Riyadh:– Deloitte hosted its first Financial Crime Symposium in Riyadh, KSA, bringing together key stakeholders and representatives from across different sectors within the Anti-Financial Crime ecosystem.This symposium served as a platform for industry experts to actively participate in panel discussions, where they explored the most recent regulatory changes and emerging trends shaping the financial crime landscape. These discussions included topics such as the strategies and regional challenges related to Anti-Money Laundering, Countering the Financing of Terrorism (AML/CFT) and fraud, the adaptation of AML/CFT and fraud practices to suit the digital economy, and the advancement of innovation through technology."As highlighted during our Financial Crime Symposium in Riyadh, the pursuit of financial crime compliance is not merely a legal obligation; it is a moral and strategic imperative. We need to embrace technology, stay vigilant to the ever-changing risks in the region, and develop innovative solutions to address them, all while managing the risks of the digital economy. Together, we can ensure a prosperous, secure, and compliant financial landscape that will not only serve the interests of Saudi Arabia but also contribute positively to the global economy," said Muzzi Ebrahim, Partner and Leader of Financial Crime and Data Analytics at Deloitte Middle East.The symposium brought to the forefront the critical role of technology in addressing AML/CFT and Fraud typologies. Regulatory mandates now require the implementation of monitoring systems to detect financial crimes. Successfully deploying these systems involves a customized approach that takes into account the organization’s unique characteristics and risk factors. With SAMA actively promoting open banking initiatives throughout the Kingdom, a wealth of data points becomes accessible, allowing for the creation of robust customer risk profiles. The symposium discussions highlighted the importance of such profiles in identifying instances of financial crime.Rana Shashaa, Partner and Forensic Leader at Deloitte Middle East commented, "In a rapidly evolving regulatory and innovative environment, the Financial Crime Symposium shed light on how leveraging technology, analytics and collaboration optimize detection, prevention, and monitoring processes. This approach not only provides a transparent and efficient platform, but also contributes to supporting the Kingdom’s undeniable growth and emerging position as a global leading economy."