Back to blog

What is Financial Crime and How can Banks Better Protect Themselves?

< Back
Carla McMorris
April 1, 2021

Listen to Episode 4


Welcome back to the fourth episode of the new series Under The Hood from 11:FS and Synapse. In this series, we’re diving deep to uncover the banking infrastructure that is disrupting traditional banking models and shaking up the system to improve the financial lives of millions around the world.


The co-hosts, Simon Taylor, co-founder of 11:FS, and Sankaet Pathak, founder of Synapse are joined by Livia Benisty, Global Head of Business AML at Banking Circle, Robert Evans, Co-founder of FINTRAIL and Synapse’s own Sheetal Parikh, VP of Legal and Compliance.


In this fourth episode, the hosts and guests will focus on how banks can best protect themselves from financial crime. They begin with a close look at what is a financial crime and how do banks currently protect themselves today. The discussion continues with how much entrepreneurs of fintechs have to manage regulatory responsibilities and how that is changing with BaaS.

“It’s actually inherently in the regulator’s and the bank’s best interest to centralize governance (on these verticals) as much as possible.” 

- Sankaet Pathak


The group discusses how fintechs, banks, and third parties can better collaborate to solve financial crime, the invaluable role of transaction data in fighting crime, and how emerging technologies are pushing the entire ecosystem forward. 


They go on to talk about the industry beginning to focus on the effectiveness of regulations, not just rules compliance and the importance of this development, and they discuss the future of information sharing amongst the industry.

This is some text inside of a div block.