Money laundering – the process of disguising illicitly obtained funds as legitimate – poses a significant threat to global financial stability. To combat this menace, countries and financial institutions worldwide have implemented robust anti-money laundering (AML) measures.
The South African Reserve Bank and local financial institutions have aligned their anti-money laundering measures with international standards and legal frameworks, demonstrating a commitment to financial integrity in the fight to address money laundering and the associated terrorist financing.
While the fight against financial crime is ongoing, and staying informed and proactive is crucial, anti-money laundering is a constantly evolving. In 2024, AML professionals must adapt to the changing regulatory landscape, the growing use of new technologies and evolving ways of fighting financial crime. As the pace of change across the financial services industry continues to accelerate, compliance teams have a regulatory and business obligation to have appropriate tools in place to detect and prevent all forms of money laundering. In the coming decade many businesses will adopt new technologies, such as artificial intelligence (AI), to enhance the efficiency and effectiveness of their AML processes.
As regulations become stricter and financial crime becomes more sophisticated, AML teams must manage risks more efficiently across and between channels, products and systems. Financial crime risks must be increasingly seen as a whole, not as separate parts. The implementation of the latter remains a challenge. To this end, Marshall was established to assist organisations in their fight against financial crime.
As a leading provider of full-service fighting financial crime and risk management solutions, Marshall, part of the Ovations Group, brings its extensive experience and expertise to help businesses navigate the complex challenges of financial crime. Marshall is dedicated to offering comprehensive and clear strategies to combat financial crimes, leveraging skills and knowledge gained through numerous client engagements.
Combating financial crimes is a multifaceted challenge, exacerbated by the rapid growth of digital enterprises and the complexity and siloed nature of many organisations. Marshall works closely with clients to assess inherent risks, review control environments and document residual risks, ultimately building roadmaps to address these challenges through tailored projects and programmes.
The challenges in detecting and preventing money laundering, fraud and other financial crimes continue to grow, particularly in the wake of the global pandemic. Organised crime networks are exploiting the changing financial landscape, leading to increases in mule activity, identity theft and application fraud. In response, Marshall provides skilled resources to help organisations assess their transaction monitoring applications, reviewing and tuning rules based on a risk-based approach.
Marshall also advises clients on the most appropriate technology solutions to deploy, based on their risk appetite and budget, across the full spectrum of financial crime compliance offerings.
By providing insights into clients' risk exposure and delivering effective solutions, Marshall ensures ongoing protection and helps clients stay ahead of cyber criminals. As a result, businesses can better understand their exposure to AML, counter-financing of terrorism (CFT) and sanctions risks.
For organisations seeking comprehensive financial crime and risk management solutions, Marshall offers the expertise and resources needed to combat these risks. For more information, click here to get in touch with Marshall and learn how their innovative strategies can support your organisation's fight against financial crimes.
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