Nasdaq CEO Adena Friedman has proposed a National Fraud Strategy to combat financial crime. The initiative aims to coordinate efforts between banks, technology firms, telecom providers, and law enforcement agencies to counter scams powered by artificial intelligence.
The framework focuses on three main pillars: responsible information sharing, the adoption of common best practices, and the establishment of legal safe harbors. These protections would allow organizations to collaborate and exchange data on suspected criminal activity without facing liability concerns.
Friedman also advocates for joint Suspicious Activity Reports (SARs). This approach would enable multiple institutions to flag the same fraudulent schemes together, rather than filing reports independently. The plan is designed to operate within existing anti-money laundering structures without requiring new regulators or mandates.
The scale of financial crime remains significant, with an estimated $4.4 trillion in illicit funds laundered globally in 2025. Fraud losses reached $579 billion, and nine out of ten anti-financial crime professionals report an increase in AI-driven attacks.
Nasdaq has previously invested in compliance technology, acquiring Verafin in 2021 for $2.75 billion and Adenza in 2023 for $10.5 billion. These acquisitions position the company as a key player in the market for tools that detect fraud and money laundering.
