Shutterstock / TippaPattAs no single firm has a holistic view of their activities, information sharing is therefore crucial to identifying suspicious activity that may otherwise go undetected. Effective information sharing requires clear processes, identified points of contact and secure communication channelsElsewhere, operational challenges are also holding back progress. For example, effective information sharing requires clear processes, identified points of contact and secure communication channels. When used as intended, information sharing can materially strengthen financial crime controls, with firms gaining richer intelligence and greater visibility of risk. The value of information sharing increases exponentially as more firms participate, building a more connected, intelligence-led approach to financial crime prevention.