Regulatory expectations regarding financial crime prevention are increasing. Firms are subject to 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 with an increase in the number and complexity of offences and regulations that apply to financial crime in its widest sense.
Firms are faced with an ever changing environment with criminals getting smarter, technology advancing and the need for global alignment and co-operation. We see financial crime prevention firmly on the agenda with an ever complex web of threats and challenges.
Bovill has experience across all 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, and 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 management 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.
For region specific advice:
- Bovill UK & Europe Preventing financial crime service
- Bovill UK & Europe Fifth Money Laundering Directive service
- Bovill Asia Preventing financial crime service
- Bovill Asia Anti money laundering service
- Bovill America Financial crime/anti-money laundering service