If the assessment indicates that you have remedial action to undertake, it is essential you select the right partner to advise and support you in the delivery of the remedial action as your response will determine your future relationship with the regulator and whether any enforcement action will take place.

“One of the Central Bank’s 2021 priorities is to continue risk-based inspections adapted for the new working environment across sectors with a particular focus on Virtual Asset Service Providers and firms performing activities listed under Schedule 2 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010.”

Thematic reviews 

The CBI uses thematic reviews to supervise the firms they regulate. They form a significant part of their approach to supervision.

Thematic reviews are used to assess a current or emerging risk regarding an issue such as ‘protecting client assets’, across a number of firms in the sector. It usually starts with desk based questionnaires and site visits which may ultimately lead to further investigation. It is always advisable to be as co-operative as possible from the outset of a thematic review. 

Preparation is key when it comes to regulatory interventions

We can support your firm prior to regulatory intervention with preparatory work or post regulatory intervention with remedial work.

Contact us today for a free confidential consultation with one of our directors.