Services ｜Financial Crime
OUR EXPERTISE
Securing Your Success in Compliance: Navigating the Complex Terrain of Financial Crime Prevention.
Following the enactment of Money Laundering Regulations, regulatory compliance has become increasingly complex, as a result of new requirements and revisions to existing obligations.
Our team of FinCrime consultants possesses extensive expertise in financial crime prevention and international financial sanctions legislation. We cater to a diverse clientele spanning various sectors, with a particular focus on organizations grappling with intricate and high-stakes financial crime challenges:
- Capital Markets
- Consumer Credit
- Insurance
- Mortgages
- Payment Service Providers
HOW WE HELP
If your organization is covered by The Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations, our FinCrime services are tailored to fit your requirements.
Our firm specializes in providing comprehensive FinCrime-related remediation services, tailored to meet the specific needs of our clients. Whether it be addressing findings from internal reviews or external assessments such as s.166 skilled person reviews, we offer a range of solutions to ensure regulatory compliance and effective remediation.
Attempting to manage remediation projects solely with internal resources can often prove to be inefficient and costly for organizations. By engaging our services, we can alleviate this burden and approach the project from an independent standpoint, guaranteeing adherence to regulations and delivering transparent reporting. This allows our clients to focus on their core business activities without distraction.
Common FinCrime-related remediation projects include policy and procedure alignment as well as existing customer file reviews. When it comes to policies and procedures, we meticulously analyze the firm's documentation to ensure alignment with regulatory standards and internal controls, as determined by the risk self-assessment process.
In the case of existing customer file remediation, we leverage the MCC FileChecker system to streamline the review process. This system can be customized to meet the specific review criteria of our clients, and we allocate the necessary expertise to complete the reviews within agreed timelines, providing detailed reports. The fees for existing customer file remediation are based on the complexity and volume of files, determined after an initial sample file review.
A FinCrime Assurance Review is an independent, external examination of your firm's policies, procedures, and internal controls concerning its efforts to detect and prevent financial crime, including fraud, money laundering, and terrorist financing. Firms typically pursue such an independent review annually to ensure ongoing compliance with regulations.
The objective of a FinCrime Assurance Review is to evaluate the firm's adherence to the relevant regulations and guidance related to financial crime prevention.
Our FinCrime Assurance Review is crafted to meet the requirements of Financial Crime prevention legislation. Beyond assessing your written policies and procedures, our review includes practical testing of your systems and controls, and interviews with key personnel, to gauge their effectiveness in real-world scenarios.
You will receive a comprehensive FinCrime Assurance Review report detailing our findings, pinpointing any deficiencies, and offering actionable recommendations for improvement. This report will serve as proof of compliance with the relevant regulations and guidance, highlighting areas for enhancement or necessary remedial actions.
Within our FinCrime Assurance Review, we address transaction monitoring; however, certain firms may necessitate a more in-depth analysis of their Transaction Monitoring processes. Hence, we extend a standalone assurance review tailored to your Transaction Monitoring system, encompassing rules, thresholds, and the evaluation of a sample of alerts. Our assessment will scrutinize your Transaction Monitoring policies, procedures, risk self-assessment, and escalation processes through a meticulous walk-through.
Following the review, you will be furnished with a detailed Transaction Monitoring Assurance Review report delineating our findings, identifying any deficiencies, and presenting actionable recommendations. This report serves as validation of adherence to relevant regulations and guidelines, facilitating the identification and implementation of areas for improvement or remediation.
Aside from conducting thorough reviews and remediation of your FinCrime policies, procedures, systems, and controls, we offer both standard and customized workshop training sessions. These sessions are typically conducted via live video to accommodate the shift towards hybrid working arrangements in many organizations. However, we are also available for in-person delivery upon request. Integrating live workshops into your annual training calendar enhances staff knowledge retention by enabling direct interaction with the trainer and the opportunity to ask role-specific questions.
Should you require a tailored workshop, we are more than willing to collaborate with you to address your unique requirements on any FinCrime-related topic.
To ensure effective learning retention, all participants in our live training workshops are required to successfully complete a quiz. Upon passing, a certificate of completion will be provided.