We work with businesses of all sizes to help you navigate financial crime requirements across sectors. Our multi-disciplinary team has the experience and insight to support you in your interactions with customers and regulators.
There are corporate offences of failing to prevent staff from certain wrongdoing, and a requirement for large businesses to state publicly what they are doing to prevent certain offences from being committed in any of their supply chains or in any part of their business. Certain types of organisations also have to ensure they are not being used to launder the proceeds of crime.
These legislative requirements mean that a company must know what its people are doing and how they are behaving. It must also have detailed knowledge of its customers, its agents, its suppliers (and where possible its suppliers’ suppliers) as well as the transactions that it is involved with; not just in the UK but wherever in the world it is operating.
Our team has access to resources throughout the world, which means we can provide you with a true picture of what is going on in your organisation and supply chains, wherever they may be. We can work with you to perform an independent assessment of your systems, procedures and controls to evaluate the effectiveness of your current policies and procedures, your risk rating methodologies and training making recommendations for improving existing systems and procedures where required. We can help you with:
Under UK Anti-Money Laundering regulations businesses must be able to demonstrate that they have undertaken and documented a written risk assessment, provided suitable training to their staff and have sufficiently robust policies, systems and procedures in place to prevent anti-money laundering within their organisation. Where a member of staff suspects anti-money laundering taking place you must have a system in place to facilitate reporting to a nominated officer within the firm and, where appropriate, onward reporting to NCA. The concept of anti-money laundering regulation has been around for some time and yet businesses continue to receive fines for anti-money laundering failings. During the first four months of 2018 fines have been handed out to the tune of £896,000 by the Financial Conduct Authority to a UK division of an overseas bank, a UK bookmaker was fined £6.2 million and it has been reported that the average fine for an estate was £11,842. The cost of failing, in both monetary and reputational terms can be substantial.
Fnd out more about our Anti Money Laudering Compliance Services.
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