Financial crime prevention in 2025: lessons learned and priorities

2024 has been a year full of challenges in the fight against financial crime. The growing use of AI in criminal activities, the rise in romance scams and various types of fraud, and the introduction of new regulations are some of the significant issues that have defined this year.

As we conclude 2024, we reflect on the efforts made this year to combat financial crime and consider what companies should focus on in 2025. 

In this article, we asked five experts from Trapets two questions: 

1. What's one lesson we can learn from the events of financial crime prevention in 2024?  
2. What should companies prioritise in their fight against financial crime in 2025? 

Read their reflections below. 

What's one lesson we can learn from the events of financial crime prevention in 2024?

1. Financial crime prevention and societal challenges have become more interconnected 

During 2024, we've noticed a close link between the tedious and technical work in financial crime prevention and AML compliance and the challenges our society faces today. 

Some of these challenges include payment fraud that targets vulnerable elders and the welfare systems and gang violence in the streets and neighbourhoods. 

"A few examples to mention are TV documentaries like Uppdrag Granskning's episodes The Fraudsters (Bedragarna), the Hacker (Hackaren), The Cash (Cashen) and, last but not least, the revealing Danish documentary The Black Swan (Den sorte svane). The Danish documentary also showed that intermediaries helping criminals with money laundering, tax fraud, and invoice scams can be lawyers, accountants, auditors, real estate agents, and other professionals." Ulrika Ersman, Chief Legal Officer  

Additionally, we've also noticed the impact caused by professional money launderers (PML), which has been grossly underestimated. 

"They are not simple enablers of money laundering carried out by criminals. Instead, they should be seen as professional money launderers."  

PMLs offer money laundering services for a fee. The seriousness of such businesses is even highlighted in a report by the Financial Intelligence Unit that calls for increased scrutiny of potential PML actors: "Their services assist key players in organised crime, thus helping to finance the cycle of violence and other serious crime."

2. AI has become an essential tool in financial crime 

AI has been a topic of discussion in various fields, including financial crime, and it is not going to disappear any time soon. 

Although AI has helped detect and prevent financial crime, it has also helped criminals commit crimes. Techniques such as deepfakes allow criminals to execute scams and frauds on a grander scale and more successfully than ever before.   

"Financial institutions' current controls are no longer adequate against AI-driven threats. This issue must be addressed, and innovation in AI for good should be integrated into future anti-financial crime strategies to combat these challenges effectively." Joe Biddle, UK Markets Director  

 

3. Fraud keeps being a growing concern for financial institutions 

Fraud-related crimes are rapidly emerging as a major concern, with their occurrence rising at an alarming rate. 

Businesses and other financial institutions must take proactive measures and implement robust strategies to safeguard their assets and their clients' interests. 

"Fraud crime is a growing concern, and it's the crime category that is growing the fastest. Organisations need to do more in this space to protect themselves and their customers." Gabriella Bussien, CEO  

4. A holistic strategy is a must to prevent financial crime effectively  

Another key lesson we've noticed in the fight against financial crime in 2024 represents the importance of adopting a holistic strategy.  

"Effective prevention requires a combination of technological innovations, collaboration and knowledge sharing across the financial industry while maintaining regulatory compliance, and adaptation to new emerging threats." Per Friberg, Senior Financial Crime Surveillance Officer

Organisations must remain vigilant and agile, ready to adjust their strategies accordingly as new schemes and tactics constantly emerge.   

5.  Technology is not just a "nice-to-have", it's a "must-have" 

As a technology company, fighting financial crime through innovative solutions is at our core. 

One last trend we've noticed for 2024 is that technology is no longer an advantage; it's a must. 

"In 2024, the surge of AI and machine learning has underscored an essential truth: technology is no longer just an advantage—it's a necessity for meeting even the basic compliance requirements and effectively tackling financial crime." Sanja Gabler, Chief Revenue Officer  

What should companies prioritise when fighting financial crime in 2025? 

