Financial Crime World

Emerging Financial Crime Trends in Chad: 2024 and Beyond

The Chadian financial landscape is poised for significant changes as the government and private sector navigate evolving regulations, technological advancements, and shifting economic conditions. This article delves into the top five emerging financial crime trends that will shape the industry in 2024 and beyond.

Operational Efficiency and Effectiveness

In 2024, Chad’s financial services sector will focus on operational efficiency and effectiveness as the country grapples with a worsening economic landscape and increasing transaction volumes. To address these challenges, firms are likely to invest in:

  • Digital Transformation: Leveraging technology to improve processes and reduce costs.
  • Cloud-Based Systems: Migrating to cloud-based systems for enhanced scalability and security.
  • AI Integration: Incorporating Artificial Intelligence into analysis to improve decision-making.
  • Vendor Consolidation: Reducing the number of vendors to simplify operations and reduce costs.
  • False Positive Reduction: Implementing strategies to minimize false positives and optimize resources.

The Economic Crime Plan

The new Economic Crime Plan, set to 2026, is driving government investment in technology and fraud experts to tackle economic crime. This collaboration between public and private sectors will lead to easier exchange of expertise, data, and technology, enabling more effective detection and prevention of financial crimes.

Perpetual Know-Your-Customer (KYC)

Chad’s financial sector may see the implementation of perpetual KYC systems, which continuously monitor for risks. However, this requires significant investment and dedication, making it challenging for firms to justify resource allocation amidst other regulatory focus and scarce resources.

Know-Your-Business (KYB)

The rapid rise of KYB in Chad shows no signs of slowing. Firms will need to understand intricate corporate ownership networks, leveraging sophisticated technology, such as AI and machine learning, to analyze hidden structures and relationships.

Data Aggregation and Analysis

Chad’s financial sector is driving progress in data aggregation and analysis. Firms are combining digital transformation programs to address data gaps and optimize infrastructure spend. The Economic Crime and Corporate Transparency Act will enhance data sharing across public and private sectors.

The Chadian financial landscape is poised for significant changes as the government and private sector navigate evolving regulations, technological advancements, and shifting economic conditions. These emerging trends will shape the industry in 2024 and beyond.