Business Issue
A leading financial institution faced systemic issues identified by the UK FCA during their supervisory visits. Despite an initial review, the follow-up visit revealed that these issues persisted. As a result, the institution needed external support to address regulatory concerns and develop a fit-for-purpose anti-money laundering (AML) and counter-terrorist financing (CTF) framework to meet both immediate and long-term regulatory requirements.
Solution
fscom was engaged to provide a comprehensive review of the institution’s existing AML/CTF infrastructure. This included an extended on-site audit, a business risk impact assessment, and a review of previous FCA findings. Based on the insights gathered, fscom developed and delivered an improved financial crime framework with necessary systems and controls. The project involved not only designing but also assisting in the practical implementation of the improvements, ensuring alignment with regulatory requirements and embedding them within the business model.
Benefits
The financial institution received a fully updated and robust AML/CTF framework, addressing immediate compliance issues and aligning the infrastructure with industry best practices. Key staff were trained to understand the regulatory requirements and were equipped to embed the new framework internally. The institution was better positioned to manage financial crime risks and maintain compliance with the FCA’s regulatory expectations, supporting its long-term operational stability.
Client
Feedback
The client expressed satisfaction with fscom’s approach and the resulting improvements to their financial crime framework. fscom’s expertise and practical guidance were instrumental in addressing regulatory concerns and embedding a compliant, sustainable AML/CTF infrastructure within the business. The client appreciated the hands-on support in both the development and implementation phases, as well as the knowledge transfer that ensured the framework would be maintained effectively going forward.