1. Continuously gather and share information 

A priority for 2025 is to gather and analyse information to understand and keep up with the criminals' evolving modus operandi, ranging from fraud to money laundering. 

"It will be necessary to understand how your products and services could be used for financial crime and how to identify risks and warning signs. Criminals constantly change their methods to stay ahead, and companies must keep up." Ulrika Ersman, Chief Legal Officer  

Moreover, it will be necessary to gather and assess the information and share it to stay ahead of criminals.  

"Sharing intelligence, insights, and information among companies, sectors, and public and private entities will enable efficient measures. There are legal limitations to sharing certain information, but that should not prevent sharing general insights and trends that can benefit everyone."  

2. Prioritise a dynamic risk model  

Another priority for financial institutions is to dynamically assess customer risk instead of relying on a static risk model. They should incorporate customer risk using transactional data alongside real-world behavioural analysis. 

Additionally, companies should collaborate more closely with their counterparts to share essential intelligence, support ongoing cases, and identify potential new threats.  

"It has always been a challenge to share intelligence due to concerns about data privacy. However, this issue is being alleviated through cooperation between the FATF and data privacy regulators to create greater alignment in regulatory frameworks. The ongoing "data fusion" project in The Financial Conduct Authority (FCA UK), along with seven major UK banks, is showing promising results in uncovering vital intelligence to support investigations; the hope is that this will set a precedent for greater data-sharing initiatives in the sector." Joe Biddle, UK Markets Director  

3. Remain open-minded to advancements in technology 

As we noticed in 2024, technology is essential in financial crime prevention. In 2025, technology will only keep growing. Gabriella Bussien summarises this priority into four parts: 

"Keep educating and creating awareness in your organisation, and ensure it's one of the top priorities from the board level and throughout the entire organisation. 

Never stand still - invest in tech that can automate and digitalise your monitoring and surveillance and ensure it works proactively with your configurations and set-up. 

Expand the data points used and ensure good data quality from external sources and the information available within your organisation. 

Payments are evolving quickly. It will look different in two years; the expectations around instant payments, ease of cross-border money movements, and digital wallets fuel this. These complexities mean planning and adaption are needed in managing risk and setting up the proper controls and systems." Gabriella Bussien, CEO 

4. Keep an eye on the upcoming regulations 

Looking ahead to 2025, companies need to prioritise several critical areas in their fight against financial crime.

First and foremost, it's important to invest in advanced surveillance technologies.

"Market complexity increases - with AI-driven trading and cross-market activities, robust surveillance systems are essential for monitoring transactions and identifying suspicious behaviour." Per Friberg, Senior Financial Crime Surveillance Officer

Additionally, prepare for the expansion of emerging markets and the introduction of new asset classes, particularly crypto assets. With these developments come legal requirements that necessitate effective market and trade surveillance across a broader spectrum of financial instruments.

"The Markets in Crypto-Assets Regulation (MiCA) is one such example that companies need to focus on in the upcoming year. Different parts of the regulation will come into force at various times. The transition period for the MiCA regulation will continue until July 1, 2026. After this date, all crypto asset service providers (CASPs) within the EU must comply with these regulations. It's important to stay informed about the latest updates and to "take advantage" of the transition period by ensuring early compliance with the regulations."  

5. Invest in your team and provide them with the right tools 

In 2025, organisations need to double down on their commitment to fighting financial crime. 

We're seeing a growing emphasis across all levels of the business, with efforts expanding up the value chain and involving a broader range of internal stakeholders. 

"To keep pace, companies must prioritise investing in their teams - building and training specialists who are critical to navigating complex regulations and defining the technology needed to support compliance efforts. These dedicated professionals are the true heroes in this fight.By empowering your team with the right tools and knowledge, we can create a stronger, more resilient defence against financial crime. " Sanja Gabler, Chief Revenue Officer