Financial Crime Services
Working with firms, regulators, and entire jurisdictions to help them respond to challenges, investigate concerns, and build controls that strike the right balance between efficiency and effectiveness.
We work with a wide range of firms
We assist firms as part of their interaction with regulators - in particular in relation to Financial Crime. We have helped firms to prepare for regulatory visits, enhance their AML/CFT controls, conduct remediation of client files, respond to regulatory challenges and mitigate adverse findings. We have assisted some of the largest insurance companies in the UK and across the globe to understand their operations, challenges and applicability of regulation, across multiple jurisdictions.
We understand the need for proportionality and a pragmatic approach when designing controls.
We work for regulators
We work for regulators, providing an outsourced capability for regulatory and enforcement inspections across the financial services sector. For example, for one European regulator, we have conducted AML/CFT visits for over 20 insurance firms.
This provides us with a unique insight into the standards to which firms are held by the regulators, and the differing standards and interpretations to be found when dealing with various national authorities.
We build national capacity and draft legislation and regulation
We work internationally (amongst others, through the European Commission) to educate entire countries on how to interpret and apply financial crime regulation in practice, building and enhancing national AML/CFT frameworks. For example, we have recently trained representatives of regulators, competent authorities and major financial institutions in South Africa, as to how to interpret beneficial ownership requirements and how to integrate them into the process of customer due diligence. We have also drafted laws, regulation and supervisory handbooks for a number of regulators.
We understand regulatory requirements not just as they are today but also in their evolution. The advice and support we provide is not only pragmatic, but future proof, too.
Case study – Client file remediation
A European bank’s AML/CFT controls were under scrutiny by US, UK and European regulators.
Having assisted the bank to enhance policies, procedures and governance arrangements, the client asked our experts’ assistance in the remediation of over 10,000 client files (across corporates, non-banking financial institutions and individuals), over a period of c. 18 months.
Read the case study in full here.
To speak to Interpath about Financial Crime Services, reach out to Managing Directors Nigel Webb and Federica Taccogna.