Grenada Sets Sights on Financial Crime Prevention with New Directions
A Renewed Focus on Operational Efficiency and Effectiveness
As Grenada navigates the complexities of financial crime, a new era of prevention is emerging. The country’s economy faces significant challenges, making effective financial crime prevention more pressing than ever.
Investing in False Positive Reduction and Digital Transformation
In 2024, experts expect a renewed focus on operational efficiency and effectiveness in the fight against financial crime. This includes:
- Investing in false positive reduction: to minimize unnecessary alerts and improve overall compliance
- Digital transformation: leveraging technology such as cloud-based solutions and artificial intelligence (AI) to enhance analysis and vendor consolidation
Risk Orchestration Technologies: Reducing Waste and Improving Compliance
Risk orchestration technologies are expected to play a key role in reducing waste and improving overall compliance. By integrating these technologies, Grenada can:
- Improve data quality: by streamlining data collection and analysis
- Enhance risk assessment: by leveraging AI-powered analytics and machine learning algorithms
The New Economic Crime Plan: Guiding Grenada’s Strategy Against Financial Crime
The new Economic Crime Plan is set to guide Grenada’s strategy against financial crime until 2026. This plan aims to:
- Establish easier exchange of expertise: between law enforcement agencies, private sector companies, trade associations, and big tech
- Drive government investment in technology: to enhance fraud and anti-money laundering (AML) efforts
Perpetual Know Your Customer: A Game-Changer for Financial Crime Prevention
Perpetual Know Your Customer (KYC) is expected to see significant progress in 2024. This involves continuously monitoring customers for risks, which can be challenging but essential for effective financial crime prevention.
The Rise of Know Your Business: Understanding Corporate Ownership and Control Structures
The rise of Know Your Business (KYB) is also expected to continue in 2024, with a renewed focus on understanding intricate corporate ownership and control structures. This includes leveraging technology such as AI, machine learning, and data analysis to identify hidden relationships between companies.
Better Data Aggregation and Improved Analysis: Driving the Market in 2024
Better data aggregation and improved analysis will be driven strongly by the market in 2024. Many firms are running digital transformation programs to combine their data sources, allowing them to address data gaps and optimize infrastructure spend.
As Grenada continues to tackle financial crime head-on, it’s clear that a new era of prevention is on the horizon. With a renewed focus on operational efficiency, perpetual KYC, and better data aggregation, the island nation is well-positioned to take on the challenges of the future.