Financial Crime
Financial Crime is an ever increasing problem which shows no signs of going away. The recent announcement that there is to be a new Economic Crime Agency emphasises the importance the government attaches to tackling this area effectively. The boundaries between the CPMA and the Economic Crime Agency are not yet clear, but whatever the structure it is essential that firms stay on top of their financial crime obligations. The FSA has significantly raised the profile of this area over the last few years and expects regulated firms to raise their game. An approach that only considers financial crime from the perspective of money laundering or data security is not sufficient – a joined up approach is essential.
All firms must continue to "take reasonable care to establish and maintain effective systems and controls for compliance with applicable requirements and standards under the regulatory system and for countering the risk that the firm might be used to further financial crime".
Inadequate systems and controls in this area can lead to financial losses, adverse publicity, more intrusive supervision and diversion of management time into dealing with breaches. Bovill can advise and help firms mitigate these risks in a number of ways:
- we can carry out a tailored financial crime risk assessment to assess compliance with FSA requirements;
- we can work with you to implement any recommended improvements to current arrangements;
- we can provide training to staff to ensure they are aware of the risk of the business being used in connection with the commission of financial crime.
Bovill can work with you to ensure that you are taking appropriate measures to prevent financial crime, facilitate its detection and monitor its incidence.