Service Overview

Prevention of financial crime will be a constant challenge for most firms, with constantly changing criminal activity driving the need for continuous improvement in systems and controls.

It’s a topic that is always high on the regulatory agenda and all regulated firms need to make sure that they have effective controls to detect and prevent financial crime.

Service Overview

Obligations are underpinned by various legislative and regulatory requirements including the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002, the Terrorism Act 2000 and the Market Abuse Regulations. In addition to that, the FCA Handbook includes guidance for firms on what’s expected from them to ensure effective financial crime risk management and the JMLSG Guidance Notes offer specific guidance on anti-money laundering controls. But most importantly, firms need to protect customers from harm and protect their own businesses from the losses that could arise when financial crime controls fail.

Managing the risk around this ever growing and evolving issue is a constant challenge for firms and getting it wrong can result in declining revenues, customer dissatisfaction and reputational damage, not to mention financial penalties, regulatory intervention and the risk of facilitating serious and organised crime.

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Service Benefits

  • Implementing the right financial crime controls can help you to ensure that you’re managing all types of financial crime risk in the most efficient and effective way possible.
  • Having the right financial crime controls will help you to give assurance to the FCA that you are managing your financial crime risk in the right way.
  • The use of dedicated subject matter expertise can help you save money in the long run, enabling you to find the best solution first time, minimising the risk of breaches or costly remediation later on.

How Square 4 can help

We have a wealth of knowledge and experience that can help you manage financial crime risk in your business. Our focus is on supporting a risk based approach, making sure you’re able to effectively identify the financial crime risks faced by your business and implement the right controls to manage that risk.

We have experience of carrying out financial crime reviews including financial crime heath checks and regulatory-driven reviews.  We have experience of supporting firms to develop financial crime and market abuse risk assessments; designing effective processes and controls for assessing and addressing client risk through customer due diligence; and implemented transaction monitoring processes and controls. We have also supported firms in getting their governance arrangements in the right place to drive good financial crime compliance, through delivery of training, supporting the implementation of staff vetting and developing effective management information packs and committee structures.

Our goal is to support you in achieving high standards of financial crime compliance whilst equipping your team with the skills and knowledge needed to maintain those standards going forward.

Examples of our work

FAQ

Q: We want to set up a new business line, can you help us to assess the Financial Crime exposure and potential implications?

A: Yes. We often help firms carry out business wide risk assessments to identify all financial crime risks a new or existing business is subject to. We can work with you to understand the new offering, identify the risks that it will bring to your business and help you to develop your risk assessment and control framework to take account of those risks.

Q: We want to upskill our team, so that we’re less reliant on external resource going forward, can you help with that?

A: Our long-term goal with any of our Financial Crime work is to make sure that your teams are put in a position where they can identify suspicious activity or transactions and where they can own and run processes themselves. We will always aim to equip your team for success going forward whilst providing a helping hand whenever needed in the background.

Get in touch today

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