FINANCIAL CRIME SYSTEMS & CONTROLS
Financial crime prevention is one of the fastest growing areas of compliance.
The first UK National Risk Assessment was published in 2015, which confirmed that the City is highly exposed to the risk of money laundering. The report concludes that the size and complexity of the UK’s financial sector is such that it is more exposed to criminality than in many other jurisdictions.
The focus on financial crime means that financial institutions will increasingly come under scrutiny, with the risk of criminal or regulatory enforcement action taken against those with weak systems and controls.
Here, at OpusDatum, we can help protect the future of your business from financial crime by identifying risks, strengthening systems and controls and training your staff.
HOW CAN WE HELP?
Using our bespoke Financial Crime Framework, we work with financial institutions to advise on, and develop, comprehensive financial crime risk assessments. These can assess both customer risk and organisational risk, helping to demonstrate that you understand and are actively managing your financial crime risks. The framework covers Money Laundering & Terrorist Financing, Sanctions, Bribery & Corruption and Fraud.
Governance and oversight are key to managing financial crime risk. We carry out reviews to ensure there is a clear organisational structure in place and that it is informed with meaningful and timely management information, covering all relevant areas of the business.
To support the framework, we help you develop policies, standards and procedures appropriate to the business, taking into account your risk profile and appetite in line with UK legal and regulatory requirements and guidance from the JMLSG.
We ensure your regulatory risk is minimised through effective and robust systems and controls, performing a gap analysis and recommending a plan of action. We conduct interviews, process walk-throughs, and file reviews to check whether you are fully compliant.
We review the reporting lines and flow of information across your organisation to ensure clear communication between the MLRO and the Board, and an integrated approach to financial crime between responsible departments.
Alongside the above, we can design and implement a comprehensive training and awareness programme; training individuals and specialist teams to ensure a thorough understanding of the financial crime risks and controls within your business.
We also have extensive experience of assisting Legal Counsel in the review and investigation of specific financial crime risks and threats, as well as assisting in the preparation for regulatory visits.