Financial Crime Investigation Techniques in San Marino Under Scrutiny as Regulators Ramp Up Enforcement

San Marino, a tiny European microstate, has been thrust into the international spotlight due to its reputation for being a haven for money launderers and tax evaders. As regulators across the globe intensify their efforts to crack down on financial crime, the country’s financial institutions are coming under increasing scrutiny.

The Challenges Facing San Marino’s Financial Institutions

San Marino’s financial institutions face significant challenges in complying with anti-money laundering (AML) and anti-terrorism financing (ATF) regulations. According to experts at FTI Consulting, a leading global consulting firm, key areas where the country’s financial sector needs to improve its AML controls include:

• Enhancing Know-Your-Customer (KYC) Procedures: Conventional KYC methods are often costly, labor-intensive, and prone to inaccuracies. Experts recommend pairing deep KYC expertise with cutting-edge artificial intelligence to improve the accuracy and efficiency of customer onboarding.
• Improving Risk Assessment Processes: FTI Consulting’s Risk Assessment Platform is designed to automate and enhance periodic enterprise-wide risk assessments, improving both efficiency and effectiveness.

The Consequences of Non-Compliance

As regulators continue to ramp up enforcement efforts, San Marino’s financial institutions must take a proactive approach to complying with AML regulations. By strengthening their controls, enhancing KYC procedures, and implementing robust risk assessment processes, they can minimize the risk of non-compliance and protect themselves against potential penalties.

Expert Insights

FTI Consulting experts are available for interviews to discuss the challenges facing San Marino’s financial sector and provide guidance on how institutions can improve their AML compliance. For more information or to schedule an interview with [Expert Name], please contact [Public Relations Representative] at [Email Address] or [Phone Number].

About FTI Consulting

FTI Consulting is a leading global consulting firm that provides expertise in financial services, technology, and analytics. The company’s experts have extensive knowledge of regulatory requirements and industry best practices in AML compliance.

Expert Profile: [Expert Name]

[Expert Name] is an expert in anti-money laundering at FTI Consulting. With over a decade of experience in the field, [Expert Name] has advised numerous clients on AML compliance and risk management strategies.