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Deloitte hosts inaugural Financial Crime Symposium in Riyadh, KSA

Riyadh, Kingdom of Saudi Arabia, 3 October 2023 – Deloitte hosted its first Financial Crime Symposium in Riyadh, KSA, bringing together key stakeholders and representatives from across different sectors within the Anti-Financial Crime ecosystem.

This symposium served as a platform for industry experts to actively participate in panel discussions, where they explored the most recent regulatory changes and emerging trends shaping the financial crime landscape. These discussions included topics such as the strategies and regional challenges related to Anti-Money Laundering, Countering the Financing of Terrorism (AML/CFT) and fraud, the adaptation of AML/CFT and fraud practices to suit the digital economy, and the advancement of innovation through technology.

"As highlighted during our Financial Crime Symposium in Riyadh, the pursuit of financial crime compliance is not merely a legal obligation; it is a moral and strategic imperative. We need to embrace technology, stay vigilant to the ever-changing risks in the region, and develop innovative solutions to address them, all while managing the risks of the digital economy. Together, we can ensure a prosperous, secure, and compliant financial landscape that will not only serve the interests of Saudi Arabia but also contribute positively to the global economy," said Muzzi Ebrahim, Partner and Leader of Financial Crime and Data Analytics at Deloitte Middle East.

The symposium brought to the forefront the critical role of technology in addressing AML/CFT and Fraud typologies. Regulatory mandates now require the implementation of monitoring systems to detect financial crimes. Successfully deploying these systems involves a customized approach that takes into account the organization’s unique characteristics and risk factors. With SAMA actively promoting open banking initiatives throughout the Kingdom, a wealth of data points becomes accessible, allowing for the creation of robust customer risk profiles. The symposium discussions highlighted the importance of such profiles in identifying instances of financial crime.

Rana Shashaa, Partner and Forensic Leader at Deloitte Middle East commented, "In a rapidly evolving regulatory and innovative environment, the Financial Crime Symposium shed light on how leveraging technology, analytics and collaboration optimize detection, prevention, and monitoring processes. This approach not only provides a transparent and efficient platform, but also contributes to supporting the Kingdom’s undeniable growth and emerging position as a global leading economy."

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Bassel Barakat
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About Deloitte & Touche (M.E.) LLP:

Deloitte & Touche (M.E.) LLP (“DME”) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”).

DME is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate. DME provides audit and assurance, consulting, financial advisory, risk advisory and tax, services through 29 offices in 15 countries with more than 5,900 partners, directors and staff. 

About Deloitte:

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more.

Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 people worldwide make an impact that matters at www.deloitte.com. 

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