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Emerging Trends in Financial Crime in Mali
The 26th Annual International AML1 and Anti-Financial Crime Conference brought together industry experts to share best practices on managing and mitigating risks. The conference highlighted several emerging trends that can help organizations build strong institutional resilience in Mali.
The Importance of Innovation
One of the key takeaways from the conference was the increasing importance of innovation in the fight against financial crime. Compliance leaders are seeking ways to implement innovative solutions that can actually help in risk management activities, such as using digital technologies to detect and prevent money laundering.
Quotes on Innovation
“The key is the sharing of best practices and information across the AML and anti-financial-crime industry – including what innovation can do for the industry and how to get there in a practical way.”
— Olivia Conjeaud, Partner at McKinsey’s Risk & Resilience Practice
The Growing Presence of Digital Assets
Another trend that emerged was the growing presence of digital assets. Compliance officers are eager to understand the challenges and opportunities presented by digital assets, and how to manage them effectively.
Quotes on Digital Assets
“Compliance officers are looking for ways to navigate the complexities of digital assets.”
— Marilu Jimenez, Senior Advisor at McKinsey
The Importance of Collaboration
The conference also highlighted the importance of collaboration between regulators, law enforcement agencies, and financial institutions in addressing financial crime risks. Scott Werner, an associate partner at McKinsey, emphasized the need for “productive collaboration” among these parties to address the growing presence of digital currencies and other new risks.
Quotes on Collaboration
“We need productive collaboration among regulators, law enforcement agencies, and financial institutions.”
— Scott Werner, Associate Partner at McKinsey
The Need for Increased Innovation and Sophistication
In terms of the current state of the AML and financial-crime industry in Mali, experts noted that there is a need for increased innovation and sophistication. Many organizations are still relying on basic processes such as Know Your Customer (KYC) and alert reviews, which can be time-consuming and costly.
Quotes on Innovation and Sophistication
“The industry is in a difficult situation, with new technologies and an influx of digital currencies.”
— Peter Wild, Senior Advisor at McKinsey
Recommendations for Building Resilience
To build resilience, experts recommended that compliance organizations focus on innovation, embracing technology, and sharing best practices. They also stressed the importance of flexibility and strategic planning in addressing financial crime risks.
Key Takeaways
- Focus on innovation and technology
- Share best practices across industries
- Emphasize flexibility and strategic planning
- Stay abreast of emerging trends and adapt quickly to changing circumstances