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Nicola Magennis
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I recently attended the Financial Crime Summit London 2025, hosted by 1LoD. It brought together senior regulators, financial institutions and industry experts to tackle the most pressing challenges in financial crime risk management.
The day opened with a keynote from Steve Smart, Co-Executive Director of Enforcement and Market Oversight at the FCA. He compared the fight against financial crime to a football match – it’s about tactics, strategy and teamwork across firms, industries and borders. His message was clear, firms must move beyond passive compliance and take a leading role in shaping the response.
Across the sessions and roundtables I joined, there was a real sense of opportunity as the industry rethinks its approach to collaboration, technology, and cultural ownership of financial crime risk.
A recurring theme was that no institution can tackle financial crime alone. Public-private partnerships, cross-institution collaboration, and enhanced data sharing – both within and across organisations – are essential. The Economic Crime and Corporate Transparency Act (ECCTA) was highlighted as enabling broader collaboration and new standards of data exchange, though real success will depend on uptake and trust.
Effective financial crime prevention requires timely data sharing, joint initiatives, and a unified response to threats such as sanctions evasion, fraud, and money laundering. Initiatives like Corporate Digital Identity are leading the way, but trust, ownership, and clear outcomes are key enablers.
AI, advanced analytics, and automation were consistently flagged as essential tools to scale detection and reduce manual effort. Technology isn’t optional anymore, it’s critical to keeping pace with evolving risks.
It was clear from the conversations that firms are increasing their financial crime budgets. This isn’t just about regulatory pressure; leaders recognise that strong controls protect reputation and resilience as much as they prevent penalties.
The summit reinforced that effective financial crime programmes go well beyond compliance. Regulators are intensifying enforcement, placing greater accountability on governance, culture and controls. Success requires proactive leadership, deeper collaboration, strategic technology adoption, and embedding ownership of financial crime in the first line. A culture of shared responsibility, strong governance, and continuous adaptation are key to staying ahead.
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