In today’s rapidly evolving regulatory landscape, you face increasing challenges in combating financial crimes, such as fraud, money laundering, and terrorism financing. Your Financial Intelligence Unit (FIUs) could face backlogs due to poorly calibrated scenarios, inadequate investigation resources, and issues with customer risk rating models.
The repercussions of these challenges can severely impact your organization’s reputation and operational efficiency and undermine customer trust.
We understand
We understand the complexities of financial crime risks and the pressing need for effective solutions. Our customer-centric approach can help you deal with intricate and demanding financial crimes regulatory requirements including:
- Addressing know-your-client (KYC) remediation
- Reducing alert backlogs
- Preparing regulatory reporting, such as suspicious transaction reporting, and demarketing
We can help provide significant and fruitful support across your financial crimes efforts, thanks to our deep knowledge and extensive experience in various industries. Our teams include some of the leading talent in the market, who can help you:
- Completely or partially outsource your financial crime management activities including operations, IT, machine learning, AI and data analytics, and receipt of cloud data.
- Benefit from our industry-leading practices when managing your Anti-Money Laundering (AML) investigations, KYC processes, sanctions, and politically exposed persons (PEP) screening, backlog remediations, and forensic technology and analytics.
- Leverage our technology alliances with some of the leading vendors of financial crimes surveillance and reporting systems.
- Find the right balance between onshore and offshore resources by working closely with our delivery centres, when offshoring options are available and suitable, while ensuring you adhere to Canadian data and information protocols.
- Gain flexibility and cost efficiencies through our use-based and volume-based billing models.
How we can help
- Anti-money laundering and anti-terrorist financing: Compliance with PCML-+TFA/R, BSA/AML, and european union directives.
- Anti-bribery and anti-corruption: Adherence to CFPOA and FCPA regulations.
- Economic sanctions: Guidance on global affairs, UNA, SEMA, JVCFOA, and OFAC compliance.
- Fraud prevention: Strategies to combat both internal and external fraud.
- Anti-tax evasion: Compliance with CRS/FATCA and insights from the Panama papers.
Unique offerings, tailored to your needs
- Financial crime advisory services: Guidance to navigate the complexities of financial crime regulations.
- Design, implementation, and assessment of compliance programs: Customized programs to help ensure you adhere to regulatory requirements.
- Governance and strategic planning: Align your compliance strategy with your business objectives.
- Training: Empower your team with the knowledge to combat financial crimes effectively.
- Risk identification and assessment: Proactively identify potential risks to your organization.
- Resource adequacy and assessment: Evaluate your current resources to ensure they meet compliance demands.
- Gap analysis with regulatory requirements and best practices: Identify areas for improvement in your compliance framework.
- Fraud program strategy enablement: Develop robust strategies to prevent and respond to fraud.
- Fraud technology and analytics: Leverage technology to enhance fraud detection and prevention.
- Effectiveness program review: Assess how effective your current compliance programs are.
Client experiences
Our team has experience helping organizations across Canada and globally. Here are some examples of how we've helped our clients manage risk.
Case study: Demarketing high risk clients
KPMG helped an organization demarket its high-risk clients by writing detailed reports based on the organization’s risk-based approach and overseeing their backlog.
Our team’s experience and leadership allowed for in-depth discussions and analysis, and constant and comprehensive guidance, so the organization could be consistently compliant with industry best practices and the regulator’s expectations. Our team was able to reduce their backlog, while their teams could focus on their “day-to-day” operations.
Case study: Backlog remediation
A major financial institution faced a backlog of 1000+ high-risk client filings and sought to resolve it without disrupting its teams’ daily business activities.
We got to know the organization’s internal tools, helped alleviate the backlog by analyzing each case in-depth including conducting quality assurance tests to substantiate the quality, and prepared the documentation for filing Suspicious Transaction Reports.
Take action today
Don’t let financial crimes jeopardize your organization’s future. Team up with KPMG to strengthen your defenses and ensure you’re complying with evolving regulations.
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