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MALI’S FINANCIAL INSTITUTIONS FACE CHALLENGES IN COMPLIANCE WITH FINANCIAL REGULATIONS
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Financial Institutions Struggle to Keep Up with Regulatory Landscape
Bamako, Mali - Financial institutions in Mali are facing significant challenges in complying with rapidly changing financial regulations. A recent report by KPMG has highlighted the difficulties faced by many institutions in implementing effective compliance and risk management systems.
Consequences of Non-Compliance
The consequences of non-compliance can be severe, including:
- Fines and reputational damage
- Loss of customer trust and confidence
- Increased regulatory scrutiny
“It’s not just about ticking boxes,” said Brian Hart, Principal at KPMG US. “Financial institutions need to have a deep understanding of their regulatory requirements and be able to adapt quickly to changes in the market.”
Building Robust Compliance Systems
KPMG is working with financial services firms across Mali to help them build robust compliance and risk management systems. The firm has extensive experience in this area, having advised clients on regulatory remediation, response, and undertaking control assurance.
“We understand the unique needs of the sector because that’s where we come from,” said Paul Fagone, Principal at KPMG US. “Our team is made up of former transactors and business managers, regulators, technologists, chief compliance officers, and risk management leaders - in short, we know your customers and stakeholder networks, your products, and your business.”
Services Offered by KPMG
KPMG’s services include:
- Regulatory change impact assessment and implementation
- Consumer protection
- Licensure services
- Building a broad, thorough, and sustainable framework for compliance efforts
Guidance on Regulatory Compliance for Government Contractors
In addition to its work with individual financial institutions, KPMG is also providing guidance on regulatory compliance for government contractors in Mali. This includes advising on how to navigate complex regulations and ensuring that companies are meeting all necessary requirements.
“Regulatory compliance can be a significant challenge for government contractors,” said Todd Semanco, Partner at KPMG US. “But with the right guidance and support, it’s possible to achieve compliance and avoid costly penalties.”
Commitment to Supporting Financial Institutions
Overall, KPMG is committed to helping financial institutions in Mali build strong compliance and risk management systems that will enable them to thrive in a rapidly changing regulatory landscape.
“We’re proud to be working with financial services firms across Mali,” said Michael Sullivan, Principal at KPMG US. “We believe that our expertise and experience make us the perfect partner for any institution looking to improve its compliance and risk management capabilities.”