The framework for fighting financial crime is not keeping pace with the continual flow of illicit funds, contributing to social ills and threatening financial stability and inclusion. Approaches remain a patchwork of fragmented, inefficient and ineffective efforts designed around compliance. By taking a holistic and integrated view of financial crime risk management, we help organisations become proactive rather than reactive in detecting financial crime activity.
Our anti-money laundering ("AML"), countering the financing of terrorism ("CFT") and sanctions compliance practice has been instrumental in helping to resolve a wide variety of money laundering, terrorist financing and economic sanctions-related matters for companies in South Africa, across the rest of Africa and globally. We help firms reduce their risks related to AML, CFT and Sanctions and improve its ability to meet regulatory expectations for sound risk based programs and controls. In the Deloitte Financial Crime Service Offering, we have a number of services that form part of this offering and would be keen to engage on any other matters or concerns.
Our approach to financial crime risk management is by developing innovative solutions that proactively solve our clients’ most complex problems. Our services and solutions are divided into four distinct themes in order to address the different requirements across the organisation. These themes ensure that the specific risks of the area are adequately addressed. The themes are as follows:
Next Generation Financial Crime – financial crime is a changing landscape, to be at the forefront of change in the market in order to outsmart the criminals, Deloitte is continually experimenting to develop solutions that challenge the art of the possible. Our Next Generation Financial Crime solutions aim to achieve a return on compliance spend and provide insight into data currently owned by the organisation in order to improve efficiency in the processes.
Transaction insights
the regulatory burden associated with financial crime has resulted in fines both locally and internationally. AML Compliance as the function who is often delegated the authority from the Board to manage the relevant risks, requires a view of the entire environment as well as ensuring that the frameworks designed, move from a regulatory “tickbox” exercise to an environment that manages risk.
Often regulatory frameworks of policies and processes are difficult to implement in a manner that supports the customer experience. By utilising the information obtained through the required regulatory processes, business can improve the customer experience and sales output, while remaining compliant. Our services around the end-to-end operational customer lifecycle aim to drive the implementation of policies and procedures by ensuring that they remain practical.
Our experienced resources are able to support our clients in the core competencies of AML, CFT and Sanctions operations. Utilising experienced staff to supplement and support existing capacity enables organisations to meet their regulatory obligations without the high investment cost in training a set of temporary resources.