Financial Crime World

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Forensic Accounting Crackdown Continues in South Georgia and South Sandwich Islands

In a move aimed at curbing financial crimes, anti-money laundering (AML) and economic sanctions have become a top priority for enforcement authorities in South Georgia and South Sandwich Islands. As part of the region’s ongoing efforts to combat terrorist financing, drug trafficking, and other illicit activities, forensic accounting specialists are working closely with financial institutions to strengthen their compliance with Bank Secrecy Act (BSA)/AML laws.

A Proactive Approach is Essential for Financial Institutions

KPMG Forensic professionals, who have extensive experience in BSA/AML/OFAC review and enforcement, are playing a crucial role in this endeavor. The team, comprising former regulators, law enforcement officials, prosecutors, and compliance experts from leading financial institutions, is well-versed in the region’s complex regulatory landscape.

Key Services Offered by KPMG Forensic

  • Conducting current-state assessments of existing compliance frameworks
  • Identifying areas for improvement and validating models and technology platforms
  • Providing reactive services for significant breakdowns or regulatory action

Proactive Approach Benefits

Through this proactive approach, KPMG helps financial institutions ensure effective and efficient delivery across the organization, while minimizing the risk of regulatory non-compliance. By leveraging leading practices from peer organizations and staying up-to-date with evolving regulations and guidance, clients can maintain a robust financial crimes program that meets the needs of their business.

Reactive Services for Significant Breakdowns

However, not all organizations have the luxury of proactive planning. KPMG’s team is also well-equipped to handle significant breakdowns, whether self-identified or resulting from regulatory action. This includes performing transaction monitoring investigations and lookbacks, sanctions investigations, know-your-customer (KYC) file remediations, fraud reviews, and investigations in response to regulatory inquiry or mandates.

Conclusion

By providing both proactive and reactive services, KPMG Forensic is helping financial institutions in South Georgia and South Sandwich Islands navigate the complex landscape of AML and economic sanctions.