An industry leading financial institution.
The objective of the project was to identify any systemic issues within the firms AML/CTF framework by a thorough review. Following identification of the systematic issues and any shortfalls, fscom were engaged to develop and enhance existing framework and to devise a practical implementation plan through the firms policies, procedures and training to ensure that the firm had a robust and effective AML/CTF framework to identify and mitigate risk to the firm.
Approach to engaging with the client
Fscom were invited to outline the manner of systematic AML/CTF issues within the firm in a review and to create the development of its existing Financial Crime infrastructure. The stated goal of the project was to addresses the immediate regulatory concerns, as well as to design and develop a fit-for-purpose BAU Financial Crime infrastructure.
The client is now in a better position to meet their regulatory obligations and is up to date with industry best practice. They have identified the potential AML risks to the business and can now effectively mitigate the risks.