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ARTICLE · 20 JUNE 2018

The Tide Is Turning: Using Technology Against Criminals

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On 22 May 2018, Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the FCA, delivered a speech on the use of technology to detect and counteract criminal activity...

United StatesFinance and Banking
Anna Gaudoin
Anna Gaudoin
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On 22 May 2018, Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the Financial Conduct Authority ("FCA"), delivered a speech on the use of technology to detect and counteract criminal activity in the financial services industry. Throughout the speech, she encouraged the adoption of such technologies, emphasising that the FCA will, above all, consider the efficacy and outcomes of new systems. While it is clear that new technologies could bring substantial benefits, there will likely be significant hurdles to overcome in their implementation.

There are two major reasons why using technology and improving automation in compliance and detection of crime would be beneficial, particularly to the financial services industry: to cut costs and to create more efficient and effective systems.

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