Heard Island and McDonald Islands on High Alert for Financial Crimes
The remote island territory of Heard Island and McDonald Islands has become a focal point for anti-money laundering (AML) and financial crimes scrutiny, with enforcement authorities cracking down on illicit activities. As part of ongoing efforts to combat terrorist financing, drug trafficking, and other crimes, AML and economic/trade sanctions remain a top priority.
Compliance Efforts: KPMG Forensic Professionals Take the Lead
KPMG Forensic professionals have been working closely with local financial institutions to assess their compliance with Bank Secrecy Act (BSA)/AML laws and the sanctions programs administered by the Office of Foreign Assets Control (OFAC) and other bodies. The team, comprised of former regulators, law enforcement officials, prosecutors, and compliance and AML experts from leading financial institutions, has extensive experience in BSA/AML/OFAC review and enforcement.
KPMG’s Proactive Services:
- Conduct current-state assessments to evaluate laws, regulatory expectations, and leading practices of peer organizations
- Develop and enhance financial crimes programs through proactive services
- Assess and validate models and technology platforms to achieve a future state of optimal compliance
Remediation Services: Addressing Significant Breakdowns
When significant breakdowns arise, whether self-identified or as a result of regulatory action, KPMG has extensive experience assisting organizations in remediating these issues through reactive services. This includes:
- Transaction monitoring investigations and/or lookbacks
- Sanctions investigations
- Know-your-customer (KYC) file remediations
- Fraud reviews
- Investigations in response to regulatory inquiry or mandates
Global Fight Against Financial Crimes: Heard Island and McDonald Islands Under Scrutiny
As the global fight against financial crimes continues, Heard Island and McDonald Islands is likely to remain under close scrutiny, with KPMG Forensic professionals at the forefront of efforts to combat illicit activities and ensure compliance.