Banks have a significant challenge in dealing with the risk of financial crime and the issues presented by ‘tainted money’. They are at the heart of financial activity through which, at some stage, the proceeds of crime are attempted to be laundered through them.
As a result, senior management of banks have ensured that they invest in financial crime compliance teams, recognising not only the need to prevent fines with their regulator, but also the prevention of crime.
Financial crime is now more readily seen for the wider damage and risk it leads to, for example, trafficking or terrorism. However, financial crime has an effect on businesses away from the financial services sector in many other ways.
Examples include internal risk of employee fraud, changes in legislation such as the Money Laundering Regulations or the Criminal Finances Act, supply chain risk and cybercrime.
This area has become a governance and ethics agenda item for many boards who now take ownership of such risk, identifying their key assets at risk and the key threats to those assets.
Risk assessments of exposure to financial crime are now more common in many differing sectors.
Tenet are well placed to bring the financial crime compliance standards and approach of the financial services sector to other markets.
Our experience in advising on financial crime threats for clients has better positioned them to counter threats and in the event of a fraud event occurring, to react swiftly and pro-actively.
If you need to consider your financial crime risk, revise policies, undertake internal training or create bespoke solutions to the challenges your organisation faces, we are here to assist.