Business Issue
A global e-commerce and payments company needed to meet the conditions for new facilities with a major US bank. This required an independent compliance audit to assess the company’s adherence to UK and host EEA states' anti-money laundering (AML) requirements and fraud prevention procedures. The company had local subsidiaries in other EEA states, which necessitated an onsite audit assessment in two of those states to evaluate compliance with local legislative requirements.
Solution
fscom deployed a team of three experienced consultants to conduct onsite audit testing of the company’s AML and fraud prevention systems. The team worked across the UK and two EEA states, assessing the company's compliance with local regulations. The final audit report, which included findings and recommendations, was delivered within a six-week timeframe.
Benefits
The client received a comprehensive and independent audit report that ensured full compliance with AML and fraud prevention regulations across all relevant jurisdictions. The timely completion of the audit helped the client meet the conditions required by the US bank for securing the new facilities, and the findings provided valuable insights into any areas requiring improvement.
Client
Feedback
The client was pleased with the speed and thoroughness of the audit process, as well as the quality of the final report. The project was delivered on schedule, and the client successfully met the conditions for the new facilities with the bank. The clear and actionable findings also contributed to the client’s continuous improvement efforts in compliance and fraud prevention.
