Financial Crime World

Saint Pierre and Miquelon Tightens Grip on Financial Crimes

Regulatory bodies in Saint Pierre and Miquelon are intensifying their efforts to combat terrorist financing, drug trafficking, and other illicit activities. In response, financial institutions are working closely with KPMG Forensic professionals to ensure compliance with Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) laws and economic/trade sanctions programs.

Enhancing Compliance Programs

KPMG’s proactive services aim to help clients strengthen their financial crimes programs, ensuring they are compliant and effective. Our team provides the following assistance:

  • Conduct current-state assessments: Identify areas for improvement in your compliance program.
  • Analyze regulatory expectations: Understand the requirements of relevant regulatory bodies.
  • Benchmark against industry best practices: Develop a roadmap for implementation based on industry standards.

Validating Technology Platforms

In addition to enhancing compliance programs, KPMG also assists clients in assessing and validating models and technology platforms used in their AML and sanctions monitoring. This enables them to achieve their future-state goals while ensuring the integrity of their financial crimes program.

Remediation Services

When significant breakdowns occur, whether self-identified or as a result of regulatory action, KPMG’s reactive services come into play. Our team has extensive experience in conducting:

  • Transaction monitoring investigations and lookbacks: Identify and investigate suspicious transactions.
  • Sanctions investigations: Determine compliance with economic/trade sanctions programs.
  • Know-your-customer (KYC) file remediations: Ensure accurate customer information is maintained.
  • Fraud reviews and investigations: Respond to regulatory inquiries or mandates.

With KPMG Forensic at the helm, Saint Pierre and Miquelon’s financial institutions can rest assured that they are well-equipped to navigate the complex landscape of AML and economic/trade sanctions enforcement.