Financial Crime World

Eritrean Financial Institutions Partner with KPMG for AML Compliance and Crime Fighting Efforts

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As anti-money laundering (AML) and financial crimes scrutiny continues to intensify, Eritrean financial institutions are seeking expert assistance to ensure compliance with Bank Secrecy Act (BSA) and Office of Foreign Assets Control (OFAC) regulations.

KPMG Forensic: A Partner in AML Compliance

KPMG Forensic professionals have been called upon by leading financial institutions in the region to assess the strength of their compliance programs. With a team comprising former regulators, law enforcement officials, prosecutors, and compliance experts from top-tier financial institutions, KPMG provides unparalleled knowledge of BSA/AML laws, regulations, and guidance.

Proactive Services for Effective Compliance

KPMG’s proactive services enable financial institutions to develop and enhance their financial crimes programs, ensuring effective delivery across the organization. The company’s current-state assessments identify areas for improvement, aligning with regulatory expectations and best practices from peer organizations. Additionally, KPMG assesses and validates models and technology platforms, helping clients achieve a future state that is both compliant and efficient.

Reactive Services for Remediation

In instances where significant breakdowns occur, whether self-identified or as a result of regulatory action, KPMG provides reactive services to help organizations remediate issues swiftly. This includes:

  • Transaction monitoring investigations
  • Sanctions probes
  • Know-your-customer (KYC) file rectifications
  • Fraud reviews
  • Responses to regulatory inquiries or mandates

The Importance of Partnership in the Fight Against Financial Crimes

As the fight against terrorist financing, drug trafficking, and other crimes continues to escalate, Eritrean financial institutions are recognizing the importance of partnering with a trusted forensic accounting service like KPMG. With its extensive experience in AML compliance and economic sanctions enforcement, KPMG is well-positioned to support local financial institutions in their efforts to stay ahead of evolving regulatory requirements and threats.

By working together, KPMG and Eritrean financial institutions can ensure that the region’s financial system remains resilient and effective in combating financial crimes.