Financial Crime

Do you have robust procedures in place to combat Financial Crime? – a hot topic for the FSA (now FCA)

One of the Financial Services Authority’s statutory objectives is to reduce the extent to which it is possible for a financial business to be used for a purpose connected with financial crime. Financial crime includes any offence involving money laundering, fraud or dishonesty or market abuse.

The FCA therefore requires all firms to ‘establish, implement and maintain adequate policies and procedures sufficient for countering the risk that the firm might be used to further financial crime'.

Given the current regulatory focus on mitigating financial crime are you sure that your firm is prepared?

If you have any concerns, no matter how small they are, why not speak to Bankhall about our Financial Crime Audit service?

During the review we will review the effectiveness of your firm’s systems and controls and evaluate your staff’s implementation and understanding of these controls in this important area.

The Audit day will consist of three component parts:

  1. Interview and Review
  2. A short interview will be conducted with a senior person, within the business, to obtain an overview of the firm’s current systems and controls, following which the Bankhall Consultant will review the documentation and procedures that you have in place.

    Areas which we cover under the review include:

    • Money Laundering
    • Financial Sanctions
    • Information Security
    • Bribery
    • Conflicts of Interest
    • Fraud / Mortgage Fraud
    • Whistle Blowing
    • Staff Interviews (see below)

  3. Staff Interviews
  4. In order to fully assess the effectiveness of your firm’s procedures and how they are embedded at different levels we will select staff from various areas for interview in order to test understanding of the financial crime procedures.

  5. Training
  6. The afternoon of the visit will be spent delivering presentations to the firm’s personnel on the areas listed above in the Interview and Review section.

After the training there is the option of testing the attendees understanding. This can be completed at the end of the day or left with the Principal to distribute later.

A full report containing our detailed findings will be issued after the visit, which will also highlight in a practical way any corrective action necessary.

Need support? Call 0845 300 5326 and talk to our experienced Compliance Support Unit today.