Preventing and detecting money laundering, terrorist financing and financial sanctions breaches continue to be hot topics subject to continuous review and monitoring by international organisations, government, regulators and industry. Significant penalties have been handed down to organisations that get it wrong or are not seen to be doing enough to prevent these activities. Not only are financial services institutions responsible for ensuring they are protected but any organisation that facilitates financial transactions is coming under more and more scrutiny as the net of regulation is cast wider.
As specialists, we have a deep understanding of regulations and requirements and can support our clients in all aspects of AML, CTF and sanctions risk management and compliance. Our work is carried out in the context of proactive engagement by senior management to independently assess the framework, systems and controls in place, or in reaction to a regulatory visit where remediation is required. Our objective is to work with our client to offer a suitably tailored and proportionate approach that adds value rather than simply being a compliance exercise.
Our advice covers the following areas:
- Risk assessment – identification and assessment of financial crime risk across customer segments, products, distribution channels and geographies, and advice on risk assessment methodologies and rating systems
- Policies and procedures – understanding the control environment in place
- Governance and management information – the role of senior management in preventing financial crime
- Customer due diligence – an assessment of the adequacy of due diligence across all customer risk categories
- Pre-transaction review – assessing adequacy and effectiveness of pre-transaction monitoring systems and controls
- Post-transaction monitoring and review – assessing adequacy and effectiveness of post transaction monitoring systems and controls
- Financial sanctions – adequacy and effectiveness of sanctions systems and controls, investigation potential breaches
- Communication, training and awareness – at all levels across the business