Banks locked in battle with 'innovative' financial criminals, HSBC executive says

11 September 2019 9:38pm
HSBC has spotted the opportunities afforded by new technology to tackle financial crime, but sophisticated criminals are pushing in the opposite direction, said Colin Bell, the bank's group chief compliance officer and group head of its financial crime risk division.

“We see innovation on the criminal side at a tremendous pace, and there is no question they are using technology against us, and they are doing it in a way that isn’t hampered or harnessed by privacy legislation, cross-border legislation and so on," he told an event in London. “It’s very sophisticated, very fast-moving and very innovative."