Business Issue
A multinational investment management firm was in the early stages of participating in a funding round for a leading money transmission firm. As part of the due diligence process, fscom was engaged to conduct a full-scope compliance audit of the firm’s operations. The objective was to assess the firm's compliance with regulatory obligations, including anti-money laundering (AML), counter-terrorist financing (CTF), and sanctions regimes, as well as other relevant regulatory obligations applicable to a global money transmission firm.
Solution
fscom carried out an extensive compliance audit, beginning with an off-site document review. Following this, fscom conducted on-site testing to evaluate the firm’s AML/CTF framework, including walkthroughs of procedures, testing of customer due diligence (CDD) files, and interviews with key personnel to assess the firm’s compliance culture. Initial results were presented to the money transmission firm to confirm findings and allow for management feedback. Finally, fscom delivered a comprehensive audit report detailing the findings, risk ratings, applicable legislation or industry guidance, and recommendations for remediation.
Benefits
The audit provided a clear, objective assessment of the money transmission firm’s compliance with regulatory standards, identifying both strengths and weaknesses. The detailed audit report offered actionable recommendations for remediation, which allowed the investment firm to complete its due diligence process. As a result, the firm was able to participate fully in the funding round with confidence in the compliance standing of the target company.
Client
Feedback
With fscom’s thorough audit and expert guidance, the investing firm successfully completed its due diligence process and was able to proceed with confidence in the funding round. The client appreciated fscom's ability to provide a detailed, actionable report that highlighted areas of concern and offered clear recommendations for remediation, ensuring that the investment could move forward smoothly.
