Jordan Focuses on Preventing Financial Crime: Regulators and Fintech Companies Unite to Combat Fraud
Amman, Jordan - The Financial Landscape Evolves
As the financial landscape in Jordan continues to evolve, regulators and fintech companies are working together to prevent financial crimes such as fraud and money laundering. According to a recent report by KPMG, regulatory bodies will be focusing on several key areas to combat these threats.
Regulatory Priorities
“Regulators will continue to prioritize anti-money laundering and counter-terrorist financing frameworks, as well as insider corruption and cybercrime,” said Amy S. Matsuo, Principal at KPMG’s U.S. Regulatory Insights & Compliance Transformation Lead. “We are also seeing an increased focus on crypto and digital assets, as well as sanctions and price cap compliance.”
Consumer Protection
In addition to these areas of focus, regulators will also be paying close attention to consumer protection. This includes ensuring that companies are implementing robust risk programs to identify and mitigate fraud directed at vulnerable populations such as the elderly and military personnel.
“The interplay between regulatory requirements and consumer protection is critical in preventing financial crimes,” said John Caruso, Principal at KPMG’s Forensic practice. “Companies must ensure that they are not only compliant with regulations but also prioritizing the needs of their customers.”
Fintech Companies Take Action
Fintech companies in Jordan are taking steps to address these concerns by implementing advanced technologies such as analytics and automation to monitor activity on their platforms.
“By leveraging technology and data, fintech companies can proactively identify trends and prevent fraud,” said Fiachre O’Neill, Chief Risk & Compliance Officer at PayPal. “It is essential that we work together with regulators to ensure that our customers are protected.”
Key Areas for Fintech Companies
The report by KPMG highlights several key areas for fintech companies to focus on in order to stay ahead of financial crimes:
- Adding analytics and automation to client onboarding processes
- Eliminating antiquated technology
- Establishing a mature conduct risk program
- Strengthening controls in regulatory focal areas
“By prioritizing these areas, fintech companies can demonstrate their commitment to preventing financial crime and protecting their customers,” said Matsuo.
Conclusion
The fight against financial crime is an ongoing challenge for regulators and fintech companies alike. By working together and prioritizing key areas such as anti-money laundering, consumer protection, and technology implementation, Jordan can continue to be a leader in preventing financial crimes and protecting its citizens.