Kemman’s view on Financial Crime Compliance

The amount of cash involved is enormous by any measure in any currency. The predicate offences and crimes which generate colossal sums of this money could be very unpleasant. Those who commit these heinous crimes can be uncouth, uncompromising, hard-hearted and very dangerous. Their wealth and connections mean that they are often more powerful and influential. Some crave into Political lime-light in order to insulate themselves, become “Untouchables” and protected by the “System” with “Honourable” worldly titles.

Publicized financial crimes committed by “Outsiders”, third parties and “Enemies Within” have negatively impacted the reputations, brands and images of many organizations. Given the alluded to shortcomings, all Financial Institutions and FINTECH Companies and their members of staff need to continue on the never-ending path of “Lessons Learnt”, have deeper understanding of the emerging threats, trends, modus operandi, concepts, theories, typologies of money laundering, terrorism financing, bribery, corruption and various operations of criminal organizations in order to avoid falling victims to various scams and schemes.

The fight against all forms of financial crimes is like running a race with no finishing line. All organizations are implored to continuously devise effective and plausible remedial measures resulting in tighter controls being adopted thereby thwarting financial crimes. This is where KEMMAN comes in to support you and your organization.

If managerial accountability and transparency are embodied in all Functions, Departments and Line of Businesses, coupled with the right tone at the top, implementation of corporate governance would be easier. There would be reduction of criminal activities which inevitably bring about lack of investor confidence, capital flight, closures of companies and industries which consequently create untold misery for already helpless citizenry who will have little to do apart from engaging in criminal activities. It is time to break that cycle. There is no honor in financial crime.

Punishment of offenders and recoveries of stolen funds are so rare that prevention is the only viable course of action. Feasible and plausible preventative measures are much cheaper and far less painful than post-financial crime investigations and litigations. It is better to drain the swamps than to fight the alligators. Let’s play our part. KEMMAN is here to support you. 

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