Any regulated entity in the financial space is expected to use technology to improve their financial crime detection rates. Regulators require investment in this field to demonstrate full adherence with their AFC regulations, whilst from an operational perspective, the use of technology can provides an opportunity to automate tasks, provide more certain outcomes and help ensure human activity is focused on the area it can make the greatest difference.

However, for many, onboarding third-party technology can be a lengthy and expensive exercise, and for fintechs and other start-ups, there may be the complication of unique requirements which need bespoke technology to limit their financial crime risks – meaning a self-built tool can be a preferred option. At the other end of the scale, many major financial institutions have their own innovation groups, thus providing access to talented coders and technology creators – also opening up the opportunity to create tools which are specifically targeted towards and unique use case.

This session will consider the relative value of using internal expertise to create anti-financial crime technology specific to your business vs. working with an external solution provider. What are the ideal conditions to create your own technology and what challenges/risks does this bring to your organisation?