At the forefront of financial crime prevention

Financial services firms are at the forefront of the fight against terrorism and financial crime, as well as being employed to prevent the flow of money to individuals or countries who are the subject of sanctions imposed by the international community.

Money is needed to facilitate terrorism. Drugs, bribery, and corruption all require cash flow. Countries under sanction seek to access money to pursue policies in breach of imposed sanctions. In these circumstances, it is not surprising that cutting off the supply of money to facilitate these activities and identifying the perpetrators is top of the regulatory and enforcement agencies agendas.

Preventing the flow of money to terrorists, drug barons and financial fraudsters is the responsibility of everyone employed in financial services.  The rules are designed to ensure that all firms put in place robust procedures and controls to identify and prevent money laundering taking place, to identify and prevent bribery and corruption, and to ensure that they do not facilitate sanctions breaches. Firms are required to ensure that all staff are aware of the importance of these controls and how to implement them.

Enforcement agencies are backed by substantial resources and can impose draconian penalties on firms, senior management and individuals that are found to lack the necessary controls or to adhere to them. These apply even if no money laundering has taken place, thereby ensuring that this is an area that every organisation must treat with the utmost importance.

 

Having CCL as part of your Financial Crime Prevention Team

Since 1988, CCL has been helping financial services firms in the UK to protect their businesses from the risk of Financial Crime. Our support services include:

We have a dedicated team of experienced compliance consultants who can provide expert assurance and peace of mind. Get in touch to see how we can help your Firm.