Brand and reputation is critical to how organisations and Boards succeed or fail. How you manage financial crime is central to your organisation’s success and making the community and society a safer place for all of us.
Financial crime poses a significant risk to our communities and global economies. All profit-motivated crime requires some form of financial crime, including money laundering.
As our first line of defence, financial institutions as well as reporting entities need to be equipped to play a vital role in the prevention, detection and deterrence of criminal and illicit activity.
Take a proactive approach to financial crime
Embed preventative action against fraud and financial crime into your business processes. Find out how.
How financial crime services can help your business
Developing risk-based financial crime frameworks that are both cost effective and fit-for-purpose can be challenging for regulated businesses.
KPMG’s team of financial crime specialists can help.
Experienced in financial crime regulations, operations, data analytics, and technology, they use their local insights and global methodologies to address problems holistically.
They understand how financial crime risks are constantly evolving and therefore the need to apply cutting edge thinking, tools and technology to combat financial crime across the full range of reporting entities, across banking, asset management, superannuation and gaming.
To help your organisation enhance their financial crime capability and deliver effective and efficient strategies, KPMG can assist your organisation to:
- transform your financial crime function by optimising existing processes and systems, and adopting new technologies to detect and prevent financial crime
- identify, manage and mitigate risk associated with money laundering (ML), terrorism financing (TF), sanctions, fraud and scams
- comply with regulatory requirements across AML/CTF (Anti-Money Laundering/Counter-Terrorism Financing), and sanctions.
Our financial crime specialists have extensive knowledge and experience. We have worked across the market, both locally and globally, and bring practical insights to our work. We can help you to transform your financial crime risk management and compliance frameworks through the following services:
Know Your Customer (KYC)
Development, review and optimisation of KYC/CDD standards, processes and procedures including:
- ECDD
- digitisation of KYC at onboarding
- customer risk assessment models.
Regulatory Response
Support for entities in their response to regulatory action including:
- working with you on your regulatory response and engagement with AUSTRAC
- design and implementation of uplift programs
- remediation advisory.
Data & Technology Transformation
Review and transformation of financial crime system architecture through:
- technology blueprint design and implementation
- selection and implementation of vendor solutions.
ML/TF Risk Assessments
Development and review of:
- enterprise-wide risk assessments
- customer risk assessments
- product and channel risk assessments.
Transaction Monitoring & Screening
Enhancement, implementation, configuration, optimisation, testing and validation of TM frameworks, processes and analytical models.
Financial Crime Target Operating Models
Development and enhancement of target state operating models that include governance, technology, data, and process.
Financial Crime Process Optimisation
Optimisation of operations processes in financial crimes operations for better investigations and faster onboarding and reviews.
AML/CTF Programs
Design and development of AML/CTF policies, programs and procedures.
KPMG’s experienced financial crime specialists can assess the design and implementation of your financial crime compliance programs. Services include:
- enforcement and near enforcement reviews
- independent reviews of Part A and B of the AML/CTF program
- assessments of third party AML/CTF compliance, including acquisition targets, agents, correspondent banks and remittance service providers
- thematic reviews and root cause analysis of elements of financial crime frameworks
- quality assurance reviews of processes supporting compliance
- Section 162 external audits where required by AUSTRAC
- review of sanctions programs
- review of progress and completion of remediation activities
Financial institutions can engage KPMG to perform financial crime compliance functions on its behalf. Using established processes and technology, we can perform customer due diligence that includes:
- end-to-end customer due diligence processes for new customers
- remediation of existing customers
- periodic and event driven reviews as part of ongoing customer due diligence
- remediation of alert backlogs
