Firms have detailed requirements on customer due diligence, transaction monitoring, reporting suspicions of money laundering, preventing bribery and corruption, managing fraud risks and preventing market abuse.
Legislators and policy makers have responded to successive market failures and the sophistication of organised crime by an increase in the number and complexity of offenses and regulations that apply to financial crime in its widest sense.
The challenge for all firms is how to move beyond using their internal controls to ‘tick the box’ to a position where the controls help them manage their financial crime risks actively.
How we can help
Bovill has experience across the regulatory areas of financial crime, and support our clients in:
Assessing financial crime risk across your firm
We work with firms to advise on, and develop, comprehensive financial crime risk assessments. These can assess both customer risk and organisational risk. These will help firms to demonstrate they understand and actively manage their financial crime risks.
Conducting a financial crime health check
Bovill can review your current systems and controls against regulatory requirements, performing a gap analysis and recommend a plan of action. We conduct interviews, process walk-throughs, and file reviews to check whether you are fully compliant.
Ensuring your governance is fit for purpose
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.
Getting your policies right
Bovill will assess your policies and procedures, and, if necessary work with you to develop your documentation based on current practice in line with regulatory expectation, and tailored to your business.
Training your people to understand risks
We can work with you to design a comprehensive training and assessment programme; training individuals and specialist teams to ensure a thorough understanding of the financial crime risks and controls within your firm.
Preparing for regulatory visits
We believe preparation for supervisory visits should be tailored and proportionate. Bovill can walk you through the whole process, ensuring you are fully prepared.
Whether you need help with a specific area or ongoing support with financial crime compliance, Bovill can help.