Financial crime

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Remaining ahead of financial crime is critical. Whether responding to an incident or focusing on your regulatory responsibilities, we will ensure your compliance is robust and agile

Financial crime prevention is a significant line item in all financial institutions’ operating budgets and is becoming a priority for non-financial services firms, as well as those newly or about to be regulated, such as payment and virtual currency-related services.

Our extensive experience with large financial institutions across a truly global network helps you balance the competing demands of operational efficiency, effective financial crime risk mitigation and regulatory compliance.

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Get in touch

Tom Townson

Partner, Head of Financial Crime

Contact Tom Townson Learn more about Tom Townson

Why Grant Thornton

Our specialist teams help you to respond and react to nascent financial crime threats, including those highlighted by regulators, as well as dealing with known problems.

We combine market-leading technical expertise in all areas with insights into real-world operational challenges and regulatory expectation.

We cover a range of financial crime subject matter areas, including anti-money laundering and counter terrorist financing, sanctions, bribery and corruption, fraud and theft, tax evasion and misconduct.

Our services include:

Protect and detect

Assessment

risk assessments
framework gap analysis against laws, regulations and
industry guidance
targeted refresh of policies and procedures
implementing new regulations
controls effectiveness reviews, including sample file testing
in areas such as customer due diligence, sanctions and
transaction monitoring.

Enhancement

financial crime target operating model design, including data
and technology
financial crime improvement projects/transformation
programmes, including supplier and system selection and
implementation
tailored financial crime training.

Response and resolve

Response

investigation of an identified issue, determining scope, impact
and reporting obligations, including use of data analytics
pre-visit preparation in advance of a regulatory inspection,
including mock interviews
post-visit planning and response support
skilled third-party reports delivered to you and regulators.

Remediation

remediation planning and design
outsourced file remediation or assurance
subject matter expert input and delivery support for all areas
of financial crime change.

Case studies

Non-bank financial institution

The challenge

To help our client obtain AML regulation from HMRC, we developed AML and sanctions policies, CDD procedures, a risk appetite statement, and an AML and sanctions Risk Assessment.

The solution

We concluded the work by delivering Board level and 1LoD financial crime training to support new policies and procedures, helping employees understand their regulatory obligations.

The result

We supported the client in remediating their CDD files to ensure compliance with new procedures, providing a remediation plan, questionnaires, templates, training, and quality assurance.

Wealth management company

The challenge

Implementation of a new AML and sanctions name screening system by a wealth management firm had generated a higher daily volume of alerts, resulting in investigation backlogs.

The solution

We performed document and email review, process walkthroughs and ‘sandbox’ testing to support identification of a screening configuration that was in line with risk appetite.

The result

We helped the firm quantify the backlog of screening alerts and create a prioritised remediation plan. We recommended enhancements to the screening alert investigation process.

Comprehensive AML Review for Global Bank

The challenge

Engaged by a global bank under s166, we reviewed all AML framework aspects: governance, CDD, risk assessments, name screening, transaction monitoring, training, and suspicious activity reporting.

The solution

We deployed a team of 60+ staff for design and operational effectiveness testing through document review, interviews, walkthroughs and sample testing across the full financial crime framework.

The result

Our early findings and prioritised, actionable recommendations enabled the bank to start work on remediation before the delivery of our final report, allowing it to demonstrate rapid, concrete progress to the regulator.

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Financial Crime

Remaining ahead of financial crime is critical. Whether responding to an incident or focusing on your regulatory responsibilities, we will ensure your compliance is robust and agile

Related services

Why Grant Thornton