Misunderstanding of the practicalities of applying the UK AML legislation saw a firm fined by their supervisor for AML failings.
Through our audit process we helped the firm establish the root cause of the failings, provided recommendations and worked with them to understand and interpret the legislation in practical terms to assist in strengthening their procedures, systems and controls.
The firm has a better understanding of the AML legislation and supervisory guidance of their sector together with a tailored action plan to implement changes.