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 navigate these challenges by:
- Performing an anti-money laundering (AML) and counter terrorist financing (CTF) risk assessment based on a robust, repeatable, methodology
- Critically assessing your current 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
- Preparing for supervisory visits and dealing with regulatory intervention
- Providing subject matter expertise across all areas of AML including historically challenging areas such as Trade Finance and Correspondent Banking.
We are experienced in working with a variety of firms, including global financial institutions, foreign banks, money service businesses, wealth managers and private banks, fund managers, payment services firms and estate agents.
Since August 2013, Bovill has supported a Corporate Compliance Monitor in his review of a UK based global bank, as part of the execution of a Deferred Prosecution Agreement (DPA). Our role is to provide subject matter expertise across the project including topics such as KYC, transaction monitoring, SARs, information sharing and exit management, sanctions, the three lines of defence model, governance, and policies and procedures. We have been at the forefront of reviews across five continents, involving over 25 Bovill consultants.
For more information, please get in touch with the financial crime team.