msg Rethink Compliance and SAM Corporate Partner to Help Middle East Financial Services Meet Financial Crime Compliance Challenges
msg Rethink Compliance, a technology provider and specialist in financial crime compliance, and SAM Corporate, global Fintech experts for solutions, services, advisory, and implementation, form a strategic partnership to provide the Middle East financial services industry with cutting-edge compliance technologies to better meet rapidly evolving regulatory compliance requirements while keeping ope
- (1888PressRelease) August 15, 2023 - SAM Corporate is a leader in Corporate Performance Management (CPM) and Digital Finance in the Middle East, combining its winning strategy of solution domain expertise, a skilled advisory team, and experience in implementing many projects in different industry segments. With a deep and long history in the finance sector, SAM Corporate has sought out innovative technologies to meet the ever-more dynamic risk assessment requirements of the Middle East finance sector and the need for compliance governance.
“As a former banker, I am aware of the dangers and risks that the banking activity is undergoing. The risk is not only on creditworthiness anymore, but more and more on rising financial crimes, fines for non-compliance, and loss of reputation and brand trust.”
“To ensure the stability and integrity of their financial systems, many regional regulators have issued new anti-money laundering (AML) and counter-terrorist financing (CTF) guidelines to strengthen their regimes and align them with international best practices and FATF recommendations. Financial institutions now face increased regulatory scrutiny. They are expected to adopt a risk-based approach and conduct, document, and maintain regular risk assessments to identify, assess, and understand their potential exposure to financial crime in order to build effective controls.”
“We have selected msg Rethink Compliance as our partner in the region because of their deep domain expertise in that area. They not only have years of experience advising more than 1,200 financial institutions in over 100 countries. They are driving innovation in the industry by consistently leveraging new technologies to address the real pain points in financial crime compliance offices and processes”, says Marc Gillis, co-founder, and CEO of SAM Corporate.
“It is extremely important that we have found the ideal solution for assessing business-wide AML/CTF risks and entity-wide anti-financial crime governance, to meet the needs in the Middle East. Combined with our subject matter expertise and implementation track record, we are confident that banks, insurances, and DNFBPs will find our new partnership extremely interesting”, concludes Gillis.
"We are delighted to have found in SAM Corporate a FinTech partner with a strong service offering that will help us to further expand our local presence in the region and drive our global business forward”, says Jürgen Krieg, co-founder and managing director of msg Rethink Compliance.
"Identified deficiencies in AML/CFT measures are being addressed by regulators here at a rapid pace. The region is very tech-savvy and keen to drive the digital transformation of the financial crime compliance office. I am confident that existing problems in the region can be solved very quickly and that we can contribute with our risk and compliance software solutions”, adds Jürgen Krieg.
About SAM Corporate LLC
SAM Corporate is the Global Fintech Expert in the Middle East with a focus on providing fully optimized solutions for Complex Consolidation, Driver based Budgeting, Long Range Planning, Rolling Forecast, Regulatory and Compliance solutions for IFRS9, IFRS16, and IFRS17, ESG solutions, Regulatory Reporting solutions, ESG advisory and services, Financial Crime Prevention solutions, Project Business Automation solution, and Supply Chain and Digital Logistics solutions. Based in Dubai, SAM Corporate blends world-class technology from its global partners together with its deep domain expertise and vast software implementation experience.
www.samcorporate.com/
Contact: Marc Gillis, CEO: marc.gillis ( @ ) samcorporate dot com
About msg Rethink Compliance GmbH
The consulting and technology company msg Rethink Compliance is a think tank and specialist in the field of anti-financial crime, helping customers to implement their compliance strategies to combat money laundering, terrorist financing, corruption, and fraud. The company offers a broad portfolio of consulting services, process, and technology support to facilitate, automate and sustainably transform the work of the compliance function. msg Rethink Compliance is part of msg, an independent group of companies with more than 10,000 employees in 32 countries.
www.msg-compliance.com/
Contact: Jürgen Krieg, Managing Director: Juergen.krieg ( @ ) msg-compliance dot com
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