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Top Tips for Financial Crime Trends in the Middle East and Africa

  1. Understanding emerging risks is the single most important tip in preventing financial crime. An overreliance on process and technology without proper investment in understanding risks and people managing those risks is the root cause of most problems.
  2. Applying an effective risk-based approach will help prioritise and solve most problems; not create new ones.
  3. Stamping out “box ticking” compliance, applying bespoke compliance solutions in line with risk appetite and considering culture and operating environment is critical in mitigating risk.
  4. Artificial intelligence and machine learning tools, if properly tuned and aligned to the business will help with mitigating risks.
  5. Hands on training and competence of people managing financial crime risks is the lifeline of the business. Without this it impossible to win the battle against financial crime.

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