Reducing financial crime is a key priority for regulators, authorities and governments globally.
Organised crime groups, terrorists and fraudsters are increasingly using sophisticated international networks and financial systems to move or store funds and assets or commit fraud. Financial institutions are particularly vulnerable due to the nature of their businesses and the volume of transactions and client relationships they manage. Global financial institutions also face multiple legal and regulatory requirements in the UK, US and other countries where they do business.
Recently we have witnessed an increased willingness of regulators to pursue individual firms and impose tougher penalties for breaches of regulations, particularly in the area of bribery and corruption where some unprecedented fines have been levied. US prosecutors have also levied large fines against non-US financial institutions for breaches of economic sanctions.
Whilst areas such as sanctions and market abuse continue to sit on the Financial Services Authority's (FSA) agenda, their recently published business plan highlights anti-bribery and corruption, anti-money laundering and mortgage fraud as specific areas of focus for the forthcoming year. We expect to see the regulator address systems and controls issues in these areas through further thematic review work and enforcement activity to reinforce credible deterrence and promote standards across the industry.
Deloitte financial crime specialists come from a variety of industry, investigative, law enforcement, regulatory and technology backgrounds.
We have significant experience in assisting financial institutions on financial crime matters including:
We have regulatory expertise and experience of working with the FSA and other international regulators. Furthermore, as a network of member firms, we can work at both a global and local level which is a prerequisite for dealing with the sophisticated international networks used by criminals, terrorists and fraudsters.