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Financial Crime

Tackling financial crime is a high priority for regulators around the world, not least the UK’s FCA. As the spotlight intensifies, the regulatory burden on financial services firms increases.

The implementation into UK law of the EU’s Fourth Money Laundering Directive (4MLD), the Criminal Finances Act 2017, and revised guidance from the Joint Money Laundering Steering Group (JMLSG) guidance have all recently increased the pressure on businesses around countering financial crime.

It can be a challenge keeping up with a constantly evolving picture – but firms that fail to implement appropriate financial crime prevention measures in line with the latest regulations risk increasingly severe penalties – including potentially heavy fines.

Our financial crime team has the experience and expertise to provide you with effective assistance with your anti-money laundering (AML) and counter-terrorist financing (CTF) risk and policy framework. We can also help with compliance advice, reports, audits, training and on-site support.

Anti-money laundering and counter-terrorist financing

Our financial crime team helps firms devise and implement proportionate risk-based policies and procedures to comply with the latest money laundering regulations, the FCA Handbook, and current industry guidance. For example, we can conduct an AML risk assessment on your business operations, reviewing customer due diligence arrangements, and offering guidance on your firm’s AML governance.

Bribery and corruption

The Bribery Act 2010 and subsequent Ministry of Justice guidance require firms to have adequate procedures in place to prevent bribery. Thistle’s financial crime team can help you develop and implement proportionate anti-bribery and corruption policies and procedures – and appropriate controls including gift and hospitality registers.

Fraud

Fraud costs the UK economy around £200bn a year. Private-sector firms – from SMEs to major enterprises – bear the brunt. Far too many firms still lack adequate procedures for mitigating fraud risk. Our financial crime team can help you implement strong fraud policies and procedures to mitigate the risks to which you might be vulnerable.

Tax evasion

The introduction of the Criminal Finances Act 2017 requires firms to implement controls to prevent employees and other associated parties facilitating tax evasion in the UK or overseas. Thistle’s financial crime team can explain precisely what the legislation requires of your firm. We can also support you in establishing a risk-based approach to tax evasion prevention – based on current industry guidance.

Thistle’s financial crime team are highly knowledgeable in all aspects of regulation and its implications for firms across the financial services spectrum. We can apply our detailed knowledge of regulation, industry best practice, and guidance to create practical and tailored compliance solutions to your firm.

If you’d like to know more, contact our financial crime team today by completing the contact form on the right, by emailing us at info@thistleinitiatives.co.uk, or call us today on 0207 436 0630.


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