Money laundering and terrorist financing risks continue to top the agendas of politicians and regulators. With money laundering and terrorist financing threats constantly evolving, the expectations of regulators are increasing. This poses challenges for firms to not only identify the risks they face and implement appropriate systems and controls, but to also embed them into the culture of the firm. There is also the emerging challenge of firms having to balance the need to manage high risk relationships in line with regulatory requirements, against the profitability and risk of regulatory action that comes with maintaining such relationships.
How we can help
Bovill can help firms face these challenges by assisting with:
- Undertaking an assessment of anti-money laundering (AML) and countering terrorist financing (CTF) risks
- Assessing AML/CTF systems and controls
- Designing and implementing appropriate AML/CTF policies, procedures and governance frameworks
- Remediating historic problems
- Designing and delivering AML/CTF training and
- Preparing for supervisory visits.
We are experienced in working with a variety of firms, including global financial institutions, foreign banks, estate agents, money service businesses, wealth managers and private banks, fund managers, and payment services firms.
Bovill is the only independent UK regulatory consultancy providing AML and sanctions expertise to assist the HSBC Corporate Compliance Monitor. The Monitor is responsible for assessing continued compliance with the terms of HSBC’s Deferred Prosecution Agreement with the US Department of Justice. We have been at the forefront of reviews across five continents, involving over 20 Bovill consultants.
The age of ‘tick-box’ financial crime compliance is certainly over. Indeed, firms will need to satisfy the requirement for a qualitative overlay to customer due diligence, especially where high-risk relationships are concerned.