Get the manual stuff out of the way
Anti-money laundering (AML), one of the biggest areas in combating financial crime, is often a manual processes at many companies, and almost always an inefficient processes at that. At modern fintech companies, it not uncommon that this aspect of their business is an afterthought.
The norm has been to try and get AML compliance work done and over with in the most short-sighted way possible: doing it manually by hiring more people.
But this has lead to compliance remaining a slow and time-consuming process with little innovation. AML compliance departments are swamped, keeping up with the increasing volumes and complexity of AML investigations and screenings, which I believe stops companies from effectively combating financial crime.
Without creativity, addressing financial crime will always be a game of catch up.