16 Aug 2018

Clayton Utz Fundamentals of Financial Crime 01: Introduction

The financial crime landscape is continuing to evolve and become more complex. In the Fundamentals of Financial Crime, we'll look at six key areas for financial crime, and how you can reduce the risk that it happens in the first place.


Related Knowledge

Get in Touch

Get in touch information is loading


Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.


Hello my name is Paul Fontanot and I am the National Practice Group Leader for our Forensic and Technology Services Team here at Clayton Utz.

It is my absolute pleasure to bring to you a series of the fundamentals of financial crime that will give you tips to watch out for and traps to avoid when considering financial crime.

Now financial crime continues to evolve, and it is certainly a complex area to consider, but most of the time we miss the basics, and the basics of financial crime are really about what is the need that humans have.  Humans can be greedy and humans are fallible.

So what we will do in this series is to arm you with some information that considers these risks that as forensic people we look at.

As a forensic person, we consider three elements when looking at financial crime.

The first element is about pressure and incentive that is given to the individual to commit those crimes.

The second element is rationalisation: why does the person actually do what they do?

The third element is about opportunity.  What opportunities in the systems and processes are people looking for to actually circumvent.  Now if you are not a forensic person, you wouldn't know where to start looking, you wouldn't know where to start detecting those elements within your organisation. This series pulls together six components and six areas that we look at, such as conflicts of interest, accounts payable, and payroll.

Now we will share with you throughout the series our war stories, what we have seen in the past number of years.  We will also share with you some red flags to watch out for, but more importantly, we will give you those tips to consider and how you can detect these areas before they occur in your business.

So throughout the series, you should be able to pick up those tips and apply them in your business to stop or mitigate the risks of those financial crimes occurring before they happen.  The other component of it is to help you build the culture within your organisation to stop this from occurring and not foster it, so please enjoy the series and I look forward to talking to you in the future.

Thank you.