counter-terrorism financing (CTF) compliance. According to Celent, global spending on AML technology and operations by financial institutions was estimated to reach US$58.0 billion in 2023.
According to a PwC report, global cybersecurity spending was expected to reach US$266 billion in 2023. A significant portion of this spending would have been by financial services and technology companies.
In this race of attackers and defenders, AI will be used by both sides, and we do not know who will prevail.
The idea of TRIO is to create an ecosystem of Buyers and Sellers that is free from Theft, Fraud, and Money Laundering by design. Sellers may sell anything from Shoes to Tokenised Real-World Assets (RWA), and Buyers may be Consumers or Businesses. This ecosystem uses the Public Ethereum Network for Payments and Centralized Security for Theft, Fraud, and Money Laundering Prevention.
For more information: https://id-bound.com
Get On-Board TRIO now,
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