Business Issue
A global payroll processing company needed to implement anti-money laundering (AML) systems and procedures for its UK entity in order to meet an authorisation deadline within 12 weeks. The company required expert consulting to design these procedures and RegTech system solutions while minimising business disruption. Additionally, they needed to understand and communicate new regulatory requirements both internally and to their US parent company’s executive team.
Solution
fscom designed and implemented a comprehensive AML framework within the 12-week deadline. This included creating detailed AML policies and documentation that outlined the new systems. fscom also conducted extensive face-to-face training for approximately 750 internal staff across two office locations. Additionally, internal and external communications regarding the new obligations were drafted and distributed to ensure everyone was aligned.
Benefits
The company successfully met the authorisation deadline, with a robust AML system in place. Staff were fully trained and informed about their new regulatory obligations, reducing the risk of non-compliance. Clear internal and external communications helped ensure smooth transitions and buy-in from key stakeholders, including the UK and US executive teams.
Client
Feedback
The client expressed satisfaction with the timely delivery of the project and the thoroughness of the AML implementation. The extensive training provided to staff helped ensure internal compliance, and the clear communication channels facilitated effective collaboration between the UK and US parent company teams.
