Abstract
Over the past years the fields of environmental, social and corporate governance (ESG) and anti-financial crime (AFC) have grown to encompass major concepts which various business entities have struggled to grapple with. Both ESG and AFC developed separately, against different backgrounds and for different reasons. ESG is still a growing area (when compared to AFC) and much of the focus so far has been on investments within the ‘environmental’ criteria. Hence, it has not come naturally to most industry players to consider these two important risks together and highlight similarities between these two concepts. This paper looks into each of the factors making up the ‘ESG’ domain and assesses further how these are linked to AFC considerations. The aim of this paper is ultimately to get financial services market players to think about how to manage ESG and AFC together rather than in silos, in the hope of reaping even more benefits and avoiding duplication of similar workstreams.
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