AML/CTF/CPF

AML compliance-Jul-01-2024-12-24-39-5272-PM

Adopting a culture of compliance:

Regulated firms are increasingly faced with criminal actors who adopt sophisticated strategies mixing emerging technologies and old tactics to avoid detection. Consequently, they must adapt their approach by:

Discarding a tick-box approach to compliance;
Understanding and complying with increasingly complex legal and regulatory obligations across multiple jurisdictions;
Embracing and nourishing a culture of compliance across their organization;
Educating all colleagues to the challenge and opportunity as well as their individual roles to manage the threats.

Increasing the effectiveness and efficiency of their systems and controls, and in turn demonstrable compliance with their legal and regulatory obligations;
Enhancing the overall customers’ experience and ensuring risk-based and proportionate friction at onboarding and throughout the client relationship;
Reducing their exposure to financial loss through criminal activity;
Reducing the likelihood of enforcement action, costly fines and associated remediation work;
Protecting their reputation, market value and maintaining their customers’ trust;
Reducing the cost of compliance and improving their bottom line.

How Plenitude can help:

Plenitude can help you to implement an effective, proportionate and sustainable Anti-Money Laundering (AML) / Counter-Terrorist Financing (CTF) / Counter-Proliferation Financing (CPF) framework and evidence a robust ‘risk-based approach’ to your financial crime programme. All too often, tactical financial crime controls are implemented in response to new business initiatives or regulatory pressure without a full assessment and understanding of intended and unintended consequences. This can fail to address the root cause issues or increase the costs of compliance.

Adopting a risk-based and proportionate approach to financial crime compliance is critical to delivering an effective and sustainable programme. In turn, firms can efficiently deploy their resources, allowing them to remain agile in meeting financial crime threats when and where they arise.

Our team of experts can support your firm with the following services:

Independent Assessment:

undertaking a proportionate assessment of your controls to manage compliance in readiness for regulatory reviews or to take proactive action
Regulatory Reviews:

supporting firms through S166 Reviews (firm-side) or conducting S166 Reviews on behalf of the FCA on the basis Plenitude is appointed to the Skilled Person panel for Lot E: Financial Crime. Guiding firms through the remediation process linked to enforcement action or regulatory review
Risk Assessment

design and conduct a comprehensive risk assessment to assess your AML / CTF / CFP risk
Financial Crime Framework:

assess and enhance AML-related policies, standards and procedures
Programme Transformation

designing, implementing and leading transformation programmes
Tech and Data Services - Health Check / Effectiveness Testing and Transaction Monitoring optimisation:

end-to-end validation of monitoring platforms with regard to identifying gaps in risk coverage and options for improving efficiency and effectiveness. Scenario assessments (condition and threshold), scenario testing, threshold tuning, scenario generation and effectiveness testing

The social harms of money laundering

Financial institutions play a fundamental role in safeguarding the integrity of the financial system. Aside from mitigating the severe financial and reputational risks that they can face if they fail to comply, firms also have a social and ethical obligation to contribute to the fight against money laundering. Customers, employees, shareholders and suppliers expect financial institutions to meet their obligations in order to combat the social harm caused by financial crime. Far from being a victimless crime, money laundering has a direct link to:

Human trafficking (a £185 billion global industry, where 1/3 of victims are children);
Drugs trafficking (reportedly worth around £650 billion a year);
Illegal arms dealing (worth an estimated £10 billion a year).

Our Services

Our capabilities address the entire spectrum of financial crime risks and, as a full-service provider, we can meet all of our clients’ needs in order to deliver a truly integrated consulting service. We can assist with a wide range of needs, including independent assessments, policy and standards enhancement, risk assessments, specialist tech and data support, and remediation and transformation program design and execution. No matter what the requirement, we are here to help.

Discover more about our services and see why our integrity, passion and delivery excellence have been praised by so many clients.

Advisory & Transformation

Clients typically engage us when they have been subject to regulatory feedback, are expecting a visit from the regulator, or have concerns and want to take proactive action. Regardless of the situation, we can help.

S166 Skilled Person Services

Under the Financial Services and Markets Act 2000 (FSMA), the FCA’s Section 166 review is an independent review by a third party (a ‘skilled person’) about aspects of a regulated firm’s activities where the FCA has concerns or requires further analysis.

Fraud Practice

Global regulatory shifts are compelling financial organisations to prioritise fraud prevention more than ever, and rising fraud complexity highlights the critical role of operational teams as the first line of defence.

Digital Assets Practice

In slightly more than a decade, the digital assets industry has skyrocketed to a market cap of over 2 trillion USD, bringing innovations poised to revolutionise monetary systems, financial services and beyond.

Technology Advisory Services

Regulated firms face a constant battle against financial crime, and technology plays a crucial role in this fight. However, leveraging technology and keeping up with innovation comes with its own set of challenges.

Data Analytics Services

Data quality, siloed systems, and the ever-evolving tactics of criminals make effective data analysis a constant battle. Firms need to break down these silos to get a holistic view of customer activity and identify hidden patterns that might indicate a financial crime threat.

KYC Managed Service

The regulatory landscape continues to evolve placing increased regulatory pressure and demand on institutions to meet their KYC/CDD compliance obligations, often at significant cost.

RegTech Products

Our RegTech subscription products enable our clients to manage financial crime obligations, country and client risk more effectively while reducing internal risks, costs and resource demands.