Financial Crime Prevention
Mitigating the risk of Financial Crime is not difficult but many firms fail to establish the simple controls which keep the business, and more importantly its Directors and Senior managers, safe from prosecution and serious penalties.
The key to success is embedding a clear board policy supported by just six high level processes and nine detailed operating procedures.
We fully endorse the statements by the UK’s Joint Money Laundering Steering Group that:
“Under a risk-based approach, firms start from the premise that most customers are not money launderers or terrorist financiers.
However, firms must have systems in place to highlight those customers who, on criteria established by the firm, may indicate that they present a higher risk of this. The FCA has made clear its expectation that FCA-regulated firms address their management of risk in a thoughtful and considered way, and establish and maintain systems and procedures that are appropriate, and proportionate to the risks identified”.
Our approach is a proportionate way of not inhibiting business success but doing all that is necessary for you to be able to prove that you took the required actions to prevent your business being targeted as a suitable vehicle for furtherance of Financial Crime.
For further information contact our specialist, Clare Owen on [email protected]