Banks have vital role in fighting financial crime

FINANCIAL crime has in the past had connotations of being "low impact", but this belies the devastating effect it has on people and societies.

It threatens livelihoods, ruins companies and bankrupts individuals. The United Nations Office for Drugs and Crime estimates that between US$800 billion and US$2 trillion is laundered globally each year, representing between two and five per cent of the world's gross domestic product.

But apart from the criminal impacts, there are other societal impacts that might be closer to home. According to the LexisNexis True Cost of Fraud study, every dollar of fraud costs merchants (and ultimately you, the consumer) US$2.40.