BBVA Sets Up A Financial Crime Prevention Unit

BBVA has set up a financial crime prevention division, becoming the first bank in Spain to launch such an offering. The bank said that the goal behind creating the unit was to develop a comprehensive solution model that addresses the threat of financial crimes for its customers.

BBVA sets up a financial crime prevention unit

The new unit will allow the bank to focus its efforts on protecting these customers. It will also guarantee that financial institutions are not used for unlawful purposes. According to the head of the Financial Crime Prevention division, Natalia Ortega, there was a need to integrate functions to prevent fraud.

Ortega said that there was a wide range of financial crimes being conducted. These crimes ranged from theft to fraud, where customers were targeted. In some cases, these crimes are done by organized crime divisions, with the potential to cause massive damage.

“This highlights the need to integrate functions that go beyond what has traditionally been defined as fraud prevention as we broaden our capabilities to detect any unlawful activity that takes place within the bank,” Ortega said.

The executive also noted that data and technology would play a role in this new division. It will expand the knowledge that the institution has about its customers to support the delivery of different responses to any unlawful activity that might be conducted. Data will be one of the key drivers of success.

Ortega also said that BBVA had chosen to use a single and vertically responsible platform that will allow the institution to work with a preventative operating model that depends in data analytics and technology. This platform is focused on protecting customers.

The new financial crime division by BBVA is made up of around 800 individuals working at the company. BBVA has also set aside two hubs across Mexico and Spain. It plans to roll out similar hubs in the other countries where it operates in the coming months.

Financial crime continues to wreak havoc

Financial crime has become increasingly popular, and it is now evolving. The move has led to BBVA fighting financial crimes in the best manner possible while also preventing it. The head of this financial crime prevention division noted that there were different dynamics and a mechanism used to detect fraud and money laundering, raising the level of risk.

BBVA is among the financial institutions that have embraced the fight against financial crimes. The company said that last year, it managed to prevent 75% of fraud attempts against its customers by using advanced models and new prevention tools. The head further said that the company had installed defense measures to train and raise awareness among employees and investors.

By creating the new Financial Crime Prevention division, BBCA will focus on protecting its customers, the bank, and society. The new unit will operate as a risk mitigation strategy that will guarantee that fraud cases targeting customers at the bank are minimized.