Assurance Reviews

There are a variety of ways and methods organisations can be exposed to financial crime. Failure to adequately manage anti-money laundering, counter terrorist financing and international sanctions risk can expose an organisation to legal and regulatory censure such as financial penalties, being prevented from entering markets and significant reputational damage, to name a few.

But, it doesn’t stop there.

Other less obvious crimes such as fraud, insider trading, bribery and corruption, market abuse and theft all have an impact on the organisations balance sheet and reputation.

In today’s heavily regulated environment, it is considered prudent to have an annual, independent assessment of key control functions. Independent assessment adds internal value to Senior Management and the Board and externally to Shareholders and the Regulator that the organisation is adequately controlled and working within its regulatory remit.

To mitigate these risks, The Compliance Connection’s services manage the risks associated with compliance, anti-money laundering, combatting terrorist financing, local and international sanctions and other financial crime related matters; thereby leaving you with the required assurances that your business processes have been independently and expertly assessed so that you can get on with running your business.

Mitigating The Risk

Based on your requirements, TCC can review your existing Compliance, AML/CTF or Fraud Prevention functions as a whole or, we can conduct specific targeted assessments in areas of particular concern.

We provide a detailed independent assessment and a comprehensive report of the following areas:

Compliance Function

Compliance with laws and regulations
Monitoring systems
Policies procedures and processes
Response to regulatory and third-party requests for information
Employee knowledge, skills and experience
Dissemination of regulatory requirements to other stakeholders
New products, services or channels
Regulatory training
Documentation storage and retrieval
Compliance contingency arrangements

AML/CTF Function

Customer on-boarding practices
Information utilisation for customer profiling and risk assessment
Transaction monitoring processes and procedures
Compliance with laws and regulations
The effectiveness and efficacy of your compliance transaction monitoring and sanctions name-checking systems
Filtering criteria (scenario development, implementation) and adequacy
Response to regulatory requests for information
Regulatory training.
Employee knowledge, skills and experience
Documentation storage and retrieval
Contingency arrangements

Fraud Prevention and Investigation Function

Compliance with laws and regulations
Monitoring systems
Policies procedures and processes
Fraud Response Plan
Response to legal requests for information
Employee knowledge, skills and experience
New products, services or channels
Fraud awareness training
Documentation storage and retrieval
Fraud contingency arrangements.

Assurance Reviews

Mitigating The Risk

Compliance Function

AML/CTF Function

Fraud Prevention and Investigation Function

We Also Help With

AML / CTF
Review

Assurance
Reviews

Compliance Documentation

DNFBP's

Employee
Training

Fraud Investigations

Internal Audits

Risk Assessment

Financial Services Regulation is an evolving and ever-changing industry. Contact TCC to see how we can assist you in being regulatory compliant.