Close collaboration between banks and authorities is needed to defeat criminals and make the entire system safer, says chairman of the
The global nature of financial crime and the cunning behaviour of criminals require close collaboration within the financial sector and between the sector and authorities, says professor of Global Governance at
'Criminals are smart and some of them are very global, so we need to collaborate to be smarter, to be efficient and to be cost effective', says
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And it is important to make the entire system safer, adds
'Every bank as an individual institution needs to be safer but actually we need to make the system safer. One organisation could become strong and very good but [in itself] that would just move the problem somewhere else. So we need a whole sector approach', says
Every bank needs to be safer but we also need to make the system safer. One organisation could become strong and very good but that would just move the problem somewhere else. So we need a whole sector approach
Head of Financial Crime,
Nordic advantage
They both agree that the history and culture of collaboration in the Nordics will prove an advantage in working together towards a safer and stronger financial sector in the Nordics.
We might have been a bit naive in the Nordics but the anti money laundering failures at
'You have a major role to play, an important role, because of [the scale of] your competencies, your staff and your technology. And you need to share because you are the one who can do it and you will do it for the greater good', says
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