Protect the future of your business from Financial Crime Risk (FCR) by identifying risks, strengthening systems and controls and training your staff.
Under its objective to ensure the integrity of UK financial markets, the FCA requires all authorised firms to have robust governance, effective risk procedures and adequate internal control mechanisms to manage their financial crime risk. Some of these firms will also have additional obligations placed on them.
Over the last two decades we have seen the focus on FCR increase significantly with further scrutiny in the areas of anti-money laundering (AML), Market Abuse (MAR), Counter Terrorist Financing (CTF), and Anti-Bribery and Corruption (ABC).
This means that many firms face an ever increasing burden of responsibility to undertake customer due diligence, report suspicions of money laundering, prevent bribery and corruption, manage fraud risks, monitor transactions and prevent market abuse from both external and internal parties.
Firms that do not maintain effective systems and controls to identify, monitor and manage FCR may be subject to civil or criminal prosecution, and might find that other authorities, in addition to the FCA, become involved.
How can we help?
TCC can help you by either designing your firm’s systems and controls or assuring they are appropriate and capable of detecting and deterring financial crime:
- Initial risk assessments – we help you identify potential risks at both a customer and firm level, ensuring your firm has a thorough understanding of its financial crime risks.
- Health checks and diagnostics – we assess and assure the robustness and efficacy of your current systems and controls.
- Governance and oversight – we carry out reviews to ensure there is a clear organisational structure in place and that it is informed with meaningful and timely management information covering all relevant areas of the business.
- Policy and procedure review – we comprehensively review your policies and procedures to ensure they are up-to-date, can be easily accessed, are understood by all staff and are appropriately aligned with regulatory expectations, industry best practice and the risk appetite of your firm.
- Training and competence – we ensure your staff have the skills and expertise to do their jobs effectively and take appropriate action to ensure they remain competent for their role.
- Senior management engagement – we can help senior management understand their responsibility for overseeing FCRs and ensure they are actively engaged in addressing them.
Why partner with TCC?
- Partnership – we work collaboratively with you to ensure the approach you take is appropriate and proportionate to the nature and scale of your business.
- Experience – we have cross sector experience of assisting firms of all sizes to manage financial crime risk.