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Financial Crime and Compliance Landscape in Peru Set for Significant Shifts in 2024

Lima, PERU - As the global economy continues to evolve at an unprecedented pace, the financial crime compliance landscape in Peru is bracing itself for a series of significant changes in 2024. According to industry experts, a complex interplay of factors will shape the way businesses navigate the increasingly intricate world of financial crime and compliance.

Rising Compliance Costs: A Delicate Balance

Among the key trends expected to have a major impact on Peruvian companies are rising compliance costs, which will force organizations to strike a delicate balance between meeting regulatory requirements and satisfying customer expectations. The challenge is further complicated by the need to harness the power of big data and emerging technologies, such as artificial intelligence (AI), to stay ahead of financial crime threats.

Big Data and Emerging Technologies: Companies must invest in advanced data analysis and visualization tools to identify patterns and anomalies that may indicate illicit activity.
Artificial Intelligence (AI): AI can help businesses detect and prevent financial crimes by analyzing vast amounts of data and identifying high-risk transactions.
Compliance Costs: Rising compliance costs will force companies to prioritize their spending, focusing on the most critical areas of risk.

Uncovering Ultimate Beneficial Owners: A Major Concern

The mystery surrounding ultimate beneficial owners (UBOs) will also remain a major concern for compliance professionals in Peru, who will be under pressure to uncover the identities of individuals behind complex corporate structures. This trend highlights the need for businesses to have robust due diligence processes in place.

Due Diligence: Companies must conduct thorough due diligence on their customers and suppliers to identify potential risks and ensure that they are not facilitating financial crimes.
UBO Identification: Compliance professionals will need to use advanced data analysis tools to uncover the identities of UBOs behind complex corporate structures.

International Trade and Sanctions: A Significant Risk

Meanwhile, international trade and sanctions will continue to pose significant risks, with companies requiring sophisticated real-time monitoring systems to navigate these treacherous waters. This trend highlights the need for businesses to have robust compliance programs in place.

Real-Time Monitoring: Companies must invest in advanced real-time monitoring systems to detect and prevent high-risk transactions.
Compliance Programs: Businesses must establish robust compliance programs that prioritize risk management and mitigation.

Data and Analytics: A Strategic Asset

Another trend expected to gain traction in 2024 is the use of data and analytics as strategic assets for compliance purposes. As businesses seek to stay one step ahead of financial crime threats, they will be relying more heavily on advanced data analysis and visualization tools to identify patterns and anomalies that may indicate illicit activity.

Data Analysis: Companies must invest in advanced data analysis tools to identify high-risk transactions and detect potential financial crimes.
Visualization Tools: Businesses can use visualization tools to present complex data in a clear and actionable way, helping compliance professionals to identify trends and patterns.

Resurgence of Wildlife Trafficking

Experts also warn of a resurgence in wildlife trafficking, which had declined during the pandemic but is now expected to return to pre-pandemic levels. This trend highlights the need for Peruvian companies to remain vigilant against financial crime threats from all directions.

Wildlife Trafficking: Companies must be aware of the risks associated with wildlife trafficking and take steps to prevent and detect this type of illicit activity.
Compliance Programs: Businesses must establish robust compliance programs that prioritize risk management and mitigation.