Deloitte’s Financial Crime Symposium explores effective financial crime risk management in the Middle East region

Deloitte recently hosted the fifth Financial Crime Symposium in Dubai, United Arab Emirates. The annual event serves as a platform to bring together leading figures from the global financial services industry, discussing regulatory and financial crime issues in the Middle East region.

This year’s conference provided a dynamic forum through keynote speakers and panel discussions, exploring illicit finance and public-private partnership, the risks facing business, and debunking the myths of technology and technology. analysis in the effectiveness of financial crime.

“It was great to reconnect with so many people during the fifth edition of the Deloitte Symposium on Financial Crime in the Middle East. The conference provided valuable insights from key industry experts who discussed financial crime as an ongoing challenge in the Middle East and around the world. We are faced with a rapidly changing and increasingly interconnected financial system, highly sophisticated criminal networks and increasing pressure from local and global regulators, which creates considerable complexity for our financial institutions. To combat this, we must be coordinated, collaborative and innovative in our approach. We see how essential new technologies and advanced analytics are becoming to be effective, but we cannot use them in isolation. By combining industry insights with data and technology, we can better equip ourselves to meet regulatory expectations and, more importantly, elevate the fight against financial crime,” said Muzammil Ebrahim, Head of Financial Crime and data analytics at Deloitte in the Middle East.

Panels explored topics on the changing landscape of illicit finance and how public-private partnerships have facilitated a response. They also discussed the main risks in the shipping industry, the role cryptocurrency can play, understanding the risks that businesses face in a particular market or jurisdiction, and how to deal with them. They further developed technology and analysis of financial crime effectiveness, key considerations for selecting the right technology solutions, and advanced machine learning and artificial intelligence methods.

Michael Shepard, Global Financial Crime Leader at Deloitte, commented: “Globally, we can see how countries and organizations are fighting financial crime through enhanced international cooperation, the development of public-private partnerships and recent regulatory changes and proposed changes. Regulators, law enforcement, and financial institutions are all on the same side in the fight against financial crime, and continued collaboration, cooperation, and innovation are critical to success. The Deloitte Symposium on Financial Crime was a truly enriching experience to learn more about ongoing developments.

Martin E. Berry