Financial Crime is arguably the most profitable industry in the world.
Every second of every day money flows through our financial system that has either come from, or is headed towards crime.
Money Laundering and Terrorist Financing has tangible social and economic impacts; from supporting human trafficking and drug cartels to funding terrorism and destroying economies.
The Financial Action Task Force (FATF) and the Financial Intelligence Centre (FIC) define a list of Accountable Institutions (AI) and Reporting Institutions (RI) who are at greater risk of being targeted by financial crime and must comply with certain legal requirements of the Financial Intelligence Centre Act (FICA).
Through a unique and holistic approach, our range of services provide Accountable Institutions with assurance against the financial crime regulatory risks particular to your organisation whilst ensuring compliance with the Financial Intelligence Centre Act (FICA).
Advisory & RMCP
Whether it is creating and implementing a new Risk Management and Compliance Programme (RMCP) or reviewing existing policies against regulation, guidance and best practices, we use a risk-based approach (RBA) to give confidence that controls are pragmatic, communicated and in one place to ensure maximum oversight.
We can assist with ad-hoc questions or investigations around client due diligence or potential suspicious activities, as well as advise on sanctions, politically exposed persons (PEP), Prominent Influential Persons (PIP) compliance.
If you are looking for a retained advisor, assistance in an ad hoc compliance project in setting up, reviewing or improving your compliance monitoring system, risk management or anti money laundering (aml) policies and procedures, then let’s start a conversation today.
All Accountable Institutions (AI) are obliged to review existing customer records on a regular basis to ensure that the information held is correct and in line with current regultoary requirements but equally as important, commensurate to the potential risk exposure of each customer.
A Client Diue Diligence (CDD) remediation is the process whereby we conduct an end to end review of your customer due diligence files. The aim of the project is to clear any backlogs you have while improving quality and achieving compliance with current and/or future regulatory standards.
The initial benefit of a CDD remediation is to relieve pressure from you and your team by working with an experienced partner who lives and breathes CDD remediation. Additional benefits are achieving long-lasting regulatory compliance, whilst reducing the residuals facing your firm.
During remediation we can also take steps to help you address any CDD shortfalls and guide your onboarding procedures to provide a root cause solution rather than just a tempotrary fix.
Customer Due Diligence
Client Onboarding and Customer Due Diligence are arguably the most important step in the regulatory value chain in as much as it is the gatekeeper to the risk presented by potential Clients.
Whilst The Financial Intelligence Centre Act (FICA) lays out a Risk Based Approach (RBA) to due diligence, it also sets out minimum standards and expectations around identifying and verifying clients, screening, risk assessments and record keeping. These requirements apply to all Accountable Institutions (AI).
We are able to help define, document and implement your onboarding process and risk-scoring matrix in a pragmatic way that keeps you in-business and a risk-aware ang regulatory compliant way.
A compliance audit or an anti-money laundering (aml) audit is an external independent review of your firm’s business processes, document policies, personnel and controls in order to compare its existing compliance procedures against its regulatory obligations.
It is becoming best practice for many firms to operate this as a 3rd line of defence and utilise IQCompliance as an industry specialist to benchmark themselves against their peers. You will have the confidence knowing you are dealing with the best in the business and benefit from our experience working with international banks, industry experts and regulators.
The end result is a comprehensive audit report which clients can use to demonstrate internally and externally to third parties that the highest standards of compliance are met throughout the firm.
If you are looking for a thorough review of your compliance which is undertaken in the most meticulous manner, so it can be used for the benefit of your business and to help you improve how you do things in the compliance department, then get in touch today.
Financial crime is, by its very nature, subterranean and deliberately difficult to detect. It can only be detected by those people who see the clients and the flow of money.
Your people are your first line of defence for fighting financial crime and it's vital that time and effort are put into helping them hone their knowledge and skills. In fact, The Financial Intelligence Centre Act (FICA) mandates that all staff of Accountable Institutions must undergo regular training around anti-money laundering and the combatting of terrorist financing.
As an FPI Approved CPD Provider, we thrive on transferring our knowledge and employ engaging, relevant and interactive techniques such as case studies, real life examples and scenarios to deliver risk and compliance training in the most practical way possible either as part of projects, workshops, eLearning or bespoke in-house training courses specific to the company’s requirements.