Business Issue
A large payment service provider, specialising in international remittance, was rapidly expanding but lacked a mature 3 lines of defence model to support its growth. The framework was insufficient to meet the business's evolving needs, particularly regarding financial crime risk management. The client needed external expertise to enhance their internal policies and processes while ensuring robust financial crime controls.
Solution
fscom supplied a senior compliance associate with deep AML expertise to work onsite at the client’s location for a 3-month period. The associate's role was to help develop and implement a more robust and mature 3 lines of defence model, providing clear lines of accountability and applying industry best practices to enhance the firm’s internal policies and procedures.
Benefits
The client received expert advice and hands-on support to establish a stronger compliance framework. The 3 lines of defence model was significantly improved, with clear accountability and enhanced financial crime controls. The business was better equipped to manage its compliance obligations as it continued to grow, with improved internal processes and a stronger governance structure.
Client
Feedback
The client was highly satisfied with the expertise provided by the senior compliance associate. The associate's contribution helped the firm build a stronger, more mature compliance framework. The client felt more confident in their financial crime risk management approach and was able to accelerate their growth with a solid, scalable compliance infrastructure in place.
