When it comes to fighting financial crime, strong partnerships between the public and private sectors are essential, American Bankers Association President and CEO Rob Nichols said today during the ABA/ABA Financial Crimes Enforcement Conference in Arlington, Virginia. Speaking to an audience of bankers, government officials and law enforcement, Nichols praised them for their work and outlined ABA initiatives to help the banking industry tackle the problem.
“No single bank — in fact, not even the entire banking sector as a whole — can effectively fight financial crime on its own,” Nichols said. “This pervasive problem is a burden that is shared by everyone, whether you are in the public or private sector.”
Nichols noted that ABA advocacy led to an Office of Foreign Assets Control proposal to its compliance release procedure for banks in cases where certain funds had been blocked by mistake, and that the association has been engaging with the Federal Communications Commission to end the text message scams targeting bank customers. He pointed to the launch of the ABA Fraud Contact Directory, which allows banks to connect with other institutions to resolve fraud claims effectively. He also pointed to ABA’s #BankNeverAskThat campaign to educate consumers about phishing scams, and the related #PracticeSafeChecks campaign to educate the public about check fraud.
“As you can see, ABA is taking a comprehensive approach toward helping banks fight fraud and financial crime,” Nichols said. “We’re engaging with private sector partners and policymakers to advocate for meaningful changes that will help banks in their work, not hinder them. We’re positioning ourselves as a linkage point for banks across the country, ensuring that they can quickly and easily share vital information they need to help stop crime in its tracks or recover funds for their customers if fraud has already occurred.
“We’re educating consumers across America on the steps they can take to protect themselves and stick it to the scammers,” he continued. “And we’re leading the way with premier training and certification opportunities to arm the next generation of fraud and financial crimes professionals with the skills and knowledge they need to stay one step ahead of the bad guys.”
