Financial Crime World

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Saint Pierre and Miquelon: Banking Regulations to Fight Financial Crime

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Regulators in Saint Pierre and Miquelon are taking a proactive approach to combat financial crime, including fraud and money laundering. According to a recent report by KPMG, the industry faces ongoing challenges in mitigating these risks, particularly as perpetrators become increasingly sophisticated.

Key Areas of Regulatory Focus

  • Anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks
  • Insider corruption
  • Cybercrime
  • Sanctions compliance
  • The growing use of digital assets, such as cryptocurrencies and non-fungible tokens (NFTs)

The report notes that regulators are expanding their attention to emerging risks, including the potential for financial crime on peer-to-peer payment platforms. Companies must implement robust risk management frameworks and ensure strong governance and oversight to protect vulnerable populations.

Expert Insights

“Companies must recognize that fraud and financial crime management is directly within the Governance factor of ESG,” said Fiachre O’Neill, Chief Risk & Compliance Officer at PayPal. “Regulators expect enhanced risk and compliance frameworks for effective oversight and governance in areas such as anti-bribery and corruption.”

“A strong culture of compliance is essential to preventing financial crime,” added Amy S. Matsuo, Principal at KPMG Regulatory Insights. “Companies must prioritize customer experience while also implementing robust risk management frameworks and ensuring strong governance and oversight.”

What You Can Do

  • Add analytics and automation to client onboarding
  • Eliminate antiquated technology
  • Establish a mature conduct risk program
  • Strengthen controls in regulatory focal areas (FinCEN priorities)

To stay informed about the latest developments in banking regulations and financial crime, download KPMG’s report “Ten Key Regulatory Challenges of 2023” at [insert link].