Client
An global industry- leading payments institution seeking assurance on a $450m+ acquisition target
Objective
The client, a leading foreign exchange and payments company with a UK-authorised e-money institution, was in an exclusive negotiation period for the purchase of another large global foreign exchange and payments company whose UK entity is also a client of fscom’s. Our purchasing client wanted an independent and expert assessment of the target’s compliance systems and controls. Following a tender process, which included assessment of possible conflicts of interest, fscom was selected to undertake the due diligence exercise due to our specific industry knowledge and expertise.
Approach
fscom designed a multi jurisdictional audit programme to cross the five main trading locations of the target firm. We deployed our network of local experts to supplement the expertise of our established in-house team. The scope of the audit covered the firm’s AML/CTF requirements and the client money requirements. The delivered output was five individual entity reports and a global framework report including an executive summary highlighting high, medium and low risk findings.
Outcome
The team identified several material findings critical to the purchase decision, valuation and risk mitigation plan.
