Business Issue
A London-based money transmission firm needed to undergo a full-scope compliance audit to ensure its business processes, documented policies, personnel, and controls met regulatory requirements. This audit needed to assess compliance with anti-money laundering (AML), counter-terrorist financing (CTF), domestic and international sanctions regimes, and all other relevant regulations applicable to a global money transmission business.
Solution
fscom initiated the engagement with a kickoff call to align both the client’s compliance team and fscom's audit team, clarifying expectations, documentation, and the audit agenda. fscom conducted an off-site document review followed by on-site testing of the firm’s AML/CTF framework, including walkthroughs of procedures, customer due diligence (CDD) file testing, and interviews with key personnel to evaluate the overall compliance culture. Initial findings were presented to the client for feedback and verification.
Benefits
The outcome was a comprehensive audit report that detailed the findings, identified any breaches of regulatory obligations, assigned objective risk ratings, and provided actionable remediation recommendations. With fscom's assistance, the firm was able to demonstrate compliance with regulatory standards, complete the necessary due diligence, and move forward with its participation in the funding round.
Client
Feedback
The client appreciated fscom's thorough approach to auditing and the clear, actionable recommendations provided. The detailed audit report enabled the firm to meet all regulatory expectations, and the firm successfully participated in the funding round, confident in its compliance standing.
