Deloitte event informs financial services leaders on financial crime

21 March 2022 2 min. read

Professional services giant Deloitte recently hosted its Financial Crime Symposium in Dubai, bringing together leaders from the across the financial services industry to discuss the latest developments in the financial crime and regulatory landscape.

Reflecting on the background of the event, Muzammil Ebrahim, Financial Crime & Data Analytics Leader at Deloitte in the Middle East, said: “We are experiencing a rapidly evolving and increasingly interconnected financial system, highly sophisticated criminal networks and increasing pressure from local and global regulators which creates significant complexity for our financial institutions.”

To combat this, the industry needs to take a coordinated, collaborative and innovative approach,” he added. Leaders in financial crime scene attend Deloitte symposium

Michael Shepard en Muzammil Ebrahim

The key objective of Deloitte’s event (which was held in person) was to share the most recent developments with leaders and from there inform them how to navigate the landscape.

“The conference provided valuable insight from key industry experts who discussed financial crime as a continued challenge in the Middle East and across the globe,” said Ebrahim.

The panels explored topics on the changing landscape of illicit finance and how public private partnerships facilitated a response. They also discussed key risks in the maritime industry, the role cryptocurrency may play, the rise of fraud, understanding the risks facing businesses in a particular market or jurisdiction and how to address them.

Other topics that took centre stage included the role of technology and analytics in financial crime effectiveness, and how advanced methods such as machine learning and artificial intelligence can enhance the effectiveness of discovery both prior as well as after an incident.

On the latter matter, the panel of experts had a clear advice for attendees: take an integral approach. Ebrahim expanded: “While new technologies and advanced analytics are becoming vital to be effective, they cannot be used in isolation. By combining industry knowledge with data and technology, we can better equip ourselves to both meet regulatory expectations and, more importantly, elevate the fight against financial crime.”

Another recommendation supported during the event was the need for collaboration. “Regulators, law enforcement and financial institutions are all on the same side in combatting financial crime, and continued collaboration, cooperation and (joint) innovation are critical to success,” said Michael Shepard, Deloitte’s Global Financial Crime Leader – who is based in the US and travelled to Dubai to speak at the event.