Financial Crime Advisory
We help our clients to combat to Financial Crime with an effective and efficient task force comprised of industry experience, subject matter expertise and technology support.
We are an expert led and technology driven team who combine regulatory and investigative skills with leading edge technology and advanced data analytics techniques to offer innovative solutions to our clients’ regulatory and financial crime problems.
Our global network allows us to combine an understanding of local business cultures and regulatory issues to find a path to a successful resolution, and leave the client better- prepared to protect their assets and reputation.
- Globally increased regulatory scrutiny and enforcements in the Financial Services industry mean that specialist knowledge and expertise may be needed to respond to investigation requests on:
- Money laundering
- Bribery and corruption
- Cross-border taxation
- Competition and pricing regulations
- Growing criminal sophistication inside and outside the institution
- Financial institutions may experience difficulties of maintaining effective operational culture within the first and second lines of defence.
- Risk exposure may increase due to business and margin pressure leading to increased activity in:
- Risk countries
- Risky clients
- Risky products
- Data management is becoming increasingly complicated as data sourcing requirements for exhaustive screening grow.
- Deloitte’s network can provide highly experienced professionals for an immediate global response to regulatory challenges in nearly all jurisdictions.
- Proven methodologies for review, remediation, and investigation of regulatory or other Financial Crime-driven topics.
- Highly skilled and experienced professions within Deloitte’s Financial Crime & Forensic Analytics team can determine impact and exposure for any financial crime event.
- Our secure data centres in Switzerland are available to host sensitive data relating to any investigation or project. Our data centres have high perimeter fencing, CCTV monitoring, alarms and is ISO 27001 certified.
Financial Crime strategy
- Assessment of current state and gap analysis against regulatory requirements.
Financial Crime Prevention Strategy
- Support in policy and procedure re-design / re-development.
Due diligence and remediation
- Review and remediation of client alerts from AML, KYC, KYT, and sanctions matters.
- Backlog assessment and remediation.
- Enhanced due diligence, complex case resolution and transaction analyses, inc. asset tracing.
Lookbacks and continual improvements
- Market behaviour misconduct investigations.
- AML exposure investigations.
- Peer and industry benchmarking.
Our approach to Financial Crime Advisory
- A methodology-driven and technology-supported team of interdisciplinary experts is our guarantee for the achievement of a successful outcome.
- Our FinCrime investigation and advisory framework provides a proven end-to-end delivery platform to support clients in successfully responding to a wide range of financial crime matters.
- Our framework comes equipped with leading edge investigation tools, techniques and reporting templates which are selected and tailored to the specific needs of each client.
- We aim to navigate our client through any financial crime matter in a directed way to reduce reputational, regulatory and financial risk exposure.
How we helped our clients
As a consequence of a policy amendment by the regulatory authorities, our client was required to reclassify and repaper its customer accounts with exposure to the shipping industry. This involved coordination of measures between Compliance and the Front Office, to establish the requirements for reclassification and the actions needed to comply with them.
Deloitte established remediation teams in Switzerland, the Bahamas and Singapore, to prioritize remediation efforts and carry out gap analysis (between current procedures and regulatory requirements) and a transaction and AML-alert review. Shortcomings in the collaboration between the Front Office and Compliance were identified and remedied, and Front Office staff were given training in compliance standards and awareness.
The outcome for the client included globally-aligned KYC standards and repapered accounts and greater awareness of KYC and AML measures among Front Office staff; and in addition, a structured approach was established to performing any further clean-up exercises in the future.
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