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The banking industry and crime

Less than 1% of financial crime through the banking system is identified. The remainder creates waste for banks, destroys trust and negatively impacts society. This paper looks at the evolution of the relationship between banking and crime, including the history, the present and the potential future of the banking industry and crime.

For the purposes of this paper, the “banking industry” incorporates retail banking, investment banking, merchant banking, correspondent banking, extending to all products and services provided by these businesses. “Crime” is limited to fiscal and acquisitive crime.