The Brexit vote is clearly going to have far-reaching impact on the UK and Europe as a whole, across all sectors, including the financial sector.
Before the referendum vote, there were widespread concerns amongst fraud experts, risk officers and cybersecurity professionals that a decision to leave the EU could cause an increased risk of employee fraud and the opportunity for financial crime. Concerns were mainly related to worries about the lack of cooperation between the EU and UK, increase in internal fraud and economic crime from non-EU countries and the potential widening of the cybersecurity skills gap because of restrictions on EU immigration.
With Article 50 triggered in March 2017, we’ll take a quick look at the impact of Brexit on financial fraud in the EU and examine certain key points which Chief Risk Officers in financial institutions must be aware of.
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