Financial Crime

Firms must have robust governance, effective risk procedures and adequate internal control mechanisms to manage their financial crime risk.

Some firms will also have further obligations placed on them by law.

Your firm should:

have a thorough understanding of its financial crime risks in order to apply proportionate systems and controls
have an organizational structure that promotes coordination and information sharing across the business
have appropriate up-to-date policies and procedures in place that can be easily accessed and understood by all staff
employ staff who have the skills and expertise to do their jobs effectively
review employees’ competence and take appropriate action to ensure they remain competent for their role
manage the risk of staff being rewarded for taking unacceptable financial crime risks and
be able to provide evidence to demonstrate that it has adequate systems and controls to prevent the risk that it might be used to further financial crime