Money laundering, fraud risk management, market abuse, sanctions and rogue traders are by no means an exhaustive list of risks. Financial institutions are on the front lines of the fight against financial crime and are made vulnerable by the range of client relationships they manage and their wide array of products, services, and transaction types – many complex and cross-border.
The numerous global financial institutions, including those with a presence in Jersey, Guernsey or the Isle of Man, face multiple legal and regulatory requirements and must navigate challenges posed by operating in divergent business cultures and managing complex IT systems.
The fight against financial crime has been a key priority for regulators, including those offshore, for a number of years. More recently, we have witnessed an increased willingness of regulators to pursue individual firms and impose tougher penalties. In current turbulent markets, the pressure to survive increases the risk of financial crime and businesses need to be extra vigilant and ready to react should something go wrong. In 2008, the Enforcement Division of the Jersey Financial Services Commission worked on over 90 investigations.
Working at both global and local levels is a prerequisite for dealing with the sophisticated international networks used by criminals, terrorists and fraudsters and the Deloitte global network is equipped to do just that.
Furthermore, our financial crime specialists come from a variety of industry, investigative, law enforcement, and regulatory backgrounds.
Areas in which we can assist firms include:
Our regulatory expertise and experience of working with the Jersey Financial Services Commission (“JFSC”), Guernsey Financial Services Commission (“GFSC”), and the Isle of Man’s FSC as well as other international regulators, the Treasury, and the Joint Money Laundering Steering Group has given us an informed interpretation of how best to proceed.