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Risk Management

Taking the holistic approach

Risk Management

Internal Audit

Five major drivers

Internal Audit

Islamic Banking and Finance

Interpretation & Implementation

Islamic Banking & Finance

Banking

Banking Regulation and Business

Banking

Treasury and Capital Markets

Market and Liquidity Risk

Treasury & Capital Markets

Financial Crime

Don't be scared, be prepared

Financial Crime
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Financial Crime

Risk Reward offers a wide range of services specially tailored to meet the needs of anti financial crime functions operating in the financial services industry around the globe. Our aim is to work with clients to make this critical control function truly “best in class”.

Financial Crime, Money Laundering and Deterrence Services

All institutions are trying to maintain their reputation and reduce unnecessary losses. Money launderers target financial institutions to disguise the source of their funds. When an institution is found to have unwittingly supported a money
launderer they suffer financial and reputational loss, apart from the potential for regulatory action.

It is important for all firms to do what could reasonably be expected of them to both identify and deter all financial crime. To assist firms in this area, Risk Reward Limited has launched a new range of money laundering deterrence services.

Professional Services Aligned to Your Needs

It is important to recognise the “all crimes” element and not just focus on the application of procedures to identify, detect and report suspicions of drug trafficking, for example. Money laundering is much more than that and in the UK in particular has been extended to address the reporting and monitoring of the proceeds of all criminal activity wherever committed (with minor  exceptions). Risk Reward financial crime experts can assist you in a range of ways from deciding upon the systems that you wish to employ to actually conducting detailed investigations.

Regulators and Government Agencies

Specialised AML/CFT and Financial Crime Services to Government Agencies, Regulatory Authorities, Financial Intelligence Unit:

  • Prepare for a visit and respond to IMF/FATF/World Bank Assessment or Mutual Evaluation peer review from FSRB
  • Work with government institutions, national coordination committee or private sector representative to address strategic  deficiencies in AML/CFT framework and build up an action plan to work towards full compliance with the international standards
  • Conduct independent forensic investigation of fraud, money laundering, corruption or alleged breach of regulation for regulators
  • Review of AML/CFT measures in banks and financial institutions on behalf of regulators
  • Provide independent review of a complaint about financial institutions or regulatory authority
  • Develop comprehensive AML/CFT on-site and off-site inspection manual for regulators and FIUs
  • Develop national AML/CFT strategy with detailed action plan addressing the vulnerabilities and a matrix of shared responsibilities to implement the strategy successfully
  • Develop a comprehensive AML/CFT investigation manual for use by lawenforcement and prosecutors to ensure successful investigation.
  • Work with regulators and FIUs to develop sector specific guidance and specialised area guidance for financial institution and DNFBP (Designated Non-Financial Businesses and Professions). Guidance on MLRO, PEP, Transfer, Risk-based approach and appropriate policies, procedures and controls to comply with AML/CFT legislation
  • Develop methodologies to collect, collate, analyse, review and interpret large volume of financial and non-financial information to help to identify jurisdictional, product-related, service-related and client related risks.


Banks, Insurers and Financial Institutions

Expertise, practical experience and know-how, combined with service excellence, rapid response and good value for money

  • Carrying out Financial Crime Risk Assessments, advising on systems and controls to manage or counter these risks and drawing up Action Plans to implement the required systems and controls
  • Developing risk-based policies and structures by working with Senior Management to decide upon the objectives and definitions appropriate for the in the area of money laundering deterrence and other financial crime
  • The implementation of reporting investigation policies and procedures n The implementation of money laundering and financial crime deterrence awareness and/or training programmes
  • Fast-tracking advisory services for responses to post-regulatory ‘red letters’ and practical solutions required to demonstrate to the regulator that your organisation is taking advise to rectify the caution
  • Auditing or risk reviewing clients’ anti-financial crime systems and controls, presenting reports to Audit Committee and/or the Board as appropriate
  • Making presentations to Boards and/or Senior Management on the UK (or other jurisdiction) anti-financial crime regime and latest developments
  • Software selection and implementation and the extent to which they are likely to identify the suspicious transactions whilst avoiding false positives
  • Assisting with the implementation and testing of new software, including where appropriate the design of new scenarios and methodologies that leverage from the existing solutions
  • The investigation of specific cases of potential money laundering, fraud or other financial crime, primarily to identify additional controls that could be implemented
  • Undertaking specific bespoke reviews of a firm’s compliance with UK and International Sanctions requirements
  • Specific Induction and Advanced training for Money Laundering Reporting Officers (MLRO) and Nominated Officers (NO)
  • Undertaking S166 ‘Skilled Person’ reports for FSA authorised firms
  • Provide forensic review/audit of financial crime system for Senior Management and Audit Committee.
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