Financial Crime World

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SAINT PIERRE AND MIQUELON: Banking Regulations Take Center Stage in Fight Against Financial Crime

As financial institutions in Saint Pierre and Miquelon face an onslaught of emerging threats, regulatory authorities are urging adoption of innovative technologies to stay ahead of fraudsters. In this rapidly evolving landscape, the preponderance of threat risks - including cybersecurity, ransomware, cryptocurrency, and identity theft - are technology-driven.

FIGHTING FINANCIAL CRIME IN SAINT PIERRE AND MIQUELON

Financial institutions in Saint Pierre and Miquelon are urged to incorporate Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) priorities into their risk-based compliance programs, focusing on:

  • Corruption
  • Cybercrime
  • Terrorist financing
  • Fraud
  • Transnational criminal organization activity
  • Drug trafficking
  • Human trafficking
  • Proliferation financing

Regulators are also turning attention to emerging areas such as:

  • Ransomware demands via virtual currency
  • Forthcoming regulations covering beneficial ownership information reporting
  • Suspicious activity reporting for environmental crimes
  • ESG-factors like human rights and workplace safety across third-party vendors

REGULATORY EXPERTS WEIGH IN

Amy S. Matsuo, Principal at KPMG LLP

  • “A culture of compliance in financial institutions is crucial. Clearly conveyed behavioral expectations, consistently enforced consequences for violations, and ongoing communications covering evolving threats are essential.”

Edwige Sacco, Principal at KPMG US

  • “Regulatory expectations regarding technical tools may be influenced by FinCEN’s expanded technology resources and focus on innovation, including machine learning and enhanced data analytics brought about by the AMLA.”

Todd Semanco, Partner at KPMG US

  • “Financial institutions must consider risks associated with their products, services, customers, and geographic operations in light of evolving regulatory priorities.”

Matthew P. Miller, Principal at KPMG US

  • “Customized training by access level, systems privilege rights, and job responsibilities is critical to identifying anomalous insider behavior. Training and awareness programs for all personnel are essential.”

STAY AHEAD OF THE CURVE

To stay ahead of emerging threats and regulatory expectations, financial institutions in Saint Pierre and Miquelon are advised to:

  • Invest in compliance and risk management infrastructure
  • Minimize the risk of non-compliance
  • Maintain trust with regulators and stakeholders

For more information on regulatory developments and insights from KPMG Regulatory Insights, please visit our website or sign up for our newsletter below:

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