Financial crime in funds transfer systems

Jul 2016

Actions to counter an emerging international threat

The past decade has clearly shown the need for firms to minimize the business impact of cybercrime by integrating cybersecurity into broader enterprise-wide risk management efforts. The recent attacks targeting funds transfers carried over the SWIFT Alliance Access interface with the SWIFT network similarly demonstrate that banks must integrate their cybercrime strategy, processes and controls into their broader financial crime strategy, processes and controls, as part of the firm’s risk management and governance framework.